Get a range of discounts on your home loan so you save more.
The Commonwealth Bank Wealth Package offers you a range of discounts on loans, credit cards, insurance and everyday banking in return for an annual fee.
$2,000 refinance cashback offer
If you refinance to the Commonwealth Bank from another lender you could be eligible for a $2,000 cashback. The offer applies to principal and interest owner occupier home loans and all investment and Viridian line of credit loans. You need to refinance a loan amount of at least $250,000 and apply before 06 April 2020 and have your loan funded by 12 June 2020.
|Product Name||Commonwealth Bank Wealth Package|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$150,000|
|Maximum Loan Amount||$10,000,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||97%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||No|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|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.|
|Early Termination Fee||$700|
- There is $0 application fee to pay with loans under this package
- You receive discounts off the advertised variable and fixed interest rates with this package
- You can link a 100% offset account to this home loan
- There is a $395 annual fee
- A discharge fee of $350 applies when you close your home loan account
Factors to consider before choosing the Commonwealth Bank Wealth Package
The Commonwealth Bank Wealth Package is available for the bank's variable rate loans, its 1-5 and 7 year fixed rates and its Viridian Line of Credit Loans. The loan offers discounted interest rates, as well as discounts on insurance products.
Features of the Commonwealth Bank Wealth Package
The Commonwealth Bank Wealth Package offers you a variety of features and discounts on your loan if you borrow from $150,000 to . These features include discounts on interest rates, reductions in fees and additional accounts.
- Loan amount and term. The minimum loan amount to receive Commonwealth Bank Wealth Package discounts is $150,000. The maximum loan amount is $10 million. The maximum loan term is 30 years.
- Loan-to-value ratio (LVR). The maximum LVR for an owner-occupier loan is 97%. Be aware, however, that any LVR above 80% will require paying lenders mortgage insurance (LMI).
- Discounted interest rate. The Commonwealth Bank Wealth Package offers interest rate discounts of:
- Up to 0.70% p.a on a standard variable rate home loan, investment loans;
- Up to 0.15% p.a on a standard fixed rate home and investment home loans;
- Up to 0.70% p.a. on Viridian line of credit loans.
- Interest offset account. An interest offset account is a deposit account linked to your home loan that offsets the amount on which interest is charged.
- Flexible repayments. The Commonwealth Bank Wealth Package offers unlimited additional repayments without penalty on variable rate loans. The variable rate option also offers a redraw facility to allow you to access additional repayments.
- Fee discounts. In exchange for the annual package fee, the Commonwealth Bank Wealth Package waives the usual upfront and ongoing servicing fees.
- Insurance discounts. The Commonwealth Bank Wealth Package offers up to a 10% discount on CommInsure Car Insurance, up to a 15% discount on CommInsure Home Insurance and up to a 5% discount on Loan Protection Insurance.
Fees and charges
The Commonwealth Bank Wealth Package carries no upfront establishment fees, monthly loan service fees or annual credit card fees. It does have the following fees:
- Annual package fee: $395
- Transfer fee: This covers the costs of transferring every single detail of your new property into your name.
- Discharge fee: To cover the final costs of your loan.
Ready to apply?
If you think the Commonwealth Bank Wealth Package might be right for you, click the Enquire button and fill in the online form. Once completed, you will be contacted to discuss your application.