Basic Home Loans - Commonwealth Bank - Rate Saver Variable

This loan is suitable for
PAYG/ Self Employed/Casual/Contractor/Got Income excluding New start) note Austudy not applicable

Home Loan Loan Term
Minimum: No minimum
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.)

Home Loan Loan Size
Minimum: $10,000
Maximum: No Maximum

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Home Loan Repayment Type
Interest Only & Principal & Interest
3 year Special Rate Save 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
Additional Repayments can be made without incurring an Early Repayment Adjustment (ERA)

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Split Loan Facility
Yes available

Offset
Not available

Redraw Facility
Yes - Minimum $500 by electronic request, or $2,000 from our branch.
$50 redraw fee.
Redraw is not available on Interest Only Rate Saver
Redraw available via Internet and Phone Banking and can be linked to ATM Card

LVR for Basic Home Loans - Commonwealth Bank - Rate Saver Variable

Owner Occupier, Investment, Construction Maximum LVR 90% LVR (Max 95% for existing CBA customers who hold a CBA Consumer Finance Product - for atleast 6 months with no arrears or missed payments) plus LMI
External Refinance (from other financial institutes) a maximum LVR 90%
Vacant Land Maximum LVR 90% LVR

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Fees for Basic Home Loans - Commonwealth Bank - Rate Saver Variable

Application Fee - $600 ($300 for each subsequent loan if there is an existing loan).
Off The Plan purchases incur an application fee of $800
Monthly Loan Service Fee - $8
Monthly Loan Service Fee for 3 Year Rate Saver is Nil until further notice.
Additional Security Fee $150 for each additional security
Progressive Drawing Fee - $50 per drawing (maximum of 5 drawings)
LMI Arrangement Fee - The amount of LMI payable may vary according to individual loans and is based on the loan amount. Note a LMI Arrangement fee of $20.00 will apply
Settlement Attendance Fee - $150 this fee is payable when the Bank (or its representative) is required to attend settlement for the purchase of a security property, or for the refinance of a loan with another credit provider (Fee displayed as Mortgage Preparation)
Settlement Fee - Discharge: $350
Other fees and charges are payable.
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
If your customer substitutes new security for the loan, they must pay this fee plus any other applicable Bank fees and Government charge
Stamp Duty on the Mortgage
Calculated on the amount of the loan and payable to the State Government Stamp Duty authority
NB: If the customer is buying a property, Stamp Duty on the transfer purchase price will also be payable to the State Government.
Refer the customer to their solicitors as to other costs they might incur.
Switching Fee - $300 This fee is payable if your customer applies to switch all or part of their home loan or investment home loan to another home loan or investment home loan product.
It does not include any out-of-pocket expenses which may be payable to a third party e.g. Stamp Duty
Valuations - For high value properties, the Bank requires a full valuation to be undertaken by an independent Valuer. This necessitates referral to the Bank’s Chief Valuer to nominate appropriate valuers and negotiate fees. The valuation requires a detailed inspection and comprehensive written report.
Sydney & Melbourne metro >$2m
Other >$1m
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)
Application for Increase $300
Deferred Establishment Fee $700 applicable if loan is repaid out within 4 years from the first loan drawing