Commonwealth Bank of Australia

Wealth Package Fixed Rate Investment Loan (Interest Only) 2 Years

Advertised Rate

2.89%

Fixed - 2 years

Comparison Rate*

4.55%

Maximum LVR
80%
Real Time Rating™

1.42

/ 5
Monthly Repayment

$1,247

based on $300,000 loan amount for 25 years

Advertised Rate

2.89%

Fixed - 2 years

Comparison Rate*

4.55%

Maximum LVR
80%
Real Time Rating™

1.42

/ 5
Monthly Repayment

$1,247

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

$1,247

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

80%

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

Monthly

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

$200

Application fee

$0

Valuation fee

$0

Settlement fee

$200

Other upfront fee

$0

Ongoing fee

$395 annually

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. Enjoy discounts on eligible loans and credit cards with the Wealth Package. Choose to pay Principal and Interest weekly, fortnightly or monthly. Or Interest Only monthly. $600 upfront establishment fee and $8 monthly loan service fee waived with Wealth Package.

Other Restrictions

At the end of the fixed rate period, the loan converts to the Standard Variable Package 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. Interest Only payments available for up to 5 years for Owner Occupied Home Loans and up to 10 years for Investment Home Loans.

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

80%

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

Monthly

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

$200

Application fee

$0

Valuation fee

$0

Settlement fee

$200

Other upfront fee

$0

Ongoing fee

$395 annually

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. Enjoy discounts on eligible loans and credit cards with the Wealth Package. Choose to pay Principal and Interest weekly, fortnightly or monthly. Or Interest Only monthly. $600 upfront establishment fee and $8 monthly loan service fee waived with Wealth Package.

Other Restrictions

At the end of the fixed rate period, the loan converts to the Standard Variable Package 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. Interest Only payments available for up to 5 years for Owner Occupied Home Loans and up to 10 years for Investment Home Loans.

Commonwealth Bank is available through brokers

FAQs

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 valuation and valuation fee?

A valuation is an assessment of what your home is worth, calculated by a professional valuer. A valuation report is typically required whenever a property is bought, sold or refinanced. The valuation fee is paid to cover the cost of preparing a valuation report.

Mortgage Calculator, Repayments

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

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.

What do mortgage brokers do?

Mortgage brokers are finance professionals who help borrowers organise home loans with lenders. As such, they act as middlemen between borrowers and lenders.

While bank staff recommend home loan products only from their own employer, brokers are independent, so they can recommend products from a range of institutions.

Brokers need to be accredited with a particular lender to be able to work with that lender. A typical broker will be accredited with anywhere from 10 to 30 lenders – the big four banks, as well as a range of smaller banks, credit unions and non-bank lenders.

As a general rule, brokers don’t charge consumers for their services; instead, they receive commissions from lenders whenever they place a borrower with that institution.

How will Real Time Ratings help me find a new home loan?

The home loan market is complex. With almost 4,000 different loans on offer, it’s becoming increasingly difficult to work out which loans work for you.

That’s where Real Time RatingsTM can help. Our system automatically filters out loans that don’t fit your requirements and ranks the remaining loans based on your individual loan requirements and preferences.

Best of all, the ratings are calculated in real time so you know you’re getting the most current information.

What factors does Real Time Ratings consider?

Real Time RatingsTM uses a range of information to provide personalised results:

  • Your loan amount
  • Your borrowing status (whether you are an owner-occupier or an investor)
  • Your loan-to-value ratio (LVR)
  • Your personal preferences (such as whether you want an offset account or to be able to make extra repayments)
  • Product information (such as a loan’s interest rate, fees and LVR requirements)
  • Market changes (such as when new loans come on to the market)

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.

Monthly Repayment

Your current monthly home loan repayment. To accurately calculate how much you could save, an accurate payment figure is required. If you are not certain, check your bank statement.

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

Mortgage Calculator, Loan Results

These are the loans that may be suitable, based on your pre-selected criteria. 

Mortgage Calculator, Loan Amount

How much you intend to borrow. 

Why is it important to get the most up-to-date information?

The mortgage market changes constantly. Every week, new products get launched and existing products get tweaked. Yet many ratings and awards systems rank products annually or biannually.

We update our product data as soon as possible when lenders make changes, so if a bank hikes its interest rates or changes its product, the system will quickly re-evaluate it.

Nobody wants to read a weather forecast that is six months old, and the same is true for home loan comparisons.

What is an ombudsman?

An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.

Mortgage Balance

The amount you currently owe your mortgage lender. If you are not sure, enter your best estimate.

What is a building in course of erection loan?

Also known as a construction home loan, a building in course of erection (BICOE) loan loan allows you to draw down funds as a building project advances in order to pay the builders. This option is available on selected variable rate loans.

What is appraised value?

An estimation of a property’s value before beginning the mortgage approval process. An appraiser (or valuer) is an expert who estimates the value of a property. The lender generally selects the appraiser or valuer before sanctioning the loan.

Mortgage Calculator, Loan Purpose

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

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.

Does Real Time Ratings' work for people who already have a home loan?

Yes. If you already have a mortgage you can use Real Time RatingsTM to compare your loan against the rest of the market. And if your rate changes, you can come back and check whether your loan is still competitive. If it isn’t, you’ll get the ammunition you need to negotiate a rate cut with your lender, or the resources to help you switch to a better lender.