Commonwealth Bank Fixed Rate Home Loan
Fix your rate and plan your budget effectively with a Commonwealth Bank Fixed Rate Home Loan.
A fixed rate loan from the Commonwealth Bank lets buyers and investors set their repayments in place for a certain period of time. This means that you won't be surprised by your repayments suddenly going up.
Richard Whitten is a senior writer at Finder, and has been covering home loans and the property market in Australia for the last 4 years. He has written for Yahoo Finance, Money Magazine and Homely, as well as multiple banks and lenders. Richard has a Certificate IV in Finance and Mortgage Broking, a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communication. He enjoys helping people understand the ins and outs of mortgages so they can make smarter property decisions. Richard trained as a high school teacher but found it easier to manage personal finances than a classroom full of kids. Before joining Finder, he edited textbooks and taught English in South Korea.
This loan is available to those wishing to buy a home and investors purchasing an investment property. This is a fixed rate loan. At the end of the fixed period the interest rate will revert to the Commonwealth Bank's Standard Variable Rate loan.
About this loan
What are the features and benefits of the Commonwealth Bank Fixed Rate Loan?
- Interest-only payments. The combination of fixed interest and interest-only payments can be good for investors looking to maximise their cash flow for other investments.
- Deposit size. You can borrow up to 95% of your property's value, depending on your loan purpose. Keep in mind that if your deposit is below 20% you may need to pay lenders mortgage insurance.
- Split Loan. you have the option to use this loan for part of the total amount borrowed and another loan for the remaining amount.
- Extra repayments. You can make additional payments on this loan in order to pay it off more quickly.
- Loan portable. The loan is portable, meaning you can keep this mortgage even when switching to a new property.
What fees and charges come with this loan?
The Commonwealth Bank Fixed Rate Loan has several fees you should be aware of.
- Service fee: $8. This fee is charged monthly.
- Application fee: $600. This fee is charged during the application.
- Settlement fee: $200. This fee covers settlement costs.
- Discharge fee: $350. You pay this fee when exiting the loan.