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.
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 3 August and have your loan funded by 9 October 2020. The offer is available on owner-occupier, investment and Viridian line of credit loans but not available on bridging loans. Eligibility criteria apply.
|Product Name||Commonwealth Bank Wealth Package Fixed Home Loan|
|Interest Rate Type||Fixed|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$150,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Loan Redraw Facility||No|
|Split Loan Facility||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$395 p.a.|
- 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)
- 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.