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Commonwealth Bank Wealth Package Loan

Features

The Commonwealth Bank Wealth Package Loan has a number of discounts and fee waivers available.

As part of the package, borrowers may be required to bundle one or more Commonwealth Bank financial products with the home loan, such as an everyday bank account or credit card, depending on the lender’s requirements.

The Commonwealth Bank Wealth Package Loan offers moderately-low rates on fixed home loans, but the variable rates are considered somewhat high by market standards.

The rate charged by the lender may differ depending on the size of the loan being taken out and the size of your deposit.

The loan has some popular features such as a mortgage offset account and redraw facility.

The Commonwealth Bank Wealth Package Loan is available for both investors and owner-occupier borrowers.

Who is the Commonwealth Bank Wealth Package Loan good for?

The Commonwealth Bank Wealth Package Loan may be suited to owner-occupiers, investors and those wanting a line of credit.

To be eligible, the borrower must have a home loan with the Commonwealth Bank and it must be of a minimum size as determined by the lender.

This loan may suit a borrower who prefers to bank with one of Australia’s largest banks and someone who likes the convenience of bundling several of their banking products with the one bank.

Review - What RateCity says

The Commonwealth Bank Wealth Package Loan offers a discounted rate and fee waivers. However, like most packages, this loan charges an annual package fee. An upfront fee and discharge fee to close the loan are also charged.

The loan offers a number of popular features, including a mortgage offset account and redraw facility. These features can provide flexibility in a loan and the offset account in particular can assist in reducing the amount of interest paid over the life of the loan.

It’s available for both owner-occupier and investor borrowing, as well as on line of credits.

Commonwealth Bank Wealth Package Loan Options

The Commonwealth Bank Wealth Package Loan is available on a range of fixed-rate home loans and variable home loans. It’s available for both investors and owner-occupier borrowers.

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Fixed Rates from

3.99%

Advertised rate

4.90%

Comparison rate

Variable Rates from

4.52%

Advertised rate

4.95%

Comparison rate
Pros
  • Mortgage offset account available.
  • Redraw facility available.
  • Discounts and fee-waivers available.
Cons
  • Ongoing package fee charged.
  • Upfront fees charged.
  • Discharge fee charged.
Eligibility
Must have a current Commonwealth Bank home loan.

Must meet the lender’s serviceability requirements.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $0
  • Discharge fees: $350
  • Ongoing fees: $395 annually

The Commonwealth Bank Wealth Package Loan charges an upfront fee and an annual package fee. A discharge fee is also charged when closing the loan.

However, as part of the package, borrowers are eligible for a range of discounts on other Commonwealth Bank financial products, such as a fee waiver on credit cards and discounts on insurance premiums, for instance.

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, also commonly known as CBA, was founded in 1911 as a government bank. It is now a publically-owned bank.

CBA is one of Australia’s big four banks, along with ANZ, NAB and Westpac. Commonwealth Bank holds one of the largest shares of the mortgage market in this country.

The bank has ATMs and branches Australia-wide as well as international access. It also offers a number of financial services for both personal and business banking and wealth management services.

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