Commonwealth Bank Economiser Discounted Base Variable home loan

Commonwealth Bank' Economiser Discounted Base Variable Home Loan offers you the flexibility you want for the home loan you need.

Choosing a home loan is not a decision which should be taken lightly - this is a loan which is going to be with you for a long time. Over the course of paying off your loan your life will change. Your family might grow, your lifestyle might become fast-paced, your financial situation will be different. A variable home loan is often a good option as it offers the flexibility you may need in the future.

The Economiser Variable Rate Home Loan is Commonwealth Bank's basic variable rate loan, which for the first three years gives you a lower interest rate and no monthly loan service fees.

The Commonwealth Bank Economiser Discounted Base Variable home loan features a 3 year discounted interest rate for the 3 Year introductory period.

Things to consider about this loan

The Economiser Discounted Base Variable Rate can be used for personal or investment housing, bridging, buying land or off-the-plan purchases and building your own home. The loan, however, cannot be used for business purposes. The introductory interest rate is available for new home loans for three years from the purchase of the loan. This loan is also available as a low doc option.


This home loan product from Commonwealth Bank has several features that will help you to keep your loan under control.

  • Flexibility. This home loan has a flexible loan amount giving you access to additional funds and the ability to move your loan to your next home. There is a minimum loan amount of $10,000 with no maximum amount and a maximum loan term of 30 years.
  • Low variable rate. The loan offers a three year special discounted base variable rate. During this time you'll also pay no monthly fees.
  • Convenience. Option of weekly, fortnightly or monthly repayments with choice of four repayment methods - direct debit, online, via phone or in branch. You can also withdraw additional repayments at any time.
  • Savings potential. You can make unlimited additional repayments which help you to shorten the term of your loan. The Commonwealth Bank also calculates your interest daily so you can see the immediate benefits from your repayments.
  • Safeguard your loan. There is an option to reduce loan commitments by paying only the interest amount due each month and you can also take a repayment holiday from between 3 and 12 months if your financial circumstances change.


Make sure you are familiar with all fees and charges before applying for any home loan. There are fees you can avoid and fees you can't avoid with the Economiser Discounted Base Variable Loan.

Fees you can avoid

  • Monthly service fee. . For the first three years of this loan, while you have the 'Special Economiser rate', you don't pay the $8 monthly service fee - a saving of $96.
  • Redraw fee. . If you choose to make a redraw over the counter or electronically you'll have to pay a fee of $50. There's also a minimum of $2,000 when redrawing over the counter and $500 when withdrawing electronically.

Fees you can't avoid

  • Establishment fee. . This loan comes with an establishment fee, which covers the costs of processing and finalising your application.

Applying for this loan

To apply for a Commonwealth Bank Economiser Discounted Base Variable Home Loan you will need to book an appointment at a branch. The bank can usually approve your application on the spot or within 24 hours. If your loan is approved they'll send you documents for you to read, sign and then return so they can set up the loan.

No matter what your loan situation, you will need to bring to the appointment:

  • Proof of identity.
  • Details of income and how much you owe.
  • Monthly living expenses.

The rest of the documents which are required are detailed below.

  • If you own a property you will need to bring along your current building insurance property.
  • Unless your salary or benefits are paid into an account with the Commonwealth Bank you will need to bring bank statements for the last three months nor two of your most recent payslips, or a letter from the relevant Government body.
  • If you are self-employed you will need to bring business/personal tax returns, financials, ATO assessment notices for the last two years.
  • If you receive rental income you will need a copy of the lease agreement, bank statements or a letter from your real estate agent.
  • If you are building a home you will need the formal building tender and the formal plans and specifications.
  • If you are financing a home you'll need your last six months of home loan statements.

The Commonwealth Bank's Discounted Base Variable Home Loan is a good option for those wanting flexibility for the life of their loan. The three year Special Economiser helps you save even more with your loan by offering you a low introductory rate and no monthly loan service fees. If you want to apply for this home loan click the 'Go to site' button now. If you need more information about the loan, click through to visit the Commonwealth Bank's website.

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4 Responses

  1. Default Gravatar
    hchamiFebruary 12, 2015

    Hi Dear,
    what is the interest will be after finish three years ,and can fix the interest for few amount of the loan,

    • finder Customer Care
      ShirleyFebruary 13, 2015Staff

      Hi Hchami,

      Thanks for your question.

      It will revert to the Economiser rate that would be applicable on the day that the intro rate period ends.

      The type of home loan will remain the same.

      Once that intro period ends you are free to switch to whatever is going to help you best with your home loan.


    • Default Gravatar
      DarrenMarch 9, 2015

      Does the switch come at a cost, or is it free of charge?

    • finder Customer Care
      ShirleyMarch 10, 2015Staff

      Hi Darren,

      Thanks for your question.

      If you wish to refinance to the Commonwealth Bank Economiser Discounted Base variable home loan, a number of establishment fees may apply. Also, a number of exit fees from your current lender could apply.

      If you would like to discuss your eligibility or options, or negotiate any interest rate discounts or fee waivers, please get in touch with Commonwealth Bank directly.

      All the best,

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