No Fee Variable Rate Home Loan No Fee Variable Rate Home Loan (Owner Occupied)

  • 4.52%
    p.a Standard Variable
  • 4.52%
    p.a Comparison**
  • $0
    Upfront fees
  • $0
    Annual fees
  • 95%
    Max Lvr
  • $1,949
    Per Month*

About Commonwealth Bank

CBA and CommBank are also familiar names for the Commonwealth Bank of Australia. Part of the Big4, CBA is considered to be Australia’s leading provider of integrated financial services, including retail, premium, business and institutional banking, funds management, superannuation, insurance, investment and share-broking products and services. The Commonwealth Bank brand is considered to be one of the most recognised brand in the Australian financial services industry. The Commonwealth Bank Group provides a full range of retail banking services including home loans, credit cards, personal loans, transaction accounts, and demand including term deposits through its Commonwealth Bank and Bankwest brands.

Standard Variable

Repayments calculated to take into account ongoing monthly and anual fees.

Monthly repayment*
$1,949
rate per annum
4.52%

Loan to Value Ratio

Borrow up to the maxium of 95% of the value of the property.

Lenders Mortgage Insurance, or LMI, will be payable on most loans where the borrowings are greater than 80% of the value of the property.

However, you may be able to capitalise LMI into your loan, increasing the overall loan amount by about 2% (in order to cover the cost of the insurance). Contact a loan market broker to find out how LVR and LMI might impact the cost of your loan repayments.

Lvr
95%
Capitalise LMI
Yes

Availability

For ["Bridging", "Equity", "Owner Occupied"], in ["NSW", "NT", "QLD", "SA", "WA", "VIC", "TAS", "ACT"].

Term
0 - 30 years
Min
$150,000
Max
$99,999,999

Eligibility

The level of financial documentaion and credit history required to apply for the loan.

Financials
Full Doc
Credit History
Conforming
Genuine Saving
Required

Redraw Facility

Get quick access to cash by drawing on the loan to pay for renovations or other purchases.

Redraw Facility
Yes
Min Redraw
$1000.0
Redraw fee
$0

Banking Features

Given the wide range of loans on offer – with different interest rates, product features and fees – it pays to shop around to find the loan that fits your needs and circumstances. Some loans offer features that may be appropriate for your situation and result in savings over the life of the loan.

Some features you may wish to consider include:

  • an offset account;
  • ability to make extra repayments;
  • a redraw facility; and
  • linked credit card and savings accounts;
  • ability to split your loan between fixed and variable interest rates
Offset Account
No
Redraw Available
Yes
Credit Card
No
Internet Banking
Yes
Telephone Banking
Yes
BPay Option
No
Portability of Loan
Yes
Professional Pack
No
Check Account
No
Direct Salary Credit
Yes
Free Transactions
No
Minimum Redraw
Yes
Redraw Fee
No

Repayments

You can make your repaments Fortnightly, Monthly, and Weekly.

Interest Only Option
Yes
Max Interest Only
10 years

Upfront Fees

Upfront fess associated with estabilishing the loan. Other loan set-up fees, such as valuation fees and lender's mortgage insurance, and Government charges, such as registration fees and stamp duty on property transfer, have not been included. These will be determined after application.

Total
$0

Ongoing Fees

Monthly and annual fees and charges during the loan period.

Total
$0

Exit Fees

Fees associated with prematurely ending the loan.

