Unlock the equity in your home
If you’re a homeowner, before you put that next big purchase on your credit card, you may want to consider a line of credit on your home loan.
Laine GordonSep 6, 2011( 3 min read )
Wealth Package Variable Home Loan (Principal and Interest) ($150k-$350k)
Cashback
$2,000 cashback for refinances of eligible home loans to CommBank applied by 6th April 2020.Discount Variable Home Loan
special
$0 application feeMake the move to UBank's award winning home loan
Advertised Rate
2.84%
Variable
Comparison Rate*
2.84%
Owner Occupier Discounted Variable Rate
No upfront or ongoing feesExtra repayments + redraw services
View NowPromotedUBank terms and conditions
Advertised Rate
4.3%
Variable
Comparison Rate*
4.71%
Maximum LVR
95%
Monthly Repayment
$1,634
Pros and Cons
Pros
- 100% full offset account
- Suitable for low deposits
- Extra repayments + redraw services
- Comes with a credit card
Cons
- Annual fee charged
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Commonwealth Bank Fees and Features
Maximum LVR 95% | Interest rate structure Variable |
Borrowing range $150k - $350k | Total Repayments $490,200 |
Principal & interest | Interest only |
Loan term range 1 - 30 years | Offset account 100% offset account |
Extra repayments Unlimited extra repayments | Redraw facility Redraw fee: $0 |
Allows split interest | Suitable For Owner Occupiers |
Applicable States ACT, NSW, NT, QLD, SA, TAS, VIC, WA | |
Estimated upfront fees $200 | Application fee $0 |
Settlement fee $200 | Valuation fee $0 |
Legal fee $0 | Ongoing fee $395 |
Discharge fee $350 | Property Type |
SMSF Trustee | Minimum SMSF Amount |
Specials
- Cashback $2,000 cashback for refinances of eligible home loans to CommBank applied by 6th April 2020.
Other Restrictions
Everyday Offset Account fee is $10/month whereas the Mortgage Interest Saver Offset Account is free
Compare and review home loans with similar features
Commbank home loan rates
Commonwealth Bank isn’t known for offering low interest rates or for trying to undercut its competitors. Instead, Commonwealth Bank home loan rates tend to be middle of the market – definitely not the cheapest but not the dearest either.
CBA has a range of home loan products that come with a range of different interest rates. As a general rule, owner-occupiers get lower interest rates than investors; principal-and-interest borrowers get lower interest rates than interest-only borrowers; and borrowers with lower LVRs get lower interest rates than borrowers with high LVRs.
Commonwealth Bank also puts different prices on its variable interest rates and its fixed interest rates. There are also differences within its fixed-rate mortgages, which can be for either one, two, three, four, five or seven years. As a general rule, the longer you want to fix, the higher the interest rate.
