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8 February, 2022 

 

Third Party Banking Training Hub
Extra learning and support for you and your business

As part of our commitment to being better together, we’ve listened to your feedback and are using it to guide our investments and initiatives.

We’ve heard from you that you want more support when you need it most, so we’re excited to be launching our new Third Party Banking Training Hub today. 

Our new Training Hub is designed to equip you with the knowledge and support to be able to provide an even better experience for your customers. 

What will the new Training Hub offer me?

As an accredited CommBank broker, you now have access to: 

  • Live online training Workshops 
  • On Demand self-paced training modules 
  • Resources to support you and your business, encompassing videos, PDFs, articles and more  
  • A calendar view of upcoming live workshops  
  • And much more, which will be introduced over time
 
Visit the Training Hub on CommBroker

Find out more here



Rate Change Update

Fixed Rate Home Loans and Extra Investment Home Loan – Life of Loan

Today CommBank is announcing changes to select Fixed Rate Home Loans and increased discounts for the Extra Investment Home Loan - Life of Loan.

These changes are part of our ongoing review of interest rates and current market conditions.  

We continually review our interest rates to ensure they remain competitive and meet customer needs. These changes reflect the elevated funding costs and increased volatility over the past few months.

To support customers in a rising rate environment, Rate Lock may suit your customers' needs. For more information, including our recently updated Rate Lock process and offer, please see below.

Fixed Rate Changes

The following changes are effective for new customers and existing customers applying for or switching to a Fixed Rate Home Loan, both with and without Mortgage Advantage (MAV) package rates, from today, Thursday 3 February 2022.

Refer to CommBroker for updated non-package rates


Things to note
    

  • All Fixed Rate movements are effective immediately with no grace period. 
  • Rates are subject to change at any time without notice. 
  • The full interest rate tables are available on CommBroker.


New Applications

  • We will automatically process new applications submitted on and from today, Thursday 3 February, at the new interest rates. 
  • Loans that fund on and from today, Thursday 3 February, will automatically receive the new rates and any approved discounts if the customer did not choose to Rate Lock their loan. 


Switches, Splits and Refixes

  • All eligible customers can split their home loan between Standard Variable and Fixed Rate products in the home loan splitting tool in NetBank and the CommBank app.
  • For information on the applicable interest rates for switches, splits and refixes, see the CommBroker Switching (or Splitting) Loans Process page.  


Rate Lock: Process and Updated Offer 

It's important to make sure customers understand that rates are subject to change. If your customer would like more certainty around their rate in the future, a Rate Lock may suit their needs.  

In December we made improvements to our Rate Lock processes for Fixed Rate Home Loans to provide you and your customers with certainty of their rate while you progress the application. 

You can read more about Rate Lock on CommBroker. 

 
Please note: Rate Lock is not available on Home Seeker, switching, splitting, top ups or repayment change applications.  Rate Lock: $500 OfferTo support our customers, we recently introduced a new Rate Lock Offer, where we are offering customers a discounted Rate Lock Fee of $500 per account (normally $750) from 1 February 2022 until 30 September 2022. Full offer details are available on CommBroker.

Please note and share with the customer that the Rate Lock fee already paid by the customer is not refundable if the customer changes their mind, does not proceed with the application, or changes the product type or term.

You can find out more about Rate Lock on CommBroker


Extra Investment Home Loan – Life of Loan changes

Today, Thursday 3 February, we are updating the discounts to our Extra Investment Home Loan – Life of Loan product for new borrowings. The discounted rates vary based on the customer’s Loan to Valuation Ratio (LVR), as detailed below. 

Please note: These new discounted rates are applicable for new borrowings only. Customers with existing facilities will keep their current margin discount.

Things to note

  • Applications for this product that are approved on and from today, Thursday 3 February, will automatically receive the new discount. 
  • Rates are subject to change at any time without notice. 
  • The full interest rate tables are available on CommBroker.




30 November, 2021

Key End of Year Dates

In our most recent CommBroker News, we shared our end of year dates to work towards for key lending stages that need to be completed this year. This will help you to proactively support your customers and communicate timeframes effectively.  

Tips to Support Faster Processing 

During the busy end-of-year period, we ask that you help us by taking extra care when setting up your loans – an extra five minutes at the start of your application can make a real difference to getting your customer’s loan processed sooner.  
 

