Commonwealth Bank Fixed Rate Wealth Package Home Loan

Rates and Fees verified correct on July 27th, 2016

Get a discount off your interest rate and fees and a range of other benefits in exchange for one annual package fee

The Commonwealth Bank Fixed Rate Home Loan with Wealth Package gives you a discount on your home loan. On top of this you have establishment and service fees waived for other loans, transaction accounts and credit cards. You can also get discounts on personal loan interest rates.

Refinance cashback offer

Refinance your home loan of at least $250,000 to CommBank before 31 July 2016 and you can get $1,250 cashback credited to your CommBank transaction account within two weeks of the loan being fully funded.

Home loan needs to be funded by 30 September 2016, contact Commonwealth Bank for more information as well as the terms and conditions.

Interest Rate Max Insured LVR Max LVR
1 Year Fixed (Investor)
4.79% p.a.
Comparison Rate
5.48% p.a.
95% 80%
1 Year Fixed (Owner Occupier)
4.39% p.a.
Comparison Rate
5.21% p.a.
95% 80%
2 Year Fixed (Owner Occupier)
4.19% p.a.
Comparison Rate
5.13% p.a.
95% 80%
2 Year Fixed (Investor)
4.44% p.a.
Comparison Rate
5.39% p.a.
95% 80%
3 Year Fixed (Owner Occupier)
4.29% p.a.
Comparison Rate
5.10% p.a.
95% 80%
3 Year Fixed (Investor)
4.54% p.a.
Comparison Rate
5.36% p.a.
95% 80%
4 Year Fixed (Owner Occupier)
4.59% p.a.
Comparison Rate
5.16% p.a.
95% 80%
4 Year Fixed (Investor)
4.99% p.a.
Comparison Rate
5.47% p.a.
95% 80%
5 Year Fixed (Owner Occupier)
4.59% p.a.
Comparison Rate
5.14% p.a.
95% 80%
5 Year Fixed (Investor)
4.89% p.a.
Comparison Rate
5.42% p.a.
95% 80%
7 Year Fixed (Owner Occupier)
7.59% p.a.
Comparison Rate
6.82% p.a.
95% 80%
7 Year Fixed (Investor)
7.59% p.a.
Comparison Rate
6.94% p.a.
95% 80%
Product NameCommonwealth Bank Wealth Package Fixed Home Loan
Interest Rate TypeFixed
Comp Rate^ (p.a.)
Minimum Loan Amount$10,000
Minimum Loan Term10 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentNo
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Lender's Legal Fee$0
Valuation Fee$0
Ongoing Fees$395 p.a.
Settlement Fee$200
Discharge Fee$350
Pros
  • $0 application fee.
  • Get a discount off the advertised fixed rates for choosing the Wealth Package.
  • Link a partial offset account to your home loan to reduce interest.
  • Make extra payments each year during the fixed term without penalty.
  • Discounts on other banking products with the Wealth Package.
Cons
  • There is a $395 annual package fee.
  • The offset account has a limit per withdrawal and also per deposit.
  • $200 settlement fee.
  • $350 discharge fee for closing your loan.
  • $750 rate lock fee to lock in the advertised rate at time of application.

Things to consider about the Commonwealth Bank Fixed Rate Home Loan with Wealth Package

The Fixed Rate Home Loan with Wealth Package is a full documentation loan that requires all the details of your income, assets and debts.

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.

Features of the Commonwealth Bank Fixed Rate Home Loan with Wealth Package

  • 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 lender’s mortgage insurance (LMI). If you wish to borrow more than this you will be asked to pay LMI.
  • Rate Lock: This enables you to lock in the interest rate at the time of application for up to 90 days. It protects you in the event that the advertised rate rises before your loan is finalised.
  • Interest-only: This loan allows you to pay off only the interest component rather than both the interest and principal. This lowers your repayments each month, which may be beneficial for extra cash flow to renovate or invest in alternative assets.
  • Repayment schedule: If you choose the interest only option your repayments will need to be paid each month. Borrowers paying principal and interest repayments can choose weekly, fortnightly or monthly repayment schedules.
  • 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 package discounts on other banking products. This includes fees waived for some personal loans, credit cards and transaction accounts. Discounts are also available on some insurances for car, home and loans. As well as discounts on the interest rate of some personal loans.
  • 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.
  • Partial offset account: You can link a Commonwealth Mortgage Interest Saver Account (MISA) to this loan. The balance left in the MISA offsets the same amount in your loan by 1.5% p.a. For example, if your MISA balance is $5,000 then $5,000 of your home loan balance would have the interest rate decreased by 1.5%. This can save you money over the course of the year, as well as shorten your loan term. You need to have a minimum of $1,000 in your MISA to begin the offset process.
  • Get access to funds in emergencies: You can withdraw funds from your MISA at any time, as long as the withdrawal is for a minimum of $500. This can be done at a branch, over the phone, via internet banking, at some ATMS, via EFTPOS or at Australia Post.

Fees

There is $0 application fee with this loan but below are some of the fees that can be charged:

  • Annual fee: $395. This is a package fee that replaces other fees and allows for package discounts.
  • Rate lock: $750. Your interest rate can change up until you sign your loan documents, this fee is to lock in the advertised rate at the time of application.
  • 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.

How to enquire about the Commonwealth Bank Fixed Rate Home Loan with Wealth Package

If the Commonwealth Bank Fixed Rate Home Loan with Wealth Package interests you click on the green 'Go to site' or 'Enquire' button on this page. You will then be either securely transferred to the Commonwealth Bank website to enquire directly with them. Or you will be asked to fill in your details for a mortgage broker to contact you about your lending needs.


Enquire about this home loan

Commonwealth Bank Fixed Rate Wealth Package Home Loan Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 1 July 2016 at 11:17.

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4 Responses to Commonwealth Bank Fixed Rate Wealth Package Home Loan

  1. Default Gravatar
    Megan | September 3, 2015

    can I refinance when in a fixed term loan

    • Staff
      Marc | 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’ll 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’re thinking about leaving your fixed rate home loan for a new home loan, it’s a good idea to contact your lender and ask them for a quote. You can read more about this fee here.

      I hope this helps,
      Marc.

  2. Default Gravatar
    Tien | 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,

    Tien

    • Staff
      Belinda | June 12, 2015

      Hi Tien,

      Thanks for reaching out.

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

      Thanks,
      Belinda

Commonwealth Bank Wealth Package Fixed Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $395

  • Max LVR

    80%

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