Commonwealth Bank of Australia

Fixed Rate Investment Loan (Principal and Interest) 2 Years

Advertised Rate

2.84%

Fixed - 2 years

Comparison Rate*

4.85%

Maximum LVR
90%
Real Time Rating™

1.50

/ 5
Monthly Repayment

$1,239

based on $300,000 loan amount for 25 years

Advertised Rate

2.84%

Fixed - 2 years

Comparison Rate*

4.85%

Maximum LVR
90%
Real Time Rating™

1.50

/ 5
Monthly Repayment

$1,239

based on $300,000 loan amount for 25 years

Calculate repayment for Commonwealth Bank product

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,239

based on $300,000 loan amount for 25 years

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Pros and Cons

Pros and Cons

  • Lower than average interest rate
  • Parents can sign as guarantor
  • Split account option
  • Limited extra repayments
  • No redraw and no offset
  • Ongoing fee
  • Discharge fee at end of loan

Commonwealth Bank Features and Fees

Commonwealth Bank Features and Fees

Details

Maximum LVR

90%

Total Repayments

Next LVR

Interest rate type

Fixed - 2 years

Borrowing range

Suitable for

Investors

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Yes - limited to $10000

Redraw facility

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$800

Application fee

$600

Valuation fee

$0

Settlement fee

$200

Other upfront fee

$0

Ongoing fee

$8 monthly

Discharge fee

$350

Application method

Online

Phone

In branch

Specials
  • Cashback $2,000 cashback for refinancers
    Apply before 31 December 2020 and have their loan funded by 31 March 2021. Minimum refinance amount $250,000. Eligibility criteria applies. This offer is not available for Bridging Loans.

Other Benefits

Make your loan suit you with freedom to split your loan, rate lock and pay interest in advance. Lock in a great rate so you know what your repayments will be and can confidently plan for the future. Choose to pay Principal and Interest weekly, fortnightly or monthly. Or Interest Only monthly.

Other Restrictions

At the end of the fixed rate period, the loan converts to the Standard Variable Rate relevant to your loan purpose and repayment type at that time, or you can choose a new fixed rate period. $750 rate lock fee for each rate lock request.

Pros and Cons

  • Lower than average interest rate
  • Parents can sign as guarantor
  • Split account option
  • Limited extra repayments
  • No redraw and no offset
  • Ongoing fee
  • Discharge fee at end of loan

Commonwealth Bank Features and Fees

Details

Maximum LVR

90%

Total Repayments

Next LVR

Interest rate type

Fixed - 2 years

Borrowing range

Suitable for

Investors

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Yes - limited to $10000

Redraw facility

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$800

Application fee

$600

Valuation fee

$0

Settlement fee

$200

Other upfront fee

$0

Ongoing fee

$8 monthly

Discharge fee

$350

Application method

Online

Phone

In branch

Specials
  • Cashback $2,000 cashback for refinancers
    Apply before 31 December 2020 and have their loan funded by 31 March 2021. Minimum refinance amount $250,000. Eligibility criteria applies. This offer is not available for Bridging Loans.

Other Benefits

Make your loan suit you with freedom to split your loan, rate lock and pay interest in advance. Lock in a great rate so you know what your repayments will be and can confidently plan for the future. Choose to pay Principal and Interest weekly, fortnightly or monthly. Or Interest Only monthly.

Other Restrictions

At the end of the fixed rate period, the loan converts to the Standard Variable Rate relevant to your loan purpose and repayment type at that time, or you can choose a new fixed rate period. $750 rate lock fee for each rate lock request.

Commonwealth Bank is available through brokers

FAQs

What is appreciation or depreciation of property?

The increase or decrease in the value of a property due to factors including inflation, demand and political stability.

Mortgage Calculator, Repayments

The money you pay back to your lender at regular intervals. 

What is the amortisation period?

Popularly known as the loan term, the amortisation period is the time over which the borrower must pay back both the loan’s principal and interest. It is usually determined during the application approval process.

Do other comparison sites offer the same service?

