Commonwealth Bank

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Commonwealth Bank

Founded: 1911

Lender Type: Major Bank

Owned by: ASX Listed

CBA is currently the largest bank in Australia – and the most popular mortgage provider. One in four home loans is with this lender. You’ll find a variety of home loan products with plenty of features and good rates, although Commonwealth Bank isn’t known for being very competitive when it comes to setting their interest rates. What the bank does focus on is delivering a modern, convenient lending experience with superior mobile and online banking features and a fast processing time. CBA also has plenty of options available for bridging loans, bundling packages, low doc loans, and guarantor support to help first-time homebuyers get into the home of their dreams.

Key Benefits

Branch access across Australia
Diverse range of options
Low doc loan options for the self-employed


High rates for low doc loans
High LMI premiums for low deposit loans

Home Loan Products

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Home Loans Description

Standard Variable Rate Home Loan

CBA lets you do what you want with their Standard Variable Rate product, making this one of their most popular options. Pay down your mortgage your way with unlimited extra repayments, redraw, and the option to split your loan or make interest only repayments. You can use an optional offset account to save on interest. Something you won’t see a lot of other banks – CBA has a top-up feature, which lets you increase your home loan by $10,000 or more. This is great if you plan on doing a home renovation project down the line but don’t want a line of credit loan.

Fixed Rate Home Loan

With CBA’s Fixed Rate Home Loan, you get a great balance of flexibility as well as the confidence that comes from knowing what your monthly repayments will be with a fixed interest rate. Take advantage of a competitive rate and then customise your loan to suit your payment style. You can split your loan, pay interest in advance, or even use an offset account to save on interest. Choose between 1, 2, 3, 4, and 5-year fixed terms.

Extra Home Loan

Put more of your hard earned dollars towards paying down your mortgage with CBA’s Extra Home Loan. It doesn’t come with a complex set of features – which you may or may not use anyway. It does, however, offer low rates, low fees, and simplified redraw so you can access your additional repayments if you need to. Enjoy a discounted loan rate for the life of your mortgage.

Viridian Line of Credit

If you want the ability to leverage your home loan in the future or to refinance so you can take advantage of the equity you’ve built up on your property, the Viridian Line of Credit offers ultimate control for responsible borrowers. Make investments or consolidate high-interest debts as you wish. You can effectively manage your finances over time as your goals change. You can also enjoy ultra flexibility – as long as your interest, fees, and charges are paid, you don’t have to make principal repayments.

No Fee Variable Rate Home Loan

Pay no upfront establishment fee, no monthly loan service fees, and no lender’s mortgage insurance with a deposit of 20% or more of the purchase price, and enjoy a competitive rate. CBA’s No Fee Variable Rate Home Loan also gives you the flexibility to pay down your loan faster with no-hassle additional repayments. Or, you can redraw those extra funds without paying any fees online, by phone, or at any branch location.

Economiser Home Loan

For one of CommBank’s lowest home loan interest rates, the Economiser Home Loan comes with a discounted rate for the first three years of your mortgage term. Once your special discount period is over, you’ll pay the base variable rate. This loan does come with the traditional fee schedule, however. Also, you still get great flexibility with the ability to make extra repayments and to redraw funds conveniently when you want to.

Home Loan Wealth Package

CBA will let you package most of their home loans into their Wealth Package. For an annual fee, you won’t have to pay any monthly service fees, credit card fees, or an upfront establishment fee on your loan. You’ll also enjoy discounted rates and the convenience CommBank is known for with the easy online access to your account.

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