In particular, please make sure you: 

  • Ensure application details are accurate e.g. monthly living expenses are consistent
  • Confirm the names on the application are correct and match the contract of sale, building contract or title search 
  • Check that title particulars are correct 
  • Confirm you have entered the solicitor’s details
  • Ensure PEXA settlement invite is sent 10 days prior to settlement date

You are able to escalate where we are outside of service – please refer to our service times on CommBroker.

Read the full End of Year Dates

Supporting Customers with Rate Lock

On Friday 26 November, we updated our Rate Lock processes based on feedback from our brokers and customers. These changes have been made to improve the customer experience and to provide you and your customers with more certainty around their rate while you progress the application.  

These changes include:

  • Rate that is locked in: The reference rate is locked in on the date the Home Loan Onboarding Form (Part B - Section 4) / Direct Debit (DDR) Service Agreement Personal Loan / Home Loan Form (000-258) (with Rate Lock box ticked) is completed and received by the Bank. This means customers no longer need to wait until the Rate Lock fee is charged for the rate to be locked in. 
  • Rate Lock period: The reference rate will be locked in for 90 days from when the Rate Lock fee is charged.
  • Rate Lock expiry: Any Rate Lock period that ends on a non-business day will be extended to the next business day. 

Please note:

  • If you submitted a Rate Lock request for your customer prior to Friday 26 November, the reference rate locked in for the customer will be the advertised reference rate on the date we received the request. 
  • Rate Lock is not available on Home Seeker, switching, splitting, top ups or repayment change applications. 

Read more about the updated Rate Lock process on CommBroker.

Rate Lock Tips

Additionally, there are some easy things you can do to ensure your customers are getting the best outcomes when choosing a fixed rate product:  
 

  • With every new eligible home loan application, make sure customers are informed about the Rate Lock feature and that you are offering this when discussing fixed rate options. 
  • When signing loan contracts with your customer, ensure you discuss Rate Lock again and, where the rate is not locked, please ensure the customer understands the fixed rate disclosed in their loan contract may change prior to funding.
  • Where your customer has chosen to Rate Lock, highlight the importance of promptly signing and returning the form as the rate is not locked in until we receive the form.
  • Where your customer has an existing variable rate loan and has chosen to switch their loan to a fixed rate, please encourage them to return the switching form promptly as the rate is not locked in until we receive the form. 


Process and Policy Updates

Evidencing Insurance for Security Substitutions

On Monday 6 December, we are uplifting our Security Valuations requirements for security substitutions of residential mortgages to include evidence of insurance on the newly substituted property.

Read more on CommBroker

DigiDocs: Update to Delivery Method

From Saturday 4 December, DigiDocs files will only be provided to you by an email link. From this date, DigiDocs files for new applications will no longer be accessible via CommBroker. This is to streamline and simplify our process and reduce rework.  

Read more on CommBroker

Land and Construction Loan: Temporary Inspection Express Lane Closing

In May we announced the introduction of a temporary Inspection Express Lane initiative to support customer turnaround times.  

Read more on CommBroker


Conducting Guarantor Interviews via Video Conference

On Wednesday 8 December, we are introducing a permanent process to facilitate guarantor interviews by video conference for non-personal borrower applications only. 

Read more on CommBroker


Update to Verifying Commitments and Conduct

Today, Monday 29 November, we are introducing an additional option for confirming the account conduct of commitments held with an Other Financial Institution (OFI) or Provider where:

  • The OFI or Provider does not provide the standard documents required to evidence the most recently required repayment (e.g. statements or transaction listings); and  
  • Comprehensive Credit Reporting (CCR) data is either unavailable or insufficient and evidence has been requested by the credit team.

Read more on CommBroker


Simplifying the SA Change of Name Process

From today, Monday 29 November, you will no longer need to complete, execute, or return the change of name form for customers with South Australian securities where a Change of Name (CON) has been identified. 

Read more on CommBroker


Fixed Rate Home Loans - Rate Change Update 

Today CommBank is announcing changes to select Fixed Rate home loans. These changes are part of our ongoing review of interest rates and current market conditions.  

We continually review our interest rates to ensure they remain competitive and meet customer needs. These changes reflect the continued increase in funding costs.

To support customers in a rising rate environment, Rate Lock may suit your customers' needs. For more information, including our updated Rate Lock process, please see below.
 

The following changes are effective for new customers and existing customers applying for or switching to a Fixed Rate Home Loan, both with and without Mortgage Advantage (MAV) package rates shown below, from today, Friday 26 November 2021.
 