Real Time RatingsTM is the only online system that ranks the home loan market based on your personal borrowing preferences. Until now, home loans have been rated based on outdated data. Our system is unique because it reacts to changes as soon as we update our database.

What is a construction loan?

A construction loan is loan taken out for the purpose of building or substantially renovating a residential property. Under this type of loan, the funds are released in stages when certain milestones in the construction process are reached. Once the building is complete, the loan will revert to a standard principal and interest mortgage.

How does a redraw facility work?

A redraw facility attached to your loan allows you to borrow back any additional repayments that you have already paid on your loan. This can be a beneficial feature because, by paying down the principal with additional repayments, you will be charged less interest. However you will still be able to access the extra money when needed.

Mortgage Calculator, Repayment Frequency

How often you wish to pay back your lender. 

What happens to your mortgage when you die?

There is no hard and fast answer to what will happen to your mortgage when you die as it is largely dependent on what you have set out in your mortgage agreement, your will (if you have one), other assets you may have and if you have insurance. If you have co-signed the mortgage with another person that person will become responsible for the remaining debt when you die.

If the mortgage is in your name only the house will be sold by the bank to cover the remaining debt and your nominated air will receive the remaining sum if there is a difference. If there is a turn in the market and the sale of your house won’t cover the remaining debt the case may go to court and the difference may have to be covered by the sale of other assets.  

If you have a life insurance policy your family may be able to use some of the lump sum payment from this to pay down the remaining mortgage debt. Alternatively, your lender may provide some form of mortgage protection that could assist your family in making repayments following your passing.

How much are repayments on a $250K mortgage?

The exact repayment amount for a $250,000 mortgage will be determined by several factors including your deposit size, interest rate and the type of loan. It is best to use a mortgage calculator to determine your actual repayment size.

For example, the monthly repayments on a $250,000 loan with a 5 per cent interest rate over 30 years will be $1342. For a loan of $300,000 on the same rate and loan term, the monthly repayments will be $1610 and for a $500,000 loan, the monthly repayments will be $2684.

How much information is required to get a rating?

You don’t need to input any information to see the default ratings. But the more you tell us, the more relevant the ratings will become to you. We take your personal privacy seriously. If you are concerned about inputting your information, please read our privacy policy.

What is the ratings scale?

The ratings are between 0 and 5, shown to one decimal point, with 5.0 as the best. The ratings should be used as an easy guide rather than the only thing you consider. For example, a product with a rating of 4.7 may or may not be better suited to your needs than one with a rating of 4.5, but both are probably much better than one with a rating of 1.2.

Mortgage Calculator, Loan Purpose

This is what you will use the loan for – i.e. investment. 

Mortgage Calculator, Repayment Type

Will you pay off the amount you borrowed + interest or just the interest for a period?

What does going guarantor' mean?

Going guarantor means a person offers up the equity in their home as security for your loan. This is a serious commitment which can have major repercussions if the person is not able to make their repayments and defaults on their loan. In this scenario, the bank will legally be able to the guarantor until the debt is settled.

Not everyone can be a guarantor. Lenders will generally only allow immediate family members to act as a guarantor but this can sometimes be stretched to include extended family depending on the circumstances.

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

Mortgage Calculator, Interest Rate

The percentage of the loan amount you will be charged by your lender to borrow. 

How is the flexibility score calculated?

Points are awarded for different features. More important features get more points. The points are then added up and indexed into a score from 0 to 5.

What is a redraw fee?

Redraw fees are charged by your lender when you want to take money you have already paid into your mortgage back out. Typically, banks will only allow you to take money out of your loan if you have a redraw facility attached to your loan, and the money you are taking out is part of any additional repayments you’ve made. The average redraw fee is around $19 however there are plenty of lenders who include a number of fee-free redraws a year. Tip: Negative-gearers beware – any money redrawn is often treated as new borrowing for tax purposes, so there may be limits on how you can use it if you want to maximise your tax deduction.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

What is a fixed home loan?

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.