Commonwealth Bank Viridian Line of Credit

Rates and Fees verified correct on October 21st, 2016

Manage all of your finances from one convenient account while using your home’s equity to build on your wealth.

When you take advantage of the Commonwealth Bank Viridian Line of Credit you are able to use your existing home’s value to meet your financial goals. You have the flexibility to withdraw the funds you need and use them to help ensure your future financial stability.

This loan is suitable for existing homeowners. If you are a first-time home buyer, Commonwealth Bank has home loan packages that can help you finance your first purchase.

Interest Rate Max Insured LVR Max LVR
5.13% p.a.
Comparison Rate
80% 60%
5.63% p.a.
Comparison Rate
80% 60%
Product NameCommonwealth Bank Viridian Line of Credit
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$20,000
Maximum Loan Amount$1,000,000
Maximum Loan Term30 years
Maximum LVR60%
Maximum Insured LVR80%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditYes
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$600
Ongoing Fees$12 monthly ($144 p.a.)
Settlement Fee$200
Discharge Fee$350


  • Redraw Facility.
  • Extra repayments are available.


  • Establishment fee of $600.
  • There is a $12 per month account fee.

Things to consider about Commonwealth Bank Viridian Line of Credit

With a line of credit you are combining your home loan with your savings and using it to manage your spending. Your finances are consolidated into one account for easy manageability. The funds accessed are only to be used for personal purposes, including investments and land purchases. Excluded uses are for business purposes or construction projects.

The terms of repayments for this loan are flexible, allowing you to make monthly interest repayments only or additional repayments towards the principal and interest. You are in control of how the funds are spent and how pay them back.

Features of the Commonwealth Bank Viridian Line of Credit

  • Loan-to-Value Ratio (LVR). You can qualify for up to 60% of the home’s value and not be subject to Lenders Mortgage Insurance (LMI) or low deposit premium (LDP). If you borrow above 60% LVR and one of those additional charges will be applied.
  • Loan terms. There are no limits to the terms of this line of credit. You can continue to use it and pay into it as your circumstances see fit.
  • Repayment frequency. You can make monthly payments on this loan to pay it off.
  • Repayment types. You must meet the minimum interest payments due on your loan each month, but apart from this no principal payments are required. Keep in mind that not paying off the principal of your loan will mean your loan will not get paid off over time.
  • Redraw. You can redraw funds at any time and for any amount, subject to your credit approval.
  • Loan amount. The minimum amount you are allowed for the line of credit is $20,000. The maximum amount is dependent on your finances and available equity in the property.


Fees you can avoid

  • Legal fee. There are no legal fees charged to the borrower for the preparation of the line of credit.
  • Valuation fee.
    The Commonwealth Bank will not charge a separate fee for the valuation of the property being used as security.

Fees you can’t avoid

  • Application fee. You will be responsible for paying a one-time fee of $600 for preparing the paperwork.
  • Settlement fee. There will be a $200 charge when the line of credit is settled.
  • Monthly fee. Your account will be charged $12 a month for its maintenance.
  • Discharge fee. $350 will be charged when you discharge the loan.

How to apply for the Commonwealth Bank Viridian Line of Credit

In order for the Commonwealth Bank to consider you for this line of credit, CBA will first ascertain that you meet certain eligibility criteria:

  • Age.
    You must be at least 18 years of age to be considered for this product.
  • Secured property.
    You will need to be an existing homeowner to apply for this line of credit.

The Commonwealth Bank recommends that you have the following information readily available before proceeding with a loan application:

  • Driver’s licence.
    Your driver’s licence or other forms of photo identification will be requested.
  • Employment.
    To show employment history, supply copies of your last three months’ worth of bank statements.
  • Expenses.
    A detailed list of all of your monthly living expenses including utilities and other loan repayments.

Homeowners looking for ways to invest in other areas may find it easy to use their home’s equity to fund them. To make sure that this offer gives you all the features you need to make it a successful choice for you, compare it with what other lending institutions are offering.

Know how much you want to borrow? Use our calculator to find out what your repayments will be

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Commonwealth Bank Viridian Line of Credit Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 9 May 2016 at 18:04.

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18 Responses to Commonwealth Bank Viridian Line of Credit

  1. Default Gravatar
    Julie | April 26, 2016

    I am currently separated from my husband. We have a viridian line of credit on a property which is in both our names. My ex- husband has borrowed several times against it without my knowledge or permission. What can I do to be released from this debt ( currently $20 000. ) Should he have sought my consent before borrowing such a large sum?

    • Staff
      Belinda | April 27, 2016

      Hi Julie,

      I’ve sent you an email to follow up with this enquiry.


  2. Default Gravatar
    elsa | April 30, 2015

    “The funds accessed are only to be used for personal purposes, including investments and land purchases. Excluded uses are for business purposes or construction projects.”
    I have a viridian wealth package.
    Does this mean that I cannot build a new house of my choice after selling my current property?

    Can I buy a house and land package?

    • Staff
      Jodie | May 28, 2015

      Hi Elsa,

      Thank you for contacting us.

      We are a financial comparison website and are not able to offer you advice based on your specific needs however according to the information on the CBA website and key fact sheet for this loan the funds can be used for owner occupied or investment housing and or personal invest and land purchases. They do mention that building/construction and off the plan finance is not an included use for the funds.

