RateCity.com.au
powering smart financial decisions

Pros and cons

  • One of the largest banks in Australia, giving you access to a large branch network and over 4000 ATMs Australia-wide
  • Online banking portal and mobile banking options
  • Package options available
  • Wide variety of home loan products available
  • Interest rates may be higher than the market average on some loans
  • Most loans charge both significant upfront fees as well as ongoing monthly fees

Owner occupied products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
Extra Home Loan (Min Deposit 30%)
2.29% p.a.
2.3% p.a. Comparison rate
2.85% p.a.
2.51% p.a. Comparison rate
Extra Home Loan (Min Deposit 20%)
2.39% p.a.
2.4% p.a. Comparison rate
2.95% p.a.
2.61% p.a. Comparison rate
2 year Fixed Rate Home Loan packaged
2.69% p.a.
4.06% p.a. Comparison rate
3.69% p.a.
4.22% p.a. Comparison rate
1 year Fixed Rate Home Loan packaged
2.54% p.a.
4.15% p.a. Comparison rate
3.69% p.a.
4.24% p.a. Comparison rate
3 year Fixed Rate Home Loan packaged
n/a
3.89% p.a.
4.25% p.a. Comparison rate
5 year Fixed Rate Home Loan packaged
3.59% p.a.
4.16% p.a. Comparison rate
3.99% p.a.
4.28% p.a. Comparison rate
4 year Fixed Rate Home Loan packaged
3.34% p.a.
4.1% p.a. Comparison rate
3.99% p.a.
4.28% p.a. Comparison rate
Standard Variable packaged
3.85% p.a.
4.27% p.a. Comparison rate
4.34% p.a.
4.42% p.a. Comparison rate
5 year Fixed Rate Home Loan (Min Deposit 20%)
n/a
4.14% p.a.
4.52% p.a. Comparison rate
4 year Fixed Rate Home Loan (Min Deposit 20%)
n/a
4.14% p.a.
4.55% p.a. Comparison rate
2 year Fixed Rate Home Loan (Min Deposit 20%)
n/a
3.84% p.a.
4.56% p.a. Comparison rate
3 year Fixed Rate Home Loan (Min Deposit 20%)
n/a
4.04% p.a.
4.56% p.a. Comparison rate
1 year Fixed Rate Home Loan (Min Deposit 20%)
n/a
3.84% p.a.
4.63% p.a. Comparison rate
Standard Variable (Min Deposit 20%)
n/a
5.04% p.a.
4.88% p.a. Comparison rate
Viridian Line of Credit Loan packaged
n/a
5.33% p.a.
5.73% p.a. Comparison rate
Viridian Line of Credit Loan (Min Deposit 10%)
n/a
6.03% p.a.
6.22% p.a. Comparison rate
Extra Home Loan (Min Deposit 5%)
2.99% p.a.
3% p.a. Comparison rate
n/a
3 Year Commonwealth Bank - Refinance with Lendi packaged
3.14% p.a.
4.09% p.a. Comparison rate
n/a
4 year Fixed Rate Home Loan (Min Deposit 5%)
3.49% p.a.
4.34% p.a. Comparison rate
n/a
3 year Fixed Rate Home Loan (Min Deposit 5%)
3.29% p.a.
4.36% p.a. Comparison rate
n/a
5 year Fixed Rate Home Loan (Min Deposit 5%)
3.74% p.a.
4.36% p.a. Comparison rate
n/a
2 year Fixed Rate Home Loan (Min Deposit 5%)
2.84% p.a.
4.39% p.a. Comparison rate
n/a
1 year Fixed Rate Home Loan (Min Deposit 5%)
2.69% p.a.
4.52% p.a. Comparison rate
n/a
Standard Variable (Min Deposit 5%)
4.55% p.a.
4.7% p.a. Comparison rate
n/a

