Step away from confusing home loan jargon and high interest rates with the Economiser Discounted Base Variable Rate Home Loan
If you're after a simple home loan that can save you money the Commonwealth Bank Economiser Home Loan could be the right home loan for you. The Commonwealth Bank Economiser Home Loan offers competitive interest rates and a variety of optional features that can help reduce the amount you pay on the loan. By taking advantage of the low interest and special introductory rates you may be able to save over the course of the loan.
|Product Name||Commonwealth Bank Economiser Discounted Base Variable Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$10,000|
|Maximum Loan Amount||$10,000,000|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||No|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$8 monthly ($96 p.a.)|
- You can make extra payments without penalty.
- You can withdraw any extra funds from the mortgage via the redraw facility at no cost.
- There is the option to take a repayment holiday if your financial circumstances change.
- An application fee of $600 applies when setting up this loan.
- There is a $8 monthly fee to pay with this account.
- A discharge fee of $350 applies when you pay off your loan balance.
Things to consider about the Economiser Discounted Base Variable Rate Loan
The Economiser Discounted Base Variable Rate Loan is available to finance the purchase of a home, investment property, land, or to construct a home. It can also be used as a bridging loan. It can't be used for business purposes. It's available for full documentation borrowers, but can also be take out by a low doc borrower, although this will bring with it special conditions.
Features of the Commonwealth Bank Economiser Home Loan
The Commonwealth Bank Economiser Home Loan has a variety of features to increase flexibility and help you pay off the loan. These features can include:
- Borrowing conditions. You can have the loan pre-approved for a 6 month period before you start looking to buy a home. This can reduce some of the stress when buying a home as you will know exactly how much finance you have available. After you have found a home you can then choose to pay off your home loan for a period of up to 30 years. The minimum amount you can borrow is $10,000
- Maximum LVR. The maximum LVR available with the Economiser Home Loan is 80%. Borrowing over this amount could attract additional costs such as lender's mortgage insurance (LMI).
- Choose the repayment frequency. The Commonwealth Bank Economiser Home Loan gives you the option to choose how often you repay your loan. You can choose between weekly, fortnightly and monthly repayments, depending on your personal needs.
- Make additional payments. If you come into extra money you may want to put the money on your loan. By making extra payments you reduce the total amount owing on your loan and as a result the interest that is charged to the loan.
- Redraw facility and repayment holiday facility. If you choose to make additional payments you can use the free redraw facility to access these funds at any time. The Commonwealth Bank Economiser Home Loan limits the number of redraws you can do. Furthermore, if you would like a break in paying off the loan and have made additional payments in the past you can use the payment holiday function and use the additional payments as loan payments for a period of time.
- The loan is portable. The loan payment period is a long time and your circumstances may change. You could have more children and need an extra bedroom or you may have to take in a sick family member. For whatever reason you may need extra room and have to move home. With the Commonwealth Bank Economiser Home Loan you can move the loan onto your new home so you can avoid paying all the new application fees that come with a new loan.
- Increase your loan. If you need extra money for a holiday, renovations or for personal reasons the Commonwealth Bank Economiser Home Loan can help. The Commonwealth Bank Economiser Home Loan allows you to increase the value of the loan so you can have access to extra money.
The Economiser Home Loan has some fees you can avoid, and some fees you can't avoid.
Fees you can avoid:
- Lender's Mortgage Insurance (LMI). This applies if you borrow over 80% of the purchase price of the property. This covers the borrower in the event that you default. You still have to pay the premium, the amount of which depends on the loan size and deposit amount.
Fees you can't avoid:
- Application fee. $600. This fee is charged to cover the setup costs of your loan.
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Applying for the Economiser Home Loan
To apply for the Economiser, click the 'Enquire' button on the bottom of the page. This will take you to a page where you can book a free appointment with Aussie Mortgage Brokers, who provide this loan. Once you get to the Aussie website you need to input some of your contact details before an Aussie mortgage specialist will call you back.
When you are applying for a loan you must be sure to get a loan that is suited for your needs. The Commonwealth Bank Economiser Home Loan is a loan which offers additional features which allow you to be flexible with the repayments of your loan. By taking advantage of all the features you can be sure that you will get a home loan that suits your needs.
Enquire about this home loan