      I would however contact your lender directly to discuss your personal needs and they will be able to advise more thoroughly.


  3. Default Gravatar
    R. | April 15, 2015

    Why are the rates for the Viridian loan higher than the standard viridian loan?

    • Staff
      Marc | April 16, 2015

      Hi R,
      thanks for the question.

      There are currently two rates for the Viridian Line of Credit, 5.80%, which is for the regular loan, and 5.00% which is for the Wealth Package Viridian Line of Credit.

      Package rates are generally cheaper than standard rates, as you bundle your other banking products together and pay an annual fee.

      I hope this helps,

  4. Default Gravatar
    Lindsay | March 6, 2015


    My wife and I have a Viridian Line of Credit which we can both access independently. Is it possible for either my wife or I to independently put a stop or hold on the account so that any withdrawals require the consent of both parties?

    • Staff
      Shirley | March 6, 2015

      Hi Lindsay,

      Thanks for your question.

      This is definitely possible and can be organised at your local Commonwealth Bank branch.

      Neither party can do the two to sign option without both consenting in branch – but it can be done in branch so that two signatories are required to withdraw or make changes on the home loan.


  5. Default Gravatar
    janine | February 22, 2015

    I have a home loan with the cba which includes a Viridian line of credit, I have just sold my house and purchased another house out right with the sale of my I have to payout the line of credit or can I transfer it against my new property.

    • Staff
      Marc | February 23, 2015

      Hi Janine,
      thanks for the question.

      The Viridian Line of Credit has a portability feature, meaning it can be brought to different homes rather than being paid out. The new property will have to have enough equity to cover the loan, and keep in mind that there are extra fees and conditions involved with this, such as a security substitution fee of $300, so be sure to call up and get a quote of fees first.


  6. Default Gravatar
    George | February 9, 2015

    Further to my question below, I understand a Discharge Authority needs to be completed by the Borrowers when finalising full payment of the mortgage. What happens if one of the two people listed as a borrower (the person whose name appears on the title) wants to pay off the outstanding balance and thus close the Veridian Line of Credit, but the other one whose name does not appear on the title, does not want to close it off and will not sign the Discharge document? Neither party is able to draw on the loan without the other’s permission and neither have done so for a number of years.

    • Staff
      Shirley | February 10, 2015

      Hi George,

      As both names are on the loan you still need the two to sign to close the loan.

      You may want to escalate the issue with the Commonwealth Bank directly or speak to your solicitor regarding your legal options.


    • Default Gravatar
      George | February 16, 2015

      Thank you for your reply. In fact my partner has been trying to see her local bank manager for nearly two weeks now, but has been unable to obtain an appointment, hence my ongoing queries via this site. This is despite providing her branch manager with several optional appointment times. Furthermore, she has not ever had any of her almost daily phone calls returned by the bank, by anyone. Last week she left work early to attend the bank personally but was again told the manager was still unavailable, and that no one else could make an appointment or help her.
      My partner received legal advice to confirm her options with the bank, and has another meeting with her solicitor tomorrow (Tuesday). Again, however, no one returned her calls today so she is still none the wiser regarding her rights and the bank’s options.
      She does not wish to lodge a complaint via the CBA internal complaints department, due to the 45 day time frames. I have advised her to contact the Banking Ombudsman, as I too am (quite frankly) appalled at such poor customer service and unprofessional behaviour.
      What do you recommend she does? I am happy to provide you with my mobile phone number.

    • Staff
      Shirley | February 17, 2015

      Hi George,

      Thanks for your question and we’re sorry to hear about your experience with the Commonwealth Bank.

      There are number of steps that the Financial Ombudsman Service (FOS) recommends before you lodge a dispute. This includes contacting your financial services provider first in an attempt to resolve the issue.

      Before the FOS considers your dispute, your financial services provider must be given an opportunity to resolve the dispute with you directly.

      Hope this helps,

  7. Default Gravatar
    George | February 8, 2015

    Two members have joint access to a Veridian Line of Credit facility using the title to the house of one of them as mortgage security. When the mortgage is fully paid off, does the Line of Credit continue to stay open when the title is transferred back to the house owner? What is used as security? Or does the Line of Credit lapse until new security is established?

    • Staff
      Shirley | February 9, 2015

      Hi George,

      Thanks for your question.

      Once the Line of Credit is paid out and brought to $0 balance, the title is no longer required to secure any loans and will be returned to you.

      The Commonwealth Bank always prefers any property to be collateral security for a Viridian Line of Credit.


  8. Default Gravatar
    peter | October 7, 2014

    Scenario. Home/Property is sold. four members own property, Two members have viridian loans/two members do not have viridian loan.
    Do the two members with the viridian loans have to pay out the loan before the deed is handed over, or can they make other arrangements with the bank for payment of the outstanding loan. If so can you point us in the right direction.

    • Staff
      Shirley | October 7, 2014

      Hi Peter,

      Thanks for your question.

      The two members who hold a Viridian Line of Credit will need to pay out the loan before the deed is handed over.

      Hope this helps,

Commonwealth Bank Viridian Line of Credit

  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $600 / $12

  • Max LVR


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