Investment purpose products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
Investment Extra Home Loan (Min Deposit 30%)
2.89% p.a.
2.9% p.a. Comparison rate
3.45% p.a.
3.11% p.a. Comparison rate
Investment Extra Home Loan (Min Deposit 20%)
2.99% p.a.
3% p.a. Comparison rate
3.55% p.a.
3.21% p.a. Comparison rate
Investment Extra Home Loan (Min Deposit 10%)
3.54% p.a.
3.55% p.a. Comparison rate
4.1% p.a.
3.77% p.a. Comparison rate
Investment - 5 year Fixed Rate Home Loan packaged
3.69% p.a.
4.54% p.a. Comparison rate
3.59% p.a.
4.47% p.a. Comparison rate
Investment - 2 year Fixed Rate Home Loan packaged
2.89% p.a.
4.56% p.a. Comparison rate
2.89% p.a.
4.55% p.a. Comparison rate
Investment - 4 year Fixed Rate Home Loan packaged
3.54% p.a.
4.54% p.a. Comparison rate
3.79% p.a.
4.59% p.a. Comparison rate
Investment - 3 year Fixed Rate Home Loan packaged
3.39% p.a.
4.56% p.a. Comparison rate
3.59% p.a.
4.6% p.a. Comparison rate
Investment - 1 year Fixed Rate Home Loan packaged
2.79% p.a.
4.68% p.a. Comparison rate
2.89% p.a.
4.68% p.a. Comparison rate
Investment - 5 year Fixed Rate Home Loan (Min Deposit 20%)
n/a
3.74% p.a.
4.71% p.a. Comparison rate
Investment - 4 year Fixed Rate Home Loan (Min Deposit 20%)
n/a
3.94% p.a.
4.87% p.a. Comparison rate
Investment - 2 year Fixed Rate Home Loan (Min Deposit 20%)
n/a
3.04% p.a.
4.89% p.a. Comparison rate
Investment - 3 year Fixed Rate Home Loan (Min Deposit 20%)
n/a
3.74% p.a.
4.9% p.a. Comparison rate
Investment Standard Variable Rate Home Loan packaged
4.43% p.a.
4.84% p.a. Comparison rate
4.69% p.a.
4.9% p.a. Comparison rate
Investment - 1 year Fixed Rate Home Loan (Min Deposit 20%)
n/a
3.04% p.a.
5.07% p.a. Comparison rate
Investment Standard Variable Rate Home Loan (Min Deposit 20%)
n/a
5.39% p.a.
5.37% p.a. Comparison rate
Viridian Line of Credit Loan packaged
n/a
5.33% p.a.
5.73% p.a. Comparison rate
Viridian Line of Credit Loan (Min Deposit 10%)
n/a
6.03% p.a.
6.22% p.a. Comparison rate
Investment - 5 year Fixed Rate Home Loan (Min Deposit 10%)
3.84% p.a.
4.74% p.a. Comparison rate
n/a
Investment - 4 year Fixed Rate Home Loan (Min Deposit 10%)
3.69% p.a.
4.78% p.a. Comparison rate
n/a
Investment - 3 year Fixed Rate Home Loan (Min Deposit 10%)
3.54% p.a.
4.85% p.a. Comparison rate
n/a
Investment - 2 year Fixed Rate Home Loan (Min Deposit 10%)
3.04% p.a.
4.89% p.a. Comparison rate
n/a
Investment - 1 year Fixed Rate Home Loan (Min Deposit 10%)
2.94% p.a.
5.06% p.a. Comparison rate
n/a
Investment Standard Variable Rate Home Loan (Min Deposit 10%)
5.13% p.a.
5.28% p.a. Comparison rate
n/a

Home loan repayment calculator

Thinking about taking out a home loan with Commonwealth Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Commonwealth Bank home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.29%

Total interest payable

$0

Total loan repayments

$0

Commonwealth Bank of Australia customer service

You can contact Commonwealth Bank to manage your home loan and other banking services via:

  • Customer service centre (phone)
  • Mobile app
  • Online banking (Netbank)
  • Email
  • Live Chat
  • Large branch network Australia-wide
  • Dedicated home loan specialists

How to apply

When applying for a Commonwealth Bank home loan, some of the below documentation may be required:

  • Identification
  • Details of your current living expenses
  • Details of your current living expenses
  • Details of other savings, investments, credit cards or loans

About Commonwealth Bank home loans

The Commonwealth Bank is a home loan lender that offers home loans to suit almost every type of mortgage borrower in Australia, including:

  • First home buyers
  • Upgraders
  • Investors
  • Refinancers
  • Renovators
  • Self-employed (low-doc loans)
  • SMSFs (superannuation home loans)
  • Seniors (reverse mortgage)

Borrowers who take out Commonwealth Bank home loans can choose from a variety of interest rate options, including:

  • Principal and interest home loans
  • Interest-only home loans
  • Variable interest rates
  • Fixed interest rates
  • Split loans

Some home loans also come with permanent interest rate discounts, or temporary introductory interest rate offers.

Mortgage borrowers may also be able to earn discounts by combining a Commonwealth Bank home loan with other CBA products, such as credit cards and insurance. Commonwealth Bank may not offer the lowest mortgage rates or the most flexible products, but it is well-known for its large branch network and strong brand.

Commonwealth Bank home loans review

Because CBA is so big and well-known, and because almost everyone knows somebody who is a CBA customer, many mortgage customers regard a Commonwealth Bank home loan as a relatively reliable option in a confusing mortgage market. 

Commonwealth Bank has a home loan product for almost every type of mortgage borrower out there. You can use CBA for ‘vanilla’ home loans, whether you’re an owner-occupier, an investor, a refinancer or an upgrader. You can also turn to CBA for more specialist home loans, such as low-doc loans, reverse mortgages and SMSF mortgages. You may even find Commonwealth Bank helpful if you’re looking to secure a guarantor home loan. And no matter where in Australia you live, there’s likely to be a CBA branch close by.