Total
$0
Exit
$0
Early Repayment
$0
Switch To Fixed
$0

Notes

OTHER PRODUCT INFO: For new No Fee Home/Investment Home Loan applications commencing from Saturday 1 November 2014, some customers may no longer be eligible to receive the: - Annual fee waiver on Low Fee MasterCards. For customers whose spend (purchases and cash advances only) is greater than $1000 in a year, the annual fee will be automatically waived after the first year and they will still enjoy an annual fee free credit card. - Monthly account fee waiver on eligible Smart or Complete Access accounts. For customers who have a relationship balance of $50,000 or more, the monthly account fee is automatically waived and they will continue to save with a $0 monthly account fee. Family Equity Transactions: For clients looking to utilise the No Fee Variable Rate Home Loan/Investment Home Loan as part of a family equity transaction but are unable to do so as a result of the 80:20 split for these transactions CBA allows multiple loans to be written with 80% on No Fee Variable Rate Home/Inv Home Loan ($150,000 minimum) and 20% on the Rate Saver Home/Inv Home Loan with the following fees applicable to the Rate Saver Home Loan/Investment Home Loan: - $300 upfront establishment fee (normally $600) - $0 monthly loan service fee (normally $8) This is available to CBA customers as long as they meet all the relevant criteria to take out the products. The 80% relating to the No Fee Variable Rate product must meet all the usual lending criteria including a minimum loan amount of $150,000. The loans must be written as multiple loans i.e. cannot be a split loan. The No Fee Variable Rate Home Loan offers customers a home loan that provides a competitive interest rate with no Bank fees for the life of the loan. Features and Benefits: - Repayment Redraw, minimum amount applies - Interest calculated daily, charged monthly so the customer benefits immediately from every repayment they make. - Portability - the home loan can move with the customer (conditions apply) - Statement frequency 6 monthly or on request - No Bank fees for the life of the loan (Lenders Mortgage Insurance Premium/Low Deposit Premium (if applicable) and third party charges may apply e.g. government fees and charges). Repayment Options: - Monthly, fortnightly and weekly repayment options are available (interest only payments are monthly). - Payment options of principal and interest or interest-only (subject to a maximum of 15 years) are available. - Interest only - make interest payments for a period of 1-10 years

LVR Notes

LMI required above 80%. Maximum LVR 95% inclusive of LMI for both Owner Occupied and Investment. The maximum LVRs for loans where the loan purpose is Personal Investment is 80% - with LMI or 82% capitalised for Low Doc only. The maximum LVR for residential real property supporting Secured Consumer product(s), where the customer is being refinanced from another financial institution is 90% - with LMI (92% after the capitalisation of LMI). The Maximum LVRs will also depend on the borrower’s residency status and the currency used for servicing. LVR restrictions apply to company title applications. Refer to Eligible Borrowers matrix for details.

Notes

A minimum of 10% savings or equity must be verified for all new Investment Home Loans where the base LVR is greater than 85% (including loans with a LVR of up to 95%).New borrowers are required to contribute a minimum 5% of the purchase price in the form of genuine savings (or equity). This will need to be verified for all new loan applications. Genuine savings can comprise of the following, and must be held for a minimum period of 3 months: A demonstrated savings pattern (regular/irregular deposits - varied amount/frequency); Gift (held in an account); Term Deposit; Cash (held in an account); Shares; Monetary Inheritance; Equity in an existing property. 5% savings held for less than 3 months may also be accepted (Conditions apply - Refer CBA policy). Savings (or equity) can also be considered in either of the following scenarios: If 5% held for less than 3 months but evidence of accelerated repayments; Bonus payments - in conjunction with a savings pattern. FHOGs, borrowed funds (ie. Personal Loans) and sale of assets (excluding property) are not acceptable types of savings or equity.

*Monthly Repayments

Monthly repayments are calculated to take into account the loan amount, repayment term and ongoing fees and charges over the life of the loan.

  • Variable rate loans show the monthly repayments at the current rate.
  • Fixed rate loans show the monthly repayment during the fixed period only.
  • Monthly repayment calculations are an approximate guide only. Speak to a LoanMarket Mortgage broker to understand the exact cost of a loan given your particular circumstances.

**Comparison Rates

A comparison rate is a tool to help consumers identify the true cost of a loan. It factors in the interest rate, loan amount, repayment term and ongoing fees and charges and displays this as a single percentage rate that can be used to compare various loans from different lenders.

Monthly Repayment and Comparison Rate* calculations do not include:

  • The use of account features such as early repayments and offset accounts which vary widely among loans and can reduce the cost of a loan significantly.
  • Cost savings such as fee waivers or special rate discounts.
  • Fees and charges associated with loan options or events that may or may not be used by the borrower, such as early repayment or redraw fees
  • Lenders Mortgage Insurance (LMI) which may be required to secure the loan and can increase the cost of the loan.
  • Government charges such as stamp duty or mortgage registration fees.
  • Fees and charges which aren’t available at the time the comparison rate is provided