Refer to CommBroker for updated non-package rates

Refer to CommBroker for updated non-package rates


Things to note
    

  • All Fixed Rate movements are effective immediately with no grace period. 
  • Rates are subject to change at any time without notice. 
  • The full interest rate tables are available on CommBroker.


New Applications 

  • We will automatically process new applications submitted on and from today, Friday 26 November, at the new interest rates. 
  • Loans that fund on and from today, Friday 26 November, will automatically receive the new rates and any approved discounts if the customer did not choose to Rate Lock their loan. 


Switches, Splits and Refixes 

  • We will automatically process all new customer switch requests submitted on and from today, Friday 26 November, at the new interest rates. 
  • If you have submitted a switch, split or refix request before today, Friday 26 November, the rate applied will be the same as it was on the date you submitted the request. 
  • If you have already completed a switch request for a maturing existing Fixed Rate product, the rate applied at maturity will be the same as it was on the date you submitted the switch request.  
  • All eligible customers can split their home loan between Standard Variable and Fixed Rate products in the home loan splitting tool in NetBank and the CommBank app.


Rate Lock: Updated Process   

It's important to make sure customers understand that rates are subject to change. If your customer would like more certainty around their rate in the future, a Rate Lock may suit their needs. If your customer is considering Fixed Rates, please discuss Rate Lock with the customer. Without Rate Lock, the Fixed Rate is not locked in between the time the loan documents are issued and the date of their loan settlement. Based on feedback from our customers and broker network, we are making improvements to our Rate Lock processes for Fixed Rate Home Loans, effective from today, Friday 26 November. This will provide you and your customers with certainty of the rate while you progress the application. 

These changes include: 

  • Rate that is locked in: The reference rate is locked in on the date the Home Loan On-boarding Form (Part B - Section 4) or the Direct Debit (DDR) Service Agreement Personal Loan/Home Loan Form (000-258) (with Rate Lock box ticked) is completed and received by the Bank. This means customers no longer need to wait until the rate lock fee is charged for the rate to be locked in.  
  • Rate lock period: The reference rate will be locked in for 90 days from when the rate lock fee is charged. 
  • Rate lock expiry: Any Rate Lock period that ends on a non-business day will be extended to the next business day. 

 
Please note: Rate Lock is not available on Home Seeker, switching, splitting, top ups or repayment change applications.  

You can read more about the updated Rate Lock Process on CommBroker.


Rate Lock: $375 Offer

To support our customers, we are offering a Rate Lock Offer, where we are offering customers a discounted Rate Lock Fee of $375 per account (normally $750) from 5 July 2021 until 31 January 2022. Full offer details are available on CommBroker.

Please note and share with the customer that the Rate Lock fee already paid by the customer is not refundable if the customer changes their mind, does not proceed with the application, or changes the product type or term.

 
You can find out more about Rate Lock on CommBroker






As we approach the end of 2021, please take note of the following key dates to ensure there is sufficient time to meet key lending stages for loans to be completed this calendar year. This will allow you to proactively support your customers and communicate timeframes effectively. 

Credit Decisioning  
All applications to be submitted by close of business (COB) Tuesday 23 November, so they can be assessed before COB Monday 29 November. This will ensure documents can be prepared, executed with settlement and funding completed by COB Friday 24 December.
 
Certifications 
For finance settlements and fundings that need to be completed before COB Friday 24 December, you must have the documents returned to the Bank by COB Friday 17 December.  
 
Settlements 
Purchase settlement will be prioritised to ensure we support the right customer outcomes.  
  
Note: For a positive customer experience, preferred settlement time for purchases is 2pm AEDT and 3pm AEDT for Refinances. 
  
You can help by: 
 

Encouraging customers and solicitors to bring forward settlements where possible for sale or refinances or delay any non-time urgent settlements until after Christmas. 
Encouraging solicitors and conveyancers to upload all documents to PEXA as early as possible and at a minimum at least 10 days prior to settlement. 
Check all documents are fully complete and signed correctly prior to retuning to the Bank. 
Ensuring equity is in the right account at least 48 hours prior to settlement and the Loan Account Authority has been completed appropriately. 
   

Discharges 

For Partial Discharge settlements that need to be completed before COB Friday 24 December, you must send completed and signed discharge authorities to the Bank by COB Monday 6 December. 
For Full Discharges, you must send completed and signed discharge authorities to the Bank by COB Friday 10 December. 
  

