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Review Commonwealth Bank Home Loans

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Anneke Van Aswegen Updated: 13 May 2020

If you’ve found your ideal investment property or home, you’re probably looking for an affordable home loan.

Commonwealth Bank offers home buyers and investors the choice of a Variable, Fixed, and Viridian Line of Credit home loan rate. All three home loan types can be taken with a CBA Wealth Package, giving you access to additional discounts and promotions.

Review how Commonwealth Bank home loans compare to other major home loan providers in Australia.

Take note: ComparingExpert and consultants are not mortgage brokers. The information provided in this article is to help you make an informed decision. Please contact the home loan provider or financial institution for advice and guidance.

A Quick Commonwealth Bank history

CBA offers a wide range of financial services, including investment advice, fund management, insurance and home loans. Founded by the Australian Government in 1911, CommBank has over 100 years of experience in the banking industry. Currently, the company has more than 52,000 workers and over 800,000 shareholders.

Types of Commonwealth Bank home loan interest rates

Choose between several CBA home loan rates, including:

Extra Home Loan

A variable interest rate that provides you with the option of a 2- or 4-year introductory discount or a Life of Loan discount. The discount margin may vary from time to time, depending on campaigns offered at the time of your loan contract.

  • 2-year introductory discount: Available to new borrowings.
  • 4-year introductory discount: Only available to first time home buyers.
  • Life of Loan discount: The same interest rate discount applies for your entire loan term.

CBA Standard Variable Rate

This home loan rate provides you with more certainty, as interest rates remain unchanged for the duration of your fixed loan term (1 to 5 years). At the end of the fixed term period, your loan converts to the Standard Variable Rate.

CBA Fixed Rate

This home loan rate provides you with more certainty, as interest rates remain unchanged for the duration of your fixed loan term (1 to 5 years). At the end of the fixed term period, your loan converts to the Standard Variable Rate.

Viridian Line of Credit

Use the equity in your home for personal or investment purposes. You can also make additional repayment without having to pay any fees.

Wealth Package

For a $395 annual fee, you can get a Wealth Package from CommBank and access additional discounts and promotional offers. The Wealth Package is available on Standard Variable, Fixed home loans and Viridian Line of Credit.

Benefits of CBA mortgage rates

Information required when applying for a CommBank home loan

To be eligible for a home loan, you will generally need to:

  • Be older than 18 years,
  • Have a reliable income or show proof that you’re able to make repayments,
  • Be a permanent resident or Australian citizen.

You’ll generally need the following documentation when applying for a home loan from CBA:

Frequently asked questions

  • How much deposit do I need for a home loan from Commonwealth?

    Generally, you need a 10% minimum deposit to be eligible for a CommBank home loan. However, the bigger your deposit, the smaller your loan will generally be and the less interest you’ll have. If the amount you are borrowing is more than 80% of the value of your property you will need to pay Lenders Mortgage Insurance.

    Take note: When budgeting, remember to include upfront costs like stamp duty, legal fees, moving expenses and insurances. To determine how much you can borrow, use the CommBank home loan calculator.
  • How long does pre-approval take CBA?

    Having the correct documentation when applying for a CBA home loan will speed-up the application process. Generally, the pre-approval process for home loans can take between 4 to 7 business days because supporting documentation must be verified, and property valuations need to be completed.
  • Did CBA change interest rates?

    On July of 2019, the company announced that they would be adjusting their home loan rates. You can apply for a Standard Variable Rate home loan at a discount of between 0.19% and 0.25% per annum, depending on your deposit and the purpose of the home loan you apply for.
  • How to qualify for a Wealth Package from CBA?

    If you would like to apply for a Wealth Package, you’ll have you need a Standard Variable, Fixed Rate home loan or Viridian line of credit. You will also need to borrow a minimum of $150,000.

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