Commonwealth Bank Standard Variable Loan


When it comes to features, the Commonwealth Bank Standard Variable Loan is packed with options including a 100 percent offset account, a redraw facility and the ability to make unlimited extra repayments.

You can choose between weekly, fortnightly and monthly repayments, with the option of going interest-only for a period of time.

The Commonwealth Bank will allow deposits of as little as five per cent on this loan however they will require you to pay lenders mortgage insurance or a low deposit premium.

While this is a Standard Variable Loan you do have the option of splitting the loan between both a Fixed and Variable rate, giving the best of both worlds.

The main downside to a loan with so many features it the variable rate of interest which is high.

The CBA standard variable rate loan does, however, give you the option of taking out a Wealth Package which gives you access to fee waivers and discounts on other financial products like insurance.

Other noteworthy features are conditional pre-approval which means you can start searching with certainty and the option of splitting your loan with one of CBA’s other offerings.

Who is the Commonwealth Bank Standard Variable Loan good for?

This loan might attract people who like the ease of banking with Australia’s biggest bank and are keen to bundle their home loan into other CBA products. It also has the potential to attract people with smaller deposits.

Review - What RateCity says

Commonwealth Bank is a big bank and their loans have big features which cater for all types of borrowers. The value in this loan is split between the convenience of its features and the fee waivers in the Wealth Package. In saying that, there is an annual package fee which may cancel out any fee waivers. Make sure you check whether the high variable rate doesn’t offset any potential savings made by packaging.

When it comes to support, Commonwealth Bank have plenty of customer contact points. In addition to its branch network there is 24/7 phone support, online chat, an app and a community forum.

Commonwealth Bank Standard Variable Loan Options

Click the corresponding links for more information about the Standard Variable Loan options for owner-occupiers and investors from Commonwealth Bank.

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  • Flexible repayment options.
  • Offset account and redraw facility.
  • 24/7 customer support.
  • High upfront fees.
  • High interest rate.
  • Discharge fee.

Proof of income and employment. Must meet serviceability criteria. List all assets and liabilities.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $800.00
  • Discharge fees: $350
  • Ongoing fees: $8 monthly

The Commonwealth Bank Standard Variable Loan has high upfront fees, a monthly ongoing fee and a discharge fee, which will all add up over the life of the loan.

If you take out the Wealth Package, the upfront and monthly fees will be replaced with an annual fee. 

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Commonwealth Bank of Australia

Commonwealth Bank was established by the Australian Government in 1911. It has since been privatised and is today Australia’s largest bank.

CBA offers a large range of home loans and other financial products such as credit cards, transaction accounts, term deposits and personal loans.

This big bank has big support with 24/7 phone availability, a state of the art online offering and one of the biggest networks of branches and ATM’s across the country.

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