Commonwealth Bank home loan repayment calculator

Thinking about taking out a home loan with Commonwealth Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Commonwealth Bank home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.69 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • One of the largest banks in Australia, giving you access to a large branch network and over 4000 ATMs Australia-wide
  • Online banking portal and mobile banking options
  • Package options available
  • Wide variety of home loan products available
  • Interest rates may be higher than the market average on some loans
  • Most loans charge both significant upfront fees as well as ongoing monthly fees

Commonwealth Bank home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.69%

Variable

$200

2.70%

$0 monthly
Commonwealth Bank of Australia
More details

2.69%

Variable

$200

2.70%

$0 monthly
Commonwealth Bank of Australia
More details

3.25%

Variable

$200

2.91%

$0 monthly
Commonwealth Bank of Australia
More details

3.25%

Variable

$200

2.91%

$0 monthly
Commonwealth Bank of Australia
More details

3.12%

Variable

$200

3.13%

$0 monthly
Commonwealth Bank of Australia
More details

3.13%

Variable

$200

3.14%

$0 monthly
Commonwealth Bank of Australia
More details

3.15%

Variable

$200

3.16%

$0 monthly
Commonwealth Bank of Australia
More details

3.68%

Variable

$200

3.34%

$0 monthly
Commonwealth Bank of Australia
More details

3.71%

Variable

$200

3.37%

$0 monthly
Commonwealth Bank of Australia
More details

3.54%

Variable

$200

3.55%

$0 monthly
Commonwealth Bank of Australia
More details

4.10%

Variable

$200

3.77%

$0 monthly
Commonwealth Bank of Australia
More details

2.29%

Fixed - 3 years

$200

3.87%

$395 annually
Commonwealth Bank of Australia
More details

2.99%

Fixed - 5 years

$200

3.93%

$395 annually
Commonwealth Bank of Australia
More details

2.99%

Fixed - 4 years

$200

3.98%

$395 annually
Commonwealth Bank of Australia
More details

2.29%

Fixed - 2 years

$200

3.99%

$395 annually
Commonwealth Bank of Australia
More details

3.14%

Fixed - 5 years

$800

4.12%

$8 monthly
Commonwealth Bank of Australia
More details

3.39%

Fixed - 3 years

$200

4.12%

$395 annually
Commonwealth Bank of Australia
More details

2.29%

Fixed - 1 year

$200

4.13%

$395 annually
Commonwealth Bank of Australia
More details

2.44%

Fixed - 3 years

$800

4.15%

$8 monthly
Commonwealth Bank of Australia
More details

3.39%

Fixed - 2 years

$200

4.17%

$395 annually
Commonwealth Bank of Australia
More details

3.79%

Fixed - 5 years

$200

4.20%

$395 annually
Commonwealth Bank of Australia
More details

3.79%

Fixed - 4 years

$200

4.21%

$395 annually
Commonwealth Bank of Australia
More details

3.14%

Fixed - 4 years

$800

4.22%

$8 monthly
Commonwealth Bank of Australia
More details

3.39%

Fixed - 1 year

$200

4.22%

$395 annually
Commonwealth Bank of Australia
More details

3.85%

Variable

$200

4.27%

$395 annually
Commonwealth Bank of Australia
More details

3.09%

Fixed - 5 years

$200

4.30%

$395 annually
Commonwealth Bank of Australia
More details

2.44%

Fixed - 2 years

$800

4.31%

$8 monthly
Commonwealth Bank of Australia
More details

3.29%

Fixed - 5 years

$200

4.35%

$395 annually
Commonwealth Bank of Australia
More details

2.69%

Fixed - 3 years

$200

4.38%

$395 annually
Commonwealth Bank of Australia
More details

3.09%

Fixed - 4 years

$200

4.39%

$395 annually
Commonwealth Bank of Australia
More details

2.89%

Fixed - 3 years

$200

4.42%

$395 annually
