Commonwealth Bank Equity Unlock Home Loan

Rates and Fees verified correct on March 29th, 2017

A flexible home loan designed for seniors aged 65 and over

The Equity Unlock home loan lets borrowers access the equity in their property for personal purposes. It's also available for refinancing with any existing loan, but the original loan purpose was for personal use only. Unfortunately this loan is not available for business purposes, personal investments or for construction purposes.

Product NameCommonwealth Bank Equity Unlock for Seniors
Interest Rate TypeVariable
Interest Rate (p.a.)6.37%
Comp Rate^ (p.a.)6.44%
Minimum Loan Amount$20,000
Maximum Loan Amount$425,000
Maximum LVR45%
Maximum Insured LVR45%
Loan PortableYes
Suitable for InvestmentYes
Available as equity loan/line of creditYes
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$950
Lender's Legal Fee$0
Ongoing Fees$12 monthly ($144 p.a.)
Settlement Fee$200
Discharge Fee$350


  • No need to verify income
  • No regular repayments required
  • You don't have to repay the loan until the property is sold or until both borrowers have passed away


  • There is a $950 application fee
  • There is a $200 settlement fee
  • There is a $12 monthly account fee

Features and benefits of the Commonwealth Bank Equity Unlock Home Loan

The nature of the Equity Unlock means you won't have to set limits on your budget or adopt other critical strategies like selling your house. With this financial product, everything will be simpler and faster for you and you'll be provided with the comfort you have always dreamed of.

  • No liability. You will also be able to avoid leaving your family in debt because of the ‘no negative equity guarantee’, meaning you won't be able to borrow more than the value of your home. There will be regular checks on the value of your property in order for you to stay constantly informed about your financial situation and the investments that are recommended for you.
  • Loan amount. Depending on your age, you will be able to borrow up to 45% of the total value of your home or the fixed sum of $425,000, depending on which one is the greatest. Not to mention the fact that you will have complete freedom when it comes to the repayments, since you will be able to schedule them exactly how you want them to be and add funds or withdraw them along the way.
  • No regular repayments.You can refer your repayments until you no longer in the property. However, the interest, fees and charges will still accumulate until the loan is repaid.
  • Repayment options. You can choose form a variety of repayment options. You can take one lump sum or draw down funds through NetBank, phone, ATMs, EFTPOS, Australia Post or through a branch.
  • Top-up. You can increase your loan amount, this should be requested by getting in touch with Commonwealth Bank.
  • Excluded loan options. Please note that this loan is not available as a package, property share, guarantor support or as a low doc loan.


Fees you can avoid

  • At this current point in time there are no fees that you can avoid with this loan.

Fees you can't avoid

  • Establishment fee, $950. This is charged when you establish the account for your home loan, is an upfront fee.
  • Service fee, $12 per month. This is to cover the maintenance costs of your home loan.

How to apply for the Equity Unlock

If you feel the Equity Unlock from the Commonwealth Bank may be the right loan for you, you can find out more information and get on the path to applying by clicking the enquire button on the right side of the page, or alternatively on the bottom of the page. Before you apply, you may want to check the following criteria.

Eligibility criteria

  • You're aged 65 or over and you're the owner that resides in the property being put up for security. This applies to joint accounts too.
  • You've sought independent legal advice regarding this decision and you have a Statutory Declaration signed.
  • Commonwealth Bank highly recommends that you've sought independent financial advice and that you have an Estate Planning and Financial Advice Certificate signed.

Enquire about this home loan

Commonwealth Bank Equity Unlock Home Loan Interest Rate History vs RBA Cash Rate Graph

Enquire about this home loan
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This page was last modified on 28 March 2017 at 2:07pm.

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3 Responses to Commonwealth Bank Equity Unlock Home Loan

  1. Default Gravatar
    John | November 5, 2014

    Hi, I have had a viridian line of credit, but now called equity unlock for seniors for several years. At the bottom of my statement it says ‘your limit is $70,000. Does that mean that I can now use that to buy a new car or bathroom reno? I am 81 years old. Kind regards from John.

    • Default Gravatar
      Jan | August 3, 2016

      Please advise percentage of property valued at $365,000 can be borrowed at age 78 years. Thank you

    • Staff
      Marc | November 6, 2014

      Hi John,
      thanks for the question.

      The credit limit refers to the maximum amount you can borrow using this facility at any one time. Line of credit facility funds can generally be used for whatever you wish, although I strongly recommend you contact the Commonwealth Bank to find out if there are any changes to your account as it’s now an Equity Unlock for Seniors. Also, you might want to read up on reverse mortgages and how they work, as this account differs from a regular line of credit facility.

      I hope this helps,

Commonwealth Bank Equity Unlock for Seniors

  • Interest Rate

    6.37% p.a.

  • Comparison Rate

    6.44% p.a.

  • App Fee / Annual Service Fee

    $950 / $12

  • Max LVR


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