Commonwealth Bank Fixed Rate Wealth Package Home Loan Review

Get a competitive, discounted interest rate and lower fees in exchange for one annual package fee.

The Commonwealth Bank Fixed Rate Home Loan with Wealth Package gives you a discount on your fixed rate home loan when you borrow at least $150,000. The package benefits include discounted fees on both the loan and a credit card. The loan is a flexible and competitive fixed rate with options for home buyers and investors. You can make up to $10,000 in additional repayments each fixed rate year at no extra cost.

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Review by

Richard Whitten is an editor 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.

Expert review

The Fixed Rate Home Loan with Wealth Package is a full documentation loan that requires all the details of your income, assets and debts. As a package loan product, you get a Commonwealth Bank Fixed Rate home loan with added rate discounts and waived fees.

The loan is suitable for owner occupiers, investors and can also be used to purchase land or for bridging finance purposes. It is not available for business purposes, purchasing an off-the-plan property or construction.

About this loan

What are the features and benefits of the Commonwealth Bank Fixed Rate Wealth Package Home Loan Review?

  • Minimum loan amount. You will need to borrow at least $150,000 to qualify for the Wealth Package rate discount.
  • Loan-to-value ratio (LVR) and loan term. This loan has a maximum loan term of 30 years. This loan allows you to borrow up to 80% of the value of the property without lenders mortgage insurance (LMI). If you wish to borrow more than this you have to pay LMI.
  • Interest-only. This loan has interest-only options for owner-occupiers and investors.
  • Additional payments. You can put extra funds towards this loan to pay it off early. This is capped at $10,000 per year without penalty. If you exceed this amount you may be charged break costs and administration fees.
  • Wealth Package discounts. Package your loan and receive a discounted interest rate and waived home loan and credit card fees.
  • Split loan option. Splitting your loan will give you the benefits of both a fixed rate loan and a variable rate loan. If interest rates rise your fixed rate portion will shield you from the increased costs. If rates decrease the variable rate will maximise any savings.

What fees and charges come with this loan?

There is no application fee with this loan. You will save on multiple fees in exchange for a single annual package fee. Beyond that there a couple of one-off fees.

  • Annual fee: $395. This is a package fee that replaces other fees and allows for package discounts.
  • Settlement fee: $200. This is a fee charged for the creation of your loan accounts.
  • Discharge fee: $350. This is for processing the closing of your loan accounts with the bank when you exit the mortgage.

How to apply

If you think the Commonwealth Bank Fixed Rate Home Loan with Wealth Package is the right product for you, hit the green button and leave your details. Then a representative from the Commonwealth Bank will get in touch and talk you through the application process.

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    Default Gravatar
    September 29, 2021

    Can my parents use their house equity being part of retirement living 55’s and over community to guarantee my loan?

      Avatarfinder Customer Care
      October 6, 2021

      Hi Kate,

      This is difficult to answer because every lender has its own criteria. If your parents own the property, a lender may accept them as a guarantor even if the property is specifically for retirement living. But it really depends on the lender.

      I suggest checking with a lender before submitting a full application. Ask if the lender accepts guarantors and ask if this type of property is generally acceptable.

      It is always worth seeking professional advice from a mortgage broker to ensure you are in an appropriate position to get into a loan agreement, and to get personalised advice into your situation.

      I hope this helps!


    Default Gravatar
    March 19, 2019

    If as a first home buyer, buying a reverse mortgage on the family home out, do I qualify for the first home buyer’s grant?

      Avatarfinder Customer Care
      March 20, 2019

      Hi Tony,

      Thank you for getting in touch with Finder.

      Please note that each state has its own eligibility requirements for getting First Home Owners Grant. You may refer to our guide to learn your state’s First Home Owners Grant qualification.

      I hope this helps.

      Thank you and have a wonderful day!


    Default Gravatar
    November 23, 2016

    Applying for first home loan, is there any flexibility in minimum deposit as we didn’t know we would need to put $5000 deposit down on house and land

      Avatarfinder Customer Care
      November 25, 2016

      Hi Chris,

      Thank you for your question and for contacting Finder.

      Generally, lenders have different policies regarding the minimum deposit they require from borrowers to qualify for a home loan. you may read our home loan deposit guide to learn more about what home loan deposit you would need. Moreover, it’s best to contact the bank/lender and discuss your options on the deposit.


    Default Gravatar
    September 3, 2015

    can I refinance when in a fixed term loan

      Avatarfinder Customer Care
      September 4, 2015

      Hi Megan,

      Thanks for the question.

      You can refinance from a fixed rate home loan into another, but be aware that you will need to generally pay break costs when leaving a fixed rate home loan before the end of the fixed term. These are worked out with a mathematical formula, so if you are thinking about leaving your fixed rate home loan for a new home loan, it is a good idea to contact your lender and ask them for a quote. You can read more information about break costs and see how it is calculated.

      I hope this helps,

    Default Gravatar
    June 12, 2015

    I wonder why I don’t have any Home Loan with you at the moment, but you still charged me $ 395.00 for Commonwealth Bank Wealth Package on 12-5-2015. Would you please clarify this matter for me.

    Thank you very much and looking forward to hearing from you soonest.

    Kind regards,


      Default Gravatar
      June 12, 2015

      Hi Tien,

      Thanks for reaching out.

      You’ve come through to which is an online comparison website. To follow up with your home loan application, you’ll need to contact the Commonwealth Bank directly.


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