Variable Rate Home Loans - Commonwealth Bank - Variable |
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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 |
Variable |
| Interest Rate |
9.33% |
Comparison Rate
Estimated |
9.46% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,242.72 |
Total Paid
Estimated |
$450,960 |
| Establishment Fee |
$600.00 |
| Enquire/Apply |
 
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| Target Market |
A home loan with an interest rate that moves in line with the market. Just as it is subject to interest rate rises this home loan provides the customer with interest rate decreases in line with movements in the market. The loan provides customers freedom of choice in repayment frequencies and special repayments
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Housing Related (owner occupied), including purchase of vacant land
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Land Loan: A residential property must be built within 5 years for occupancy.
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Construction (owner occupied)
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Refinance, other institutions' home loans including debt consolidations;
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Personal Purposes;
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Personal investment eg purchase of shares
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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), Interest Only Period - 5 years |
| Loan Size |
Minimum: $10,000
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Maximum: No Maximum |
| Repayment Type |
Principal and Interest and Interest Only
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Discount off and varying with the Standard Variable rate, converts to standard variable rate at end of Introductory Period
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Discount off the Standard Variable Rate but fixed for 1 year, converts to
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standard variable rate at end of introductory Period |
| Repayment Options |
Weekly, fortnightly or monthly repayments
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Monthly Only during Interest only period
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Early payout
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Deferred Establishment Fee $700 applicable if loan paid out within 4 years
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Early Repayment Adjustment incurred if 1 year guaranteed repaid with 12 months |
| Extra Repayments |
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| Split Loan Facility |
Yes splits available |
| Offset |
Mortgage Interest Saver Account (MISA) - 100% offset |
| Redraw Facility |
Yes - Minimum $$500 by electronic request and $1,000 from the branch. No redraw fee.
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Redraw available via Internet and Phone Banking and can be linked to ATM Card |
| 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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Account Service Fee -This fee is charged on the first business day of each month to Line of Credit customers
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Progressive Drawing Fee: $50 per drawing
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Switching Fee: Up to $300 where switching is allowed)
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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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Settlement Fee - Discharge: $300
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Security Substitution - 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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Other fees and charges are payable
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Application for Increase $300
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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 Variable Rate 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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