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Commonwealth Bank Low Doc Loan

Features

The Commonwealth Bank Low Doc Loan comes in a range of variations. These include a standard variable rate option, a fixed rate home loan and a line of credit loan. Between these variations of loans, the available features will vary so for more specific information, click on the variation you are interested in below.

The standard variable version of the Low Doc Loan provides the most flexibility in terms of features. Borrowers can choose to split the loan between a fixed and variable rate as well as being able to make unlimited additional repayments. The loan also comes with a redraw and offset facility.

The fixed loan options still allow customers to split the loan, however, the amount of repayments that can be made are capped at $10,000 a year and there is only a partial offset account available.

Who is the Commonwealth Bank Low Doc Loan good for?

The Commonwealth Bank Low Doc Loan is good for self-employed customers who want to own their own home either as an owner-occupier or investor. The loan also allows customers to borrow up to 80 per cent of the property value which is more than some other low doc loans allow. This could make the loan particularly appropriate for those borrowers who do not have a very large deposit saved or equity in a previous home to use.   

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Commonwealth Bank Low Doc Loan Options

Browse the Low Doc home loan options available from the Commonwealth Bank below.

Product
Advertised rate
Comparison rate*
Monthly repayment
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Fixed Rates from

4.14%

Advertised rate

5.10%

Comparison rate

Variable Rates from

5.22%

Advertised rate

5.36%

Comparison rate
Pros
  • Available to the self-employed and small business owners.
  • Available to both owner-occupier and investment borrowers.
  • A range of features available depending on the variation of the loan you choose.
Cons
  • Can only borrow up to 80 per cent of the property value.
  • Must have had a business operating for minimum 12 months.
  • Some fees will be charged to establish the loan.
Eligibility

Must have been self-employed in the same industry for at least one year.

Must provide your Business Activity Statement for the past 12 months verified by the ATO.

Must meet deposit requirements.

Suitable For
  • Owner-Occupiers
  • First Home Buyers
  • Refinancers
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $800
  • Discharge fees: $350
  • Ongoing fees: $12 monthly - $8 monthly

The fees that are charged with the loan will vary depending on the variation of the loan that is chosen by the borrower. These may include an upfront fee for the settlement of the loan or a package fee that will be payable annually. Loans may also be subject to a discharge fee. For more detailed information, see the below links for the variations of the Low Doc Loan.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Commonwealth Bank of Australia

The Commonwealth Bank is one of Australia’s biggest banking institutions that offers a full range of personal finance products. The bank has a large branch network that allows customers to receive face-to-face support throughout the home loan experience. General enquiries can also be directed to the phone line 13 22 21 at all times.

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