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 covering home loans and property. He helps everyone understand the ins and outs of mortgages so they can make smarter property decisions. He has written for Yahoo Finance, Money Magazine, Homely, and for multiple banks and lenders. 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. Richard has a Bachelor of Education, a Graduate Certificate in Communication and is currently studying a Certificate IV in Finance and Mortgage Broking.
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.
Home Loan OffersImportant Information*
Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.
Up to $4,000 refinance cashback With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up to $4,000 cashback and borrow up to 80% of the property's value (terms, conditions & exclusions apply).
A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.