The Commonwealth Bank is one of the biggest lenders in Australia. It's this size and strength that allows it to offer a range of competitive home loan products.
The Commonwealth Bank was founded by the Australian Government in 1911. Today it has more than 800,000 shareholders and employs 52,000 staff.
The Commmonwealth Bank offers the full spectrum of financial services, including a wide range of home loans. They also operate fully-owned subsidiaries such as Bankwest, offering cost-effective home loans through this brand.
Compare Commonwealth Bank home loans
What home loans are available?
There are only a few different types of loans available in Australia. It's the lenders themselves who put their own touch on the products and customise their loans with a variety of features, discounts and specialities. The Commonwealth Bank is a lender which excels in the range of products on offer:
Standard Variable Rate Home Loan
Standard variable rate home loans are some of the most popular products in Australia, and Commonwealth Bank has put together a very competitive offer with its standard variable rate. This means you have the ability to customise your loan and enjoy features to save you time and money, such as a redraw facility, a 100% offset account, fee-free transaction account and optional credit card. This loan is available for those looking to buy a home or investment property.
No Fee Variable Rate Home Loan
If you’re more interested in the rate and not necessarily the features of the Standard Variable Rate Home Loan, the basic option from Commonwealth could warrant a look. This loan charges no up-front or ongoing fees for the entire life of the loan. It is repaid at a variable interest rate with full transparency and flexibility. There are also add-on options for you to choose from that will help you tailor the loan to your own particular needs, such as a low fee everyday account and credit card, but if these aren't of interest to you, you can stick with the basic No Fee Variable Rate Home Loan and still save.
Fixed Rate Home Loan
Commonwealth Bank can also help you budget for your home loan repayments over one to five years, seven, 10 or even 15 years with a fixed rate. You can even lock in the rate from the time you apply for your loan to the time it is approved. The Fixed Rate Home Loan from Commonwealth Bank could be suitable for a property investor, with the assurance of being able to budget into the future and plan your finances without having to worry about rising interest rates. This means you will be able to know exactly what your monthly repayments will be when you lock in your interest rate for one, five, seven, 10 or 15 years. There is an establishment fee of $600, an ongoing annual fee of $8 and a Rate Lock fee of $750 (available only for 1-5 Year Fixed Rate loans) to pay.
Viridian Line of Credit
This is an all-in-one home loan that will allow you to consolidate all your finances into the one package and put you in control of your equity. With the Viridian Line of Credit you'll be able to handle your home loan, daily transactions and savings all in the one place. If you use these features to your advantage you will be able to pay your loan off much faster because the funds from your savings and income are directly offset against your principle loan amount each day they sit in your account waiting to be used.
The Viridian Line of Credit
Introductory Rate Home Loan
Buying a new home or your first investment property can be a challenging adjustment. To help make things that little bit easier Commonwealth Bank offers all new customers a low introductory rate for the first 12 months. You will have a choice of accepting the 12 month discounted variable interest rate or fixed interest rate. This loan also carries with it a six month pre-approval, so you have time to find your dream home. You'll also have the choice of either fixed or variable interest rates for security or flexibility, a loan term of up to 30 years for affordable repayments and a flexible repayment option so you can match your repayments to your income cycle.
The Introductory Rate Home Loan
What features are offered?
- Equity unlock. This gives you the chance to unlock all of the hard work you have put into your home to enjoy your retirement, and will ensure you don’t borrow more than the value of your home so you can avoid negative equity. The Commonwealth Bank Equity Unlock Loan is available to applicants 65 years and over.
- Customise with loan add-ons. Commonwealth offer a range of add-ons which include an offset account, a fee-free credit card or a deposit guarantee to make securing your dream home easier even if you can’t provide a deposit on the spot.
- Investment loan options. You can customise each Commonwealth Bank home loan to become an investment loan and choose interest-only repayments, or stick with principal and interest charges. You can also choose to pay your interest in advance to reap tax benefits sooner, and if you pay the total year's interest in advance before 30 June, you can also receive a discounted interest rate.
How to apply for a Commonwealth Bank Home Loan
You can compare Commonwealth Bank home loans in the table above. If you find a loan you wish to apply for just hit the green 'Enquire now' button beside it. This will open up a contact form. You can enter your contact details and a mortgage broker will get in touch with you to help you apply and give you a quote. This service is completely free to you. If you click on the name of the loan or 'More info' you will be able to learn more about the specific loan.