Commonwealth Bank Wealth Package

Rates and fees last updated on

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.

Interest Rate Max Insured LVR Max LVR
Standard Variable (Investor) IO
5.74% p.a.
Comparison Rate
5.84% p.a.
90% 80%
Standard Variable (Investor) P&I
5.3% p.a.
Comparison Rate
5.69% p.a.
90% 80%
Standard Variable (Owner Occupier) IO
5.27% p.a.
Comparison Rate
5.31% p.a.
97% 80%
Standard Variable (Owner Occupier) P&I
4.72% p.a.
Comparison Rate
5.12% p.a.
97% 80%
Product NameCommonwealth Bank Wealth Package
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$150,000
Maximum Loan Amount$10,000,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR97%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
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$0
Discharge Fee$350
Early Termination Fee$700

Pros

  • 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

Cons

  • 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.


Enquire about this home loan
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This page was last modified on 12 May 2017 at 1:36pm.

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7 Responses

  1. Default Gravatar
    TAugust 24, 2016

    I have read the Wealth Package already, when the package fee $395 will be paid by me before the home loan approve or after?
    Please reply via email.
    Thank you.
    T.

    • Staff
      ChesterAugust 24, 2016Staff

      Hello T,

      Thanks for your question,

      The wealth package annual fee is made payable within 2 weeks after the package appears on your profile (this is independent on when your home loan is approved).

      I hope this helps.

      Cheers!
      Chester

  2. Default Gravatar
    SharonMarch 9, 2015

    is there a redraw fee with the wealth package. I WAS CHARGED $5 AND WAS SURPRISED TO FIND IT WAS CHARGED TO MY LOAN ACCOUNT. I WAS NOT TOLD OF A FEE FOR THIS AT THE TIME OF MY APPLICATION. It was the biggest balls up don’t know if I would go with CBA again.

    • Staff
      ShirleyMarch 10, 2015Staff

      Hi Sharon,

      Thanks for your question.

      Redraw has no fees when doing so electronically, that is, transferring from Home Loan to everyday account. However, if you’re redrawing in-branch, this incurs a $5 fee.

      Cheers,
      Shirley

  3. Default Gravatar
    DeanMarch 6, 2015

    hi, i have just taken a CBA home loan (variable rate wealth package) I have borrowed more than I need and have some extra moneys to play with, can I pay it off my loan in say 10k or 20k lump sums at any time ?
    Regards
    Dean

    • Staff
      ShirleyMarch 6, 2015Staff

      Hi Dean,

      Thanks for your question.

      You most definitely can – you can make additional payments at any time for however much you wish.

      However, please note that if you repay your entire loan amount early you could be liable for an early termination fee.

      Cheers,
      Shirley

    • Default Gravatar
      DeanMarch 6, 2015

      Thank you Shirley :)
      Regards
      Dean

Commonwealth Bank Wealth Package

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $395

  • Max LVR

    80%

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