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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.

Refinance cashback offer

Eligible borrowers switching to the Commonwealth Bank can receive a $2,000 cashback. To qualify, your loan amount needs to be $250,000 or more and you need to apply before 31 October 2020 and have your loan funded by 31 December 2020. The offer is available on owner-occupier, investment and Viridian line of credit loans but not available on bridging loans. Eligibility criteria apply.

Interest Rate Max Insured LVR Max LVR
1 Year Fixed Rate With Wealth Package (Investor, IO, $150k+)
2.89% p.a.
Comparison Rate
4.68% p.a.
90% 80%
1 Year Fixed Rate With Wealth Package (Owner Occupier, IO, $150k+)
3.39% p.a.
Comparison Rate
4.22% p.a.
95% 80%
1 Year Fixed Rate With Wealth Package (Owner Occupier, P&I, $150k+)
2.29% p.a.
Comparison Rate
4.13% p.a.
95% 80%
1 Year Fixed Rate With Wealth Package (Investor, P&I, $150k+)
2.69% p.a.
Comparison Rate
4.67% p.a.
90% 80%
2 Year Fixed Rate With Wealth Package (Investor, IO, $150k+)
2.89% p.a.
Comparison Rate
4.55% p.a.
90% 80%
2 Year Fixed Rate With Wealth Package (Investor, P&I, $150k+)
2.69% p.a.
Comparison Rate
4.52% p.a.
90% 80%
2 Year Fixed Rate With Wealth Package (Owner Occupier, IO, $150k+)
3.39% p.a.
Comparison Rate
4.17% p.a.
95% 80%
2 Year Fixed Rate With Wealth Package (Owner Occupier, P&I, $150k+)
2.29% p.a.
Comparison Rate
3.99% p.a.
95% 80%
3 Year Fixed Rate With Wealth Package (Investor, IO, $150k+)
2.89% p.a.
Comparison Rate
4.42% p.a.
90% 80%
3 Year Fixed Rate With Wealth Package (Investor, P&I, $150k+)
2.69% p.a.
Comparison Rate
4.38% p.a.
90% 80%
3 Year Fixed Rate With Wealth Package (Owner Occupier, IO, $150k+)
3.39% p.a.
Comparison Rate
4.12% p.a.
95% 80%
3 Year Fixed Rate With Wealth Package (Owner Occupier, P&I, $150k+)
2.29% p.a.
Comparison Rate
3.87% p.a.
95% 80%
4 Year Fixed Rate With Wealth Package (Owner Occupier, P&I, $150k+)
2.99% p.a.
Comparison Rate
3.98% p.a.
95% 80%
4 Year Fixed Rate With Wealth Package (Investor, IO, $150k+)
3.29% p.a.
Comparison Rate
4.43% p.a.
90% 80%
4 Year Fixed Rate With Wealth Package (Owner Occupier, IO, $150k+)
3.79% p.a.
Comparison Rate
4.21% p.a.
95% 80%
4 Year Fixed Rate With Wealth Package (Investor, P&I, $150k+)
3.09% p.a.
Comparison Rate
4.39% p.a.
90% 80%
5 Year Fixed Rate With Wealth Package (Investor, IO, $150k+)
3.29% p.a.
Comparison Rate
4.35% p.a.
90% 80%
5 Year Fixed Rate With Wealth Package (Investor, P&I, $150k+)
3.09% p.a.
Comparison Rate
4.30% p.a.
90% 80%
5 Year Fixed Rate With Wealth Package (Owner Occupier, IO, $150k+)
3.79% p.a.
Comparison Rate
4.20% p.a.
95% 80%
5 Year Fixed Rate With Wealth Package (Owner Occupier, P&I, $150k+)
2.99% p.a.
Comparison Rate
3.93% p.a.
95% 80%
Product NameCommonwealth Bank Wealth Package Fixed Home Loan
Interest Rate TypeFixed
Comp Rate^ (p.a.)
Minimum Loan Amount$150,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Loan Redraw FacilityNo
Split Loan FacilityYes
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
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

  • Refinance cashback for eligible borrowers
  • $0 application fee
  • Get a discount off the advertised fixed rates for choosing the Wealth Package
  • $0 upfront fees (with Wealth Package)

Cons

  • There is a $395 annual package fee
  • $200 settlement fee
  • $350 discharge fee for closing your loan

Details 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. 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.

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

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

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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8 Responses

  1. Default Gravatar
    TonyMarch 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
      JeniMarch 20, 2019Staff

      Hi Tony,

      Thank you for getting in touch with Finder.

      Please note that each state has their own eligibility requirements on getting FHOG. You may use this page as your guide in learning your state’s First Home Owners Grant qualification.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    ChrisNovember 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
      MayNovember 25, 2016Staff

      Hi Chris,

      Thank you for your question and for contacting finder.com.au we are a financial comparison website and general information service we are not mortgage specialists so can only offer general advice.

      Generally, lenders have different policies regarding the minimum deposit they require from borrowers to qualify for a home loan. For a guide about the deposit, you may like to find this article useful. Moreover, it’s best to contact the bank/lender and discuss your options on the deposit.

      Cheers,
      May

  3. Default Gravatar
    MeganSeptember 3, 2015

    can I refinance when in a fixed term loan

    • Avatarfinder Customer Care
      MarcSeptember 4, 2015Staff

      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.

  4. Default Gravatar
    TienJune 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

    • Avatarfinder Customer Care
      BelindaJune 12, 2015Staff

      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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