First Home Owner Grant (FHOG) Payments  

If a FHOG payment is required for a settlement occurring before COB Friday 24 December, the FHOG application must be imaged to the application by COB Monday 13 December, and at an Approved status at the Office of State Revenue (OSR) before COB Friday 17 December. 
Note: The team require five days to process applications. i.e. two days to review and submit to OSR, two days for the OSR to assess and approve and one day for processing post OSR approval. 
 
Progress Payments 
For progress payments, due for payment before COB Friday 24 December: 
 

For progress payments where we need to order a costing report you must email the signed invoice to TPBpaperlessloan@cba.com.au by COB Friday 3 December.   
For first and final progress payments you must email the signed invoice to TPBpaperlessloan@cba.com.au by COB Thursday 9 December.
For all other progress payment requests, you must email the signed invoice to TPBpaperlessloan@cba.com.au by COB Wednesday 15 December. 
Note: When documents are sent to TPBpaperlessloan@cba.com.au
you will receive an auto-reply email advising receipt. 
 
Construction Set-up 
For all construction applications that require commencement letters before COB Friday 24 December, please ensure all required documents have been emailed to TPBpaperlessloan@cba.com.au by Friday 17 December. 
 
Government Guarantee Schemes    
If a Government Guarantee Scheme Guarantee Certificate is required for certification to be completed by Friday 17 December, plase ensure the relevant documents are imaged to the application by Tuesday 14 December to ensure we can issue the Guarantee Certificate. Any urgent requests can be sent to FHLDS@cba.com.au.
 

Broker Support Hub (13 25 88)

Please note our operating hours during the holiday season: 

Option 1

Monday 20 December 2021 - Friday 7 January 2022, 9am-4.30pm (AEDT)
Friday 24 December and Friday 31 December 2021, 9am-2.30pm (AEDT)
Normal operating hours will recommence from Monday 10 January 2022    
Option 2 and 3 

Friday 24 - Friday 31 December 2021, 8.30am-6pm (AEDT) 
Normal operating hours will recommence from Monday 3 January 2022 
Broker Customer Connect
Broker Customer Connect will be closed from 4.30pm (AEDT) on Friday 17 December 2021 and will be re-opening on Tuesday 4 January 2022. 





9 November, 2021


Rate Change Update


Fixed Rate Home Loans 

Effective Friday 5 November 2021

Today CommBank is announcing changes to select Fixed Rate home loans. These changes are part of our ongoing review of interest rates and current market conditions.  

The following changes are effective for new customers and existing customers applying for or switching to a Fixed Rate Home Loan, both with and without Mortgage Advantage (MAV) package rates shown below, from today, Friday 5 November 2021.

We continually review our interest rates to ensure they remain competitive and meet customer needs. These changes reflect the steep increase in funding costs over the past few weeks.

 
Refer to CommBroker for updated non-package rates





Things to note
    

  • All Fixed Rate movements are effective immediately with no grace period. 
  • Rates are subject to change at any time without notice. 
  • The full interest rate tables are available on CommBroker.


New Applications 

  • We will automatically process new applications submitted on and from today, Friday 5 November, at the new interest rates. 
  • Loans that fund on and from today, Friday 5 November, will automatically receive the new rates and any approved discounts if the customer did not choose to Rate Lock their loan. 


Switches, Splits and Refixes 

  • We will automatically process all new customer switch requests submitted on and from today, Friday 5 November, at the new interest rates. 
  • If you have submitted a switch, split or refix request before today, Friday 5 November, the rate applied will be the same as it was on the date you submitted the request. 
  • If you have already completed a switch request for a maturing existing Fixed Rate product, the rate applied at maturity will be the same as it was on the date you submitted the switch request.  
  • All eligible customers can split their home loan between Standard Variable and Fixed Rate products in the home loan splitting tool in NetBank and the CommBank app.


Rate Lock   

It's important to make sure customers understand that rates are subject to change. If your customer would like more certainty around their rate in the future, a Rate Lock may suit their needs. 

With this in mind, we introduced our Rate Lock Offer, where we are offering customers a discounted Rate Lock Fee of $375 per account (normally $750) from 5 July 2021 until 31 January 2022. Full offer details are available on CommBroker.
 
If your customer has paid for Rate Lock, they will receive the interest rate from the time when they took out the Rate Lock. Rate Lock is valid for 90 calendar days from when the customer locks their rate.

