What you need to know about this loan:
- Loan Amounts Offered: From AUD 150,000 upwards (with Wealth Package minimum balance requirement).
- Loan Terms (monthly): Principal & Interest or Interest-Only (up to 5 years for owner-occupied, 15 years for investment).
- Payment methods: Weekly, fortnightly, or monthly (only monthly for Interest-Only).
- Interest rate: From 5.59% p.a. (comparison rate 5.98% p.a.) with Wealth Package (LVR ≤ 60%). Up to 6.99% p.a. (comparison rate 7.36% p.a.) with higher LVRs.
Pros
- Competitive rates with tailored discounts.
- Wealth Package offers fee waivers and rate reductions.
- Offset account available to save on interest.
- Flexibility to split loans or make unlimited extra repayments.
- Access to top-ups and redraw facilities for extra funds.
Cons
- Rates are variable and may increase.
- Wealth Package requires a minimum AUD 150,000 lending balance.
Why Choose Commonwealth Bank for Your Loan?
Compared to ANZ Standard Variable Home Loan, CommBank offers lower entry rates at 5.59% vs. 5.74%, making it more attractive for borrowers.
Against Westpac Flexi First Option Loan, CommBank provides superior flexibility with unlimited repayments, whereas Westpac limits extra payments.
When compared to NAB Tailored Home Loan, CommBank’s offset account comes standard, while NAB often charges additional fees for offset facilities.
Relative to Bank of Queensland Variable Rate Loan, CommBank offers broader package discounts and waives ongoing service fees under its Wealth Package.
Finally, versus Macquarie Offset Home Loan, CommBank provides stronger branch and customer support with thousands of service points across Australia.
How to Apply for Your Commonwealth Variable Rate Loan
Ready to start? With fast online applications and the chance for conditional approval in minutes, you can secure your home loan today. Don’t wait this could be the smart step toward your dream property.