Commonwealth bank have competitive rates and extra features with their home loans like extra repayments and redraw option which is a great way to have back up savings for an emergency you can draw on. You can also keep track of your home loan on their commbank app.
CBA is a good bank which heavily invested itself in being tech savvy. Website and apps are easy to navigate/user-friendly. The ATM has cardless ATM withdrawal and pay with phone app. Overall a bank that is innovative and meet customers expectations and needs.
The bank is quite good with the stuff they put online for their customers. There is ease of access and quite detailed. However, they need to improve on customer service, especially when you need to speak with human.
Convenience of changing something on your loan (i.e. repayment amount) is a really difficult process. You can't do it over the app and are required to go to a branch. Also I was unhappy when they decided to automatically set my repayment values to a minimum amount due to COVID, without my approval. Also interest rates are above industry average.
I feel that with the big banks you do not get any rewards for loyalty, which is a shame. I did have some difficulty with dealings and the establishment of the loan. Once established and did not have to consult with them again, fine. Have consulted with a broker and in the process of refinancing to another bank. CommBank did not match the offer. Shame.
I have tried quite a few banks and the Commonwealth Bank has always come out on top with their customer service. Their online banking system is easy to use and reliable. Their ongoing customer care is also excellent. Pros would be their in branch customer service, online banking system and overall banking experience. A con would be sometimes their rates are not as competitive as I would like.
Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.
Home loan comparisons on Mozo - rates updated daily
*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
Want more? Compare all 545 home loans in the Mozo comparison engine.
Mozo gives you the inside story on the best banking, energy and insurance products as rated by thousands of real customers around Australia. We don't make subjective judgments, nor do advertisers influence our ratings. Although our reviews may be moderated to improve quality standards, they are moderated independently of any of Mozo’s commercial relationships.