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.
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.
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.