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Commonwealth Bank Fixed Rate Home Loan

Richard Whitten
Richard Whitten
Last updated:  

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.

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Expert review

Richard Whitten

Review by

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.

Expert review

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.

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2 Comments

    Default Gravatar
    Katy
    October 21, 2019

    Can my $100 000 blue chip shares be used an equity for a $300 000 investor home loan

    Reply
      Default Gravatar
      Nikki
      October 23, 2019

      Hi Katy,

      Thanks for getting in touch!

      You can use your blue-chip share to boost your application strength and borrowing power but it cannot be used as a deposit for the investor home loan.

      Hope this helps and feel free to reach out to us again for further assistance.

      Best,
      Nikki

      Reply
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