Commonwealth Bank of Australia
More details

4.34%

Variable

$200

4.42%

$395 annually
Commonwealth Bank of Australia
More details

3.29%

Fixed - 4 years

$200

4.43%

$395 annually
Commonwealth Bank of Australia
More details

3.54%

Fixed - 3 years

$800

4.43%

$8 monthly
Commonwealth Bank of Australia
More details

3.94%

Fixed - 5 years

$800

4.44%

$8 monthly
Commonwealth Bank of Australia
More details

3.94%

Fixed - 4 years

$800

4.48%

$8 monthly
Commonwealth Bank of Australia
More details

2.44%

Fixed - 1 year

$800

4.50%

$8 monthly
Commonwealth Bank of Australia
More details

3.24%

Fixed - 5 years

$800

4.50%

$8 monthly
Commonwealth Bank of Australia
More details

3.54%

Fixed - 2 years

$800

4.51%

$8 monthly
Commonwealth Bank of Australia
More details

2.69%

Fixed - 2 years

$200

4.52%

$395 annually
Commonwealth Bank of Australia
More details

2.89%

Fixed - 2 years

$200

4.55%

$395 annually
Commonwealth Bank of Australia
More details

3.44%

Fixed - 5 years

$800

4.59%

$8 monthly
Commonwealth Bank of Australia
More details

3.54%

Fixed - 1 year

$800

4.60%

$8 monthly
Commonwealth Bank of Australia
More details

3.24%

Fixed - 4 years

$800

4.63%

$8 monthly
Commonwealth Bank of Australia
More details

2.69%

Fixed - 1 year

$200

4.67%

$395 annually
Commonwealth Bank of Australia
More details

2.84%

Fixed - 3 years

$800

4.67%

$8 monthly
Commonwealth Bank of Australia
More details

2.89%

Fixed - 1 year

$200

4.68%

$395 annually
Commonwealth Bank of Australia
More details

4.55%

Variable

$800

4.70%

$8 monthly
Commonwealth Bank of Australia
More details

3.44%

Fixed - 4 years

$800

4.71%

$8 monthly
Commonwealth Bank of Australia
More details

3.04%

Fixed - 3 years

$800

4.73%

$8 monthly
Commonwealth Bank of Australia
More details

4.43%

Variable

$200

4.84%

$395 annually
Commonwealth Bank of Australia
More details

2.84%

Fixed - 2 years

$800

4.85%

$8 monthly
Commonwealth Bank of Australia
More details

5.04%

Variable

$800

4.88%

$8 monthly
Commonwealth Bank of Australia
More details

3.04%

Fixed - 2 years

$800

4.89%

$8 monthly
Commonwealth Bank of Australia
More details

4.69%

Variable

$200

4.90%

$395 annually
Commonwealth Bank of Australia
More details

2.84%

Fixed - 1 year

$800

5.05%

$8 monthly
Commonwealth Bank of Australia
More details

3.04%

Fixed - 1 year

$800

5.07%

$8 monthly
Commonwealth Bank of Australia
More details

5.13%

Variable

$800

5.28%

$8 monthly
Commonwealth Bank of Australia
More details

5.39%

Variable

$800

5.37%

$8 monthly
Commonwealth Bank of Australia
More details

5.33%

Variable

$200

5.73%

$395 annually
Commonwealth Bank of Australia
More details

5.33%

Variable

$200

5.73%

$395 annually
Commonwealth Bank of Australia
More details

6.03%

Variable

$800

6.22%

$12 monthly
Commonwealth Bank of Australia
More details

6.03%

Variable

$800

6.22%

$12 monthly
Commonwealth Bank of Australia
More details

Commonwealth Bank of Australia customer service

You can contact Commonwealth Bank to manage your home loan and other banking services via:

  • Customer service centre (phone)
  • Mobile app
  • Online banking (Netbank)
  • Email
  • Live Chat
  • Large branch network Australia-wide
  • Dedicated home loan specialists

How to apply

When applying for a Commonwealth Bank home loan, some of the below documentation may be required:

  • Identification
  • Details of your current living expenses
  • Details of your current living expenses
  • Details of other savings, investments, credit cards or loans

