Basic Home Loans - Commonwealth Bank - Rate Saver Investment |
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to select a different loan amount and loan term. Currently: $150,000 over 30 years |
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| Home Loan Lender |
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Commonwealth Bank Home Loan |
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| Home Loan Product Name |
Rate Saver Investment |
| Interest Rate |
7.23% |
Comparison Rate
Estimated |
7.36% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,021.23 |
Total Paid
Estimated |
$371,040 |
| Establishment Fee |
$600.00 |
| Enquire/Apply |
 
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| Target Market |
Rate Saver is a 'no frills' low variable interest rate/limited features investment home loan for clients who do not require all the features and flexibility the Standard Variable Rate Investment Home Loan offers.
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All investment Housing Related, including purchase of vacant land;
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Land Loan: A residential property must be built immediately for rental.
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Personal investment eg purchase of shares
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Construction
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Bridging Loans
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Borrowers will have up to a maximum of 12 months to reduce the total debt to the agreed residual debt level.
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Capacity to service interest only payments on the total debt during the bridging period is preferred but not essential (refer to BDM for further details), capacity to repay the Residual Debt on a P & I basis at the appropriate interest rate over the proposed term after the existing property is sold. The maximum LVR for bridging purposes is 90% subject to LMI (LMI can be waived refer to BDM). Note Bridging Loans can be written at any of the Bank interest rate options restrictions apply to Fixed Rates Loans or One Year Guaranteed Interest Rate option may attract an Early Repayment Adjustment. |
| Acceptable Income |
PAYG/ Self Employed/Casual/Contractor/Got Income excluding Newstart) |
| Loan Term |
Minimum: No minimum
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Maximum: 30 years (subject to expected retirement age of applicant). The shortest practical term up to Maximum of 1 year. (If deposit on new property only financed, contracts on existing property must be exchanged and sale assured.) |
| Loan Size |
Minimum: $10,000
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Maximum: No Maximum |
| Repayment Type |
Interest Only and Principal & Interest
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Discount off the Basic Variable Rate reverts to BVR at end of 3 year Introductory period |
| Repayment Options |
Weekly, fortnightly or monthly repayment options are available |
| Extra Repayments |
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| Split Loan Facility |
Minimum: No minimum
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Maximum: 30 years (subject to expected retirement age of applicant). The shortest practical term up to Maximum of 1 year. (If deposit on new property only financed, contracts on existing property must be exchanged and sale assured.) |
| Offset |
Not available |
| Redraw Facility |
$50 fee per redraw will apply when using Repayment Redraw.
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Minimum Redraw Amounts will be $$500 by electronic request and $2,000 for over the Counter Branch Redraw, which means your customer can now access smaller redraws through the ATM.
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Repayment Redraw will not be available for the life of the loan where the
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Interest Only option is selected.
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This will still be the case when the loan rolls over to Principal and Interest repayments. |
| LVR |
Owner Occupier, Investment, Construction, Refinance & Vacant Land Maximum LVR 95% |
| Fees |
Application Fee: $600 ($300 for second loan if there is an existing loan)
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For new loans $600 for 2 loans then $300 for each subsequent loan.
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Monthly Loan Service Fee:$8
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A settlement fee of $100 will apply to all H/L Invest Loans/ Lines of Credit/ where the bank is required to physically attend a settlement and where a new mortgage security to be obtained (Fee displayed as Mortgage Preparation )
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Arrangement fee, $20.00 will apply
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Settlement Fee - Discharge:$300
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Additional Security Fee $150 for each additional security
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Progressive Drawing Fee:$50 per drawing
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Switching Fee: Up to $600 (where switching is allowed)
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LMI Arrangement Fee - The amount of LMI payable may vary according to individual loans and is based on the loan amount. Note a LMI
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Other fees and charges are payable.
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Security Substitution Fee - A security substitution fee of $300 applies where no additional funds are sought. Where additional funds are also sought the standard establishment fee for that product applies
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If your customer substitutes new security for the loan, they must pay this fee plus any other applicable Bank fees and Government charge
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Stamp Duty on the Mortgage
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Calculated on the amount of the loan and payable to the State Government Stamp Duty authority
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Security Guarantee Fee -$200 (per borrower) applies where a guarantor's) provides security to support the loan. The fee is debited to the loan account (Refer Special Notes Family Equity and Guarantors ’Support Policy)
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Deferred Establishment Fee $700 applicable if loan is repaid out within 4 years from the first loan drawing |
| Enquire/Apply |
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| Other Basic Home Loans |
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| Other Commonwealth Bank Home Loan Products |
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This Comparison Rate applies only to $150,000 with a loan term of 30 years. The loan amount and term will affect the comparison rate calculation. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparsion rate calculation but may influence the cost of the loan.
This rate is to be used as a guide only and we recommend that you confirm it with the lender before acting upon it.
The information provided in this website is a guide only and may not be complete for your purposes. ratesonline.com.au is not licensed to provide investment advice and recommends that you consult an independent financial adviser.
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