Eligibility Requirements:
- Minimum lending balance of AUD 150,000 (Wealth Package).
- Must meet standard credit approval criteria.
- Available for both owner-occupied and investment properties.
- Proof of income or financial stability required.
Commonwealth Variable Rate Loan Application Steps:
- Estimate your borrowing power online.
- Apply online or book an appointment with a lending specialist.
- Submit required documents (income, ID, property details).
- Receive conditional approval in minutes (if eligible).
- Finalize your contract and access funds.
Frequently Asked Questions
How long does it take to get approved for a Commonwealth Bank loan?
You may receive conditional approval within minutes when applying online, subject to eligibility.
Is it required to explain why credit is being used?
No, the loan is assessed on your repayment ability and property details, not the purpose.
Do I need to have a good credit score to be approved for Commonwealth Bank?
Yes, a strong credit history improves approval chances, but each case is reviewed individually.
Can I apply for a loan if I am self-employed?
Yes, self-employed applicants are welcome, with additional documentation required.