Rating based on 33 reviews

Commonwealth Bank

  • Home loans up to $500,000
  • Low-interest starting from 1.99%
  • Repayment up to 30 years

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Author Commonwealth Bank. Screenshot of Commonwealth Bank website.
[Accessed May 3, 2023]

Commonwealth Bank - Quality home loans

They were founded in 1912 as a Government bank, Commonwealth Bank is a multinational bank and one of Australia’s Big Four banks and they have more than 800 000 shareholders and 52 000 employees.

Commonwealth Bank offers a wide range of financial services that include home loans, savings accounts, personal loans and everyday banking accounts as well as credit cards, financial planning services, business banking and retirement accounts they advise on insurance services and investment tools.

Variable and fixed rates

Apart from their standard variable and fixed rate home loans, one of Commonwealth Banks' most popular products is the Extra Home Loan, you have two choices on this option,

  1. It allows borrowers to save at the front end of the mortgage with an introductory rate or
  2. Offers a discount for the lifespan of the loan or perhaps both if the borrower is a first-time homebuyer who has never owned property u in Australia before.

Prize-winning online banking platform

You are able to apply for a loan online, telephonically, or you can arrange an appointment to visit a branch or have a lender come to visit you at your workplace or home.

In addition, their position as one of the largest banks in Australia, Commonwealth Banks hosts a very large branch network, as well as thousands of ATMs all over Australia. Combine this with a prize-winning online banking platform in Netbank, and it's easy to see why CBA is so essential in the mortgage market.

Now with that out of the way

To be eligible you need to be at least 18 years of age or older to apply for a home loan. You will need to make available confirmation of your income when applying for your home loan, so keep your tax returns, payslips and any other financial details in a safe place.

  • Together with your income, Commonwealth Bank will want to scrutinise your assets and your debts such as credit cards and loans as any other lender would do.
  • Have proof of your identity - such as your passport or state identity document ready etc.
  • Provide any information about the property you want to buy, that is if you have already found one that you’ve set your heart on.

Commonwealth Bank – Home loan

  • Loan Type Home loans
  • Interest Rate 1.994.77% p/a
  • Loan Amount up to $500,000
  • Repayment 5 years to 30 years

Benefits of Commonwealth Bank

  • Get discount on a 2-year fixed-rate loan
  • Get cashback when you switch to us
  • Compare home and features

Commonwealth Bank - Get a home loan fast

There are many other mortgages that Commonwealth Bank has to offer that include the ability to make extra repayment on your home loan account.

Low deposit “95 %LVR” loans, plus discounted packages when bundling your mortgage with some of their other products, also includes a fairly flexible repayment schedule of weekly, monthly or every fortnightly payments.

Compare home loans

There are several factors that you need to take into account when considering a home loan, should you want to live in the property or perhaps a future investment, this will determine if you should apply for an owner-occupied loan or an investment loan. You are also able to browse by the company to find out what type of home loans are offered as some loans provide basic products, and also inclusive package deals.

You’ll need to establish what payment plan will suit you. Generally, home loans are offered either at a flexible or fixed rate of interest. If you are on a budget or would like to know what your repayments will be each month then a fixed rate would to suitable for you. But a flexible loan could also work in your favour because you could pay back less on the whole if interest rates fluctuate.

It is recommended that you seek the opinion of an expert before you consider any type of home loan. To have the right home loan is a very important aspect so they will assist you in choosing the right home loan and also determine what sort of payment plan will work best for you and your pocket.

Best home loans

It’s always a good idea to compare the best home loans that are available from Australia’s top lenders. Some home loans offer a re-draw facility while others allow you to consolidate your debts. You can browse to see who is offering the best interest rate and monthly repayments that will be beneficial to you.

  • Fixed-rate home loans

This sort of home loan will provide you with the security of being able to know what interest you’ll pay over a fixed period, typically between one and five years longer.

  • Variable-rate home loans

Take advantage of the flexible loan with its fluctuating market rates, this means you could pay less on the whole if you choose a fixed Home loan.

  • Owner-occupied home loans

You could borrow the amount needed to purchase an existing home if you are occupying the property/home or build a new property, you could also renovate an existing building.

  • Investment home loans

If you are looking to purchase or renovate a commercial or residential property as an investment then this loan could be what you’re looking for as this could perhaps give you a return in the future.

Get specialised help to find the best home possible, will save you loads of time and it’s for free.

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Commonwealth Bank is a trusted & reliable provider of home loans

In our review, Commonwealth Bank adheres to the compliance criteria in accordance with the National Consumer Credit Protection Act 2009, where the granting the loan will not cause financial distress to the consumer.

✅ Commonwealth Bank is a registered credit provider in Australia: ACL 234945

Customer Reviews & Testimonials

Very good option when looking to get property finance, they do their best to meet your needs and expectations.

Sutton H
— Melbourne —

They really went the extra mile to ensure our satisfaction. Will be recommending them to others.

Kat S
— Adelaide —

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