Commonwealth Bank Viridian Line of Credit

Unlock your home’s equity through the Viridian Line of Credit from the Commonwealth Bank.

With 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 you only have to pay interest on the money you spend.

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Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

With a line of credit you are able to borrow against the equity built up in your own property. You can take some of this equity as a line of credit and then spend it as you need on purchases, travel or investments.

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.

About this loan

What are the features and benefits 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.

What fees and charges come with this loan?

  • Application fee. You will be responsible for paying a one-time fee of $600 for preparing the paperwork.
  • Ongoing fee. You will have to pay a $12 monthly service fee.
  • Settlement fee. There will be a $200 charge when the line of credit is settled.
  • Discharge fee. $350 will be charged when you discharge the loan.

How to apply

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.

You should 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.

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26 Comments

    Default Gravatar
    john
    February 6, 2019

    I want to change my LOC to another provider for a better rate . What costs are involved to cease my CBA LOC and will I have to pay stamp duty on my new LOC?

      Avatarfinder Customer Care
      Jeni
      February 11, 2019

      Hi John,

      Thank you for getting in touch with finder.

      Kindly contact Commbank directly on this matter to get a more accurate figure if you consider changing providers for a better rate.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    Brenda
    May 12, 2017

    Can the viridian line of credit be seperated from a joint loan between 2 people?? And how can we process this if it is.

      Default Gravatar
      Arnold
      May 16, 2017

      Hi Brenda,

      Thanks for your inquiry.

      In any account that is jointly opened and owned, any changes you want to make in it will need both signatures to consent the amendments. So if you have jointly opened the Viridian Line of Credit, you would most likely need your co-maker’s signature in order to make a change. As for your borrowing options, you would just need to speak with the bank to do this for you.

      Hope this information helped.

      Cheers,
      Arnold

    Default Gravatar
    steve
    December 27, 2016

    I have a viridian account and I would like to increase my viridian account limit from $127 thousand to $400 thousand is this possible.

      Avatarfinder Customer Care
      May
      December 27, 2016

      Hi Steve,

      Thanks for your question. Please note that you’ve reached finder.com.au – a financial comparison website and general information service designed to help consumers make better decisions, not actually Commonwealth Bank.

      If you wish to increase your line of credit with your Viridian account, you can directly contact or visit your branch. The bank will further check your current financial circumstance if you’re eligible to increase your limit.

      Cheers,
      May

    Default Gravatar
    Maria
    November 17, 2016

    I am not separated from my husband. We own our house together and we have a viridian line of credit loan. Either one of us can borrow from the loan and one of us has been doing this too much. From what I can read below it requires both of us to consent to change things so that both our signatures/authority are then required to take out further loans against this credit line. How would I get this to happen if the other party won’t consent to this change? i.e. remaining married and without both signatures, how do I get a hold put on the borrowing immediately (even for a limited timeframe) while we take more time to sort it all out?

      Avatarfinder Customer Care
      May
      November 22, 2016

      Hi Maria,

      Thank you for contacting finder.com.au – a financial comparison website and general information service designed to help consumers make better decisions.

      Sorry for the delayed reply. In any account that is jointly opened and owned, any changes you want to make in it will need both signatures to consent the amendments. So if you have jointly opened the Viridian Line of Credit, you would most likely need your husband’s signature in order to make a change. As for your borrowing options, you would just need to speak with the bank to do this for you.

      Cheers,
      May

    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?

      Default Gravatar
      Belinda
      April 27, 2016

      Hi Julie,

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

      Thanks,
      Belinda

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