Commonwealth Bank Viridian Line of Credit Loan

Features

The Commonwealth Bank Viridian Line of Credit Loan has a higher interest rate than most traditional home loans, but the rate is comparable to those offered by similar products.

This line of credit home loan, operates in a similar way to a credit card in that it allows the borrower make withdrawals up to an agreed loan amount and daily card limit.

Unlike most credit cards, however, the Commonwealth Bank Viridian Line of Credit Loan allows the borrower to get access to the equity in their home loan so they can buy another property without applying for a new mortgage.

It allows the borrower to pay no principal repayments, as long as interest, fees and charges are paid monthly.

Other features on this loan including mortgage portability, which is the feature that allows borrowers to take their loan with them if they move house.

The Commonwealth Bank Viridian Line of Credit Loan can also be taken out with the Commonwealth Bank Wealth Package, which offers a discount on the interest rate and waives some of the fees such as the establishment and ongoing fees. However, the borrower will be required to pay an annual package fee.

Who is the Commonwealth Bank Viridian Line of Credit Loan good for?

The Commonwealth Bank Viridian Line of Credit is designed for existing Commonwealth Bank home loan customers who wish to access some of the equity in their current home loan and withdraw that money for other purposes.

It might suit a borrower looking to use that equity to buy a new property without having to take out another home loan. However, be aware that a line-of-credit may be a more expensive alternative.

Review - What RateCity says

The Commonwealth Bank Viridian Line of Credit Loan allows borrowers to access the equity in their existing home loan.

Like most line of credit products, this loan has a high interest rate compared with most traditional mortgages.

It charges an upfront fee and monthly service fees, both of which may be waived if taking out the Wealth Package. But be aware the Wealth Package also has an annual fee charged.

Commonwealth Bank Viridian Line of Credit Loan Options

Find out if the Commonwealth Bank Viridian Line of Credit Loan suits you.

1 - 1 of 1
Product
Advertised rate
Comparison rate*
Monthly repayment
Go To Site
Compare

More details

Variable Rates from

6.28%

Advertised rate

6.47%

Comparison rate
Pros
  • Obligation free pre-approval.
  • Portable loan option.
  • Package option available.
Cons
  • Credit requires careful management.
  • Ongoing fees charged.
  • Higher rate of interest than most traditional home loans.
Eligibility

Australian Resident.

Must meet the lender’s serviceability requirements.

Suitable For
  • First Home Buyers
  • Investors
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $800.00
  • Discharge fees: $350
  • Ongoing fees: $12 monthly

The Commonwealth Bank Viridian Line of Credit Loan has several fees and charges, including an upfront fee and ongoing monthly fee. However, if borrowers choose to take out the Wealth Package with this loan – also for an annual fee – some of the other fees are waived.

A discharge fee is also payable at the time of closing the loan.

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

The Commonwealth Bank is one of Australia’s largest banks, with branches and ATMs all over the country.

It offers a range of personal finance products and services from every day banking and savings accounts, to loan, insurance and financial advice.

Compare your product with the big 4 banks, or add more products to compare
As seen on