Commonwealth Bank Wealth Package

Posted June 20th, 2013 and last modified October 14th, 2014

Get a range of discounts on your home loan so you save more.

The Wealth Package offers borrowers a discounted rate and other benefits such as an offset account in return for an annual fee.

$1,000 offer cashback for first home buyers

For a limited time, CBA is offering a $1,000 cashback for first home buyers who borrow more than $100,000 and have a maximum loan to value ratio of 90%. Apply by 29 November 2014 and fund by 30 January 2015.

Interest Rate Max Insured LVR Max LVR
$150,000 to $350,000
5.4% p.a.
Comparison Rate
5.54% p.a.
97% 80%
$350,000 to $750,000
5.3% p.a.
Comparison Rate
5.44% p.a.
97% 80%
$750,000 plus
5.2% p.a.
Comparison Rate
5.34% p.a.
97% 80%
Product NameCommonwealth Bank Wealth Package
Interest Rate TypeVariable
Comparison Rate^
Minimum Loan Amount$150,000
Maximum Loan Amount$10,000,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR97%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentNo
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Legal Fee$0
Valuation Fee$0
Annual Service Fee$375
Settlement Fee$0
Exit Fee$350
Early Termination Fee$700
Pros
  • There is $0 application fee to pay with loans under this package
  • You receive discounts off the advertised variable and fixed interest rates with this package
  • You can link a 100% offset account to this home loan
Cons
  • There is a $375 annual fee
  • A discharge fee of $350 applies when you close your home loan account

Features of the Commonwealth Bank Wealth Package

The Commonwealth Bank Wealth Package offers you a variety of features and discounts on your loan if you borrow from $350,000 to $10,000,000. These features include discounts on interest rates, reductions in fees and additional accounts. Specifically these features are:

  • Discounted interest rate. The Commonwealth Bank Wealth Package package offers you a discounted interest rate as the main feature of the loan. By saving on the interest rate you reduce the total amount of interest that is charged to your account and therefore, pay less money over the course of your loan. The Commonwealth Bank Wealth Package offers interest rate discounts of:
    • 0.60% p.a on a standard variable rate home loan, investment loans;
    • 0.15% p.a on a standard fixed rate home and investment home loans;
    • 0.60% p.a. on line of credit loans.
  • Interest offset account. An interest offset account is an account that allows you to deposit all your savings into an account that is linked to the loan account. These funds will then be taken into consideration when the interest is calculated on the loan account. Therefore, the more money that you have in this account the less money you will pay on interest and the less money you will pay overall on the loan.
  • Deposit guarantee. Sometimes it is not feasible to save up for a deposit while you are paying rent on another house. The Commonwealth Bank Wealth Package allows you to avoid paying the deposit straight away by paying off deposit guarantee fee when you start paying you loan. While you will still have to pay the deposit at a later date this can give you time to organise your funds.

Fees and Charges

You can save on fees and charges you would normally associate with a home loan. The Commonwealth Bank Wealth Package allows you to gain benefits from borrowing more money with the Commonwealth bank. This loan has no establishment fees that are usually charged on loan accounts. Furthermore, there are no ongoing fees that would normally be associated with a loan account. By not paying the fees that are usually associated with loan accounts you reduce the total amount that you will pay on the loan.

You will need to cover these fees:

  • Transfer fee: $300 This covers the costs of transferring every single detail of your new property into your name.
  • Exit fee: $350 To cover the final costs of your loan.

By borrowing more money with a provider you may be able to take advantage of additional savings packages that may be offered with a provider. The Commonwealth Bank Wealth Package does just this and allows you to do just this. The Commonwealth Bank Wealth Package gives you discounts on interest rates, account fees, charges that are associated with opening accounts and allows you to take advantage of other features that can save you money. These other features are the interest offset account and the deposit guarantee feature. By taking advantage of the additional saving available with the Commonwealth Bank Wealth Package you can be sure to save money while paying off your loan.

Ready to apply?

If you have decided that this loan is right for your borrowing needs, then click the Enquire button. You will need to click through to the Aussie Mortgage Broker and fill in your information. Once complete you will be contacted to discuss your application.


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Commonwealth Bank Wealth Package

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $375

  • Max LVR

    80%