About Commonwealth Bank home loans

The Commonwealth Bank is a home loan lender that offers home loans to suit almost every type of mortgage borrower in Australia, including:

  • First home buyers
  • Upgraders
  • Investors
  • Refinancers
  • Renovators
  • Self-employed (low-doc loans)
  • SMSFs (superannuation home loans)
  • Seniors (reverse mortgage)

Borrowers who take out Commonwealth Bank home loans can choose from a variety of interest rate options, including:

  • Principal and interest home loans
  • Interest-only home loans
  • Variable interest rates
  • Fixed interest rates
  • Split loans

Some home loans also come with permanent interest rate discounts, or temporary introductory interest rate offers.

Mortgage borrowers may also be able to earn discounts by combining a Commonwealth Bank home loan with other CBA products, such as credit cards and insurance. Commonwealth Bank may not offer the lowest mortgage rates or the most flexible products, but it is well-known for its large branch network and strong brand.

Commonwealth Bank home loans review

Because CBA is so big and well-known, and because almost everyone knows somebody who is a CBA customer, many mortgage customers regard a Commonwealth Bank home loan as a relatively reliable option in a confusing mortgage market. 

Commonwealth Bank has a home loan product for almost every type of mortgage borrower out there. You can use CBA for ‘vanilla’ home loans, whether you’re an owner-occupier, an investor, a refinancer or an upgrader. You can also turn to CBA for more specialist home loans, such as low-doc loans, reverse mortgages and SMSF mortgages. You may even find Commonwealth Bank helpful if you’re looking to secure a guarantor home loan. And no matter where in Australia you live, there’s likely to be a CBA branch close by.

But although Commonwealth Bank is a relatively convenient option, it’s not always a cheap or inexpensive option, and you'll need to consider the cost of interest rates and fees. If you’re looking for a more cost-effective home loan, as opposed to one positioned by features, you may want to shop around.

Learn more about Commonwealth Bank

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

What are the responsibilities of a mortgage broker?

Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.

In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).

These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for,  actually meet your needs, and don’t prove unnecessarily challenging for you.

Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

How can I calculate interest on my home loan?

You can calculate the total interest you will pay over the life of your loan by using a mortgage calculator. The calculator will estimate your repayments based on the amount you want to borrow, the interest rate, the length of your loan, whether you are an owner-occupier or an investor and whether you plan to pay ‘principal and interest’ or ‘interest-only’.

If you are buying a new home, the calculator will also help you work out how much you’ll need to pay in stamp duty and other related costs.

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

What is the best interest rate for a mortgage?

The fastest way to find out what the lowest interest rates on the market are is to use a comparison website.

While a low interest rate is highly preferable, it is not the only factor that will determine whether a particular loan is right for you.

Loans with low interest rates can often include hidden catches, such as high fees or a period of low rates which jumps up after the introductory period has ended.

To work out the best value for money, have a look at a loan’s comparison rate and read the fine print to get across all the fees and charges that you could be theoretically charged over the life of the loan.

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

What is the difference between fixed, variable and split rates?

Fixed rate

A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.

Variable rate

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

Split rates home loans

A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.

What are the pros and cons of no-deposit home loans?

It’s no longer possible to get a no-deposit home loan in Australia. In some circumstances, you might be able to take out a mortgage with a 5 per cent deposit – but before you do so, it’s important to weigh up the pros and cons.

The big advantage of borrowing 95 per cent (also known as a 95 per cent home loan) is that you get to buy your property sooner. That may be particularly important if you plan to purchase in a rising market, where prices are increasing faster than you can accumulate savings.

But 95 per cent home loans also have disadvantages. First, the 95 per cent home loan market is relatively small, so you’ll have fewer options to choose from. Second, you’ll probably have to pay LMI (lender’s mortgage insurance). Third, you’ll probably be charged a higher interest rate. Fourth, the more you borrow, the more you’ll ultimately have to pay in interest. Fifth, if your property declines in value, your mortgage might end up being worth more than your home.

Does Australia have no cost refinancing?

No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.