But although Commonwealth Bank is a relatively convenient option, it’s not always a cheap or inexpensive option, and you'll need to consider the cost of interest rates and fees. If you’re looking for a more cost-effective home loan, as opposed to one positioned by features, you may want to shop around.

Learn more about home loans

How do you compare home loans?

To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.

Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.

Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.

What are the different types of home loan interest rates?

A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan. 

Having understood what are home loan rates in general, here are the two types you usually have with a home loan:

Fixed rates

These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.

Variable rates

With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments. 

Do you compare mortgages using the comparison or advertised rate?

A lot of Australians compare home loans using the advertised interest rate, which indicates how much interest you’ll be charged on your mortgage repayments. The lower your rate, the cheaper your home loan should be.

However, interest charges aren’t the only cost associated with home loans. Most mortgage lenders also charge fees on their home loans. A mortgage with a low interest rate and high fees can sometimes cost more than a mortgage with a high interest rate and low fees.

A home loan’s comparison rate combines the cost of interest with the cost of standard fees and charges into a single percentage rate. Mortgage lenders are required to display a comparison rate alongside their advertised rate to better indicate the home loan’s overall cost.

Keep in mind that to ensure consistency, all comparison rates are calculated assuming a $150,000 principal and interest mortgage with a 25 year term. As your home loan may be different, the comparison rate may not accurately reflect exactly how much your home loan may cost. Also, the comparison rate doesn’t include every home loan fee and charge, so it’s still important to compare home loans and read the fine print before you apply.

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

Is the lowest home loan rate always the cheapest?

The home loan with the lowest interest rate may not always be the cheapest mortgage option for you. Sometimes a home loan with a low interest rate may charge high fees, which may cost more in total than a mortgage with a higher interest rate and no fees.

Consider checking the comparison rate, which combines interest and standard fees, to get a better idea of the overall cost of different home loan options.

How do you find cheap home loans?

With so many interest rate options and repayment types available, finding the cheapest home loan may depend on the type of loan you choose.

Whether you’re looking for an owner-occupier or investor loan, with interest-only or principal and interest repayments, on a fixed or variable interest rate, the cheapest home loan rate available may vary greatly.

One way to find the cheapest option for you is to narrow down your search and compare the options that best suit your individual requirements. RateCity’s home loan comparison tables can help you get started on your search and take the hassle out of shopping around.

How can I apply for a first home buyers loan with Commonwealth Bank?

Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.

You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.

You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.

CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property.  The link to download this app is available on the same webpage.

If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.

What is a home loan?

A home loan is a finance product that allows a home buyer to borrow a large sum of money from a lender for the purchase of a residential property. The home is then put up as "security" or "collateral" on the loan, giving the lender the right to repossess the property in the case that the borrower fails to repay their loan.

Once you take out a home loan, you'll need to repay the amount borrowed, plus interest, in regular instalments over a predetermined period of time.

The interest you're charged on each mortgage repayment is based on your remaining loan amount, also known as your loan principal. The rate at which interest is charged on your home loan principal is expressed as a percentage.

Different home loan products charge different interest rates and fees, and offer a range of different features to suit a variety of buyers’ needs.

Are fixed rates or variable rates cheaper?

Fixed and variable home loan interest rates are discretionary based on the lender’s decision. They will also be influenced by the Australian economy, as well as the Reserve Bank of Australia’s cash rate. The specific interest rate you may be offered will also depend on your credit history and financial situation.

Whether a fixed or variable rate home loan is the cheaper option for you will depend on all the above, and may still fluctuate over a 25-year home loan term. Therefore, it’s worth comparing your loan options with our comparison tables to see how the rates compare, based on your specific financial needs.

How to apply for a pre-approval home loan from Bendigo Bank?

Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork. 

Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home. 

With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances. 

To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.

What is a mortgage rate?

The interest rate on a home loan is sometimes called the mortgage rate. This percentage indicates how much interest the lender will charge you with each home loan repayment. Your interest rate is effectively the “cost” of “buying” the money you’re using to buy a property – the higher your mortgage rate, the more your home loan repayments may cost.

Using a home loan calculator, you can estimate how much your home loan repayments may cost, based on your mortgage rate, loan term, and loan amount. This may also be affected by whether you’re making principal and interest repayments or interest-only repayments, if you have a fixed rate or variable rate mortgage, and any fees and other charges that may apply.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

If a mortgage rate changes, will it affect your repayments?

If you have a variable rate home loan, changes to your mortgage rate may affect the cost of your repayments. Rising interest rate could cost you more in interest charges, while interest rate cuts could see you paying less interest on your home loan.

If you have a fixed rate home loan, your interest charges will stay the same during the fixed interest period, regardless of whether the lender’s variable rates rise or fall. Once the fixed rate term expires, your loan will revert to a variable rate, so be prepared in case of bill shock.

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.