Please note and share with the customer that the Rate Lock fee already paid by the customer is not refundable if the customer changes their mind, does not proceed with the application, or changes the product type or term.
 
You can find out more about Rate Lock on CommBroker




19 October, 2021

Rate Change Update 

Fixed Rate Home Loans and Extra Home Loan - Life of Loan 


Today CommBank is announcing changes to selected Fixed Rate Home Loans and Extra Home Loan - Life of Loan discounts for new borrowings. These changes are part of our ongoing review of interest rates and current market conditions.  


Fixed Rate Changes

The following changes are effective for new customers and existing customers applying for or switching to a Fixed Rate Home Loan, both with and without Mortgage Advantage (MAV) package rates, shown below from today, Friday 15 October 2021.  

Refer to CommBroker for updated non-package rates

Refer to CommBroker for updated non-package rates


We continually review our interest rates to ensure they remain competitive and meet customer needs. Our review takes into consideration the competitive environment, our cost of funds and customer feedback.   

Things to note

  • All fixed rate movements are effective immediately with no grace period. 
  • Rates are subject to change at any time without notice. 
  • The full interest rate tables are available on CommBroker.

New Applications 

  • We will automatically process new applications submitted on and from today, Friday 15 October, at the new interest rates. 
  • Loans that fund on and from today, Friday 15 October, will automatically receive the new rates and any approved discounts if the customer did not choose to Rate Lock their loan. 

Switches, Splits and Refixes 

  • We will automatically process all new customer switch requests submitted on and from today, Friday 15 October, at the new interest rates. 
  • If you have submitted a switch, split or refix request before today, Friday 15 October, the rate applied will be the same as it was on the date you submitted the request. 
  • If you have already completed a switch request for a maturing existing Fixed Rate product, the rate applied at maturity will be the same as it was on the date you submitted the switch request.  
  • All eligible customers can split their home loan between Standard Variable and Fixed Rate products in the home loan splitting tool in NetBank and the CommBank app.


Rate Lock  

It's important to make sure customers understand that rates are subject to change. Given the historically low-rate environment, customers are increasingly choosing to fix across a variety of terms. If your customer would like more certainty around their rate in the future, a Rate Lock may suit their needs. 

With this in mind, we introduced our new Rate Lock Offer, where we are offering customers a discounted Rate Lock Fee of $375 per account (normally $750) from 5 July 2021 until 31 January 2022. Full offer details are available on CommBroker.
 
If your customer has paid for Rate Lock, they will receive the interest rate from the time when they took out the Rate Lock. Rate Lock is valid for 90 calendar days from when the customer locks their rate.

Please note and share with the customer that the Rate Lock fee already paid by the customer is not refundable if the customer changes their mind, does not proceed with the application, or changes the product type or term.

You can find out more about Rate Lock on CommBroker


Extra Home Loan - Life of Loan

Today, Friday 15 October, we are updating the discounts to our Extra Home Loan – Life of Loan product for new borrowings. The discounted rates vary based on the customer’s Loan to Valuation Ratio (LVR), as detailed below.

Note: These new discounted rates are applicable for new borrowings only. Customers with existing facilities will keep their current margin discount.

Things to note

  • Applications for this product that are approved on and from today, Friday 15 October, will automatically receive the new discount. 
  • Rates are subject to change at any time without notice. 
  • The full interest rate tables are available on CommBroker.

   



28 September, 2021 

Giving customers more borrowing options by expanding our Alternate Servicing options

We are expanding our existing Alternate Servicing policy to allow for the apportionment of monthly living expenses (MLE) in addition to shared commitments where the customer’s related party is their spouse where they are living in the same household. 

Alternate servicing will be able to be extended to apportion the customer’s MLE if they meet the following criteria:  

  • The applicant is in a spousal relationship with the related party; and they reside in the same household.
  • Commitment apportionment of the joint commitment must first be performed and still produce a net monthly surplus (NMS) <$0 (servicing fail) 
  • In addition to providing a declaration for the proportion of the commitment repayment they are responsible for, the related party must declare the proportion of MLE they are responsible for. 


Please use the following new and updated forms:


For the full updated process and more information, view CommBroker:

Read more on CommBroker




21 September, 2021 

Medico PLUS+ Our new Medical Professionals offering

On Monday 20 September, we are introducing our new Medico PLUS+ offering with higher maximum LVR and security value limits for medical professionals.

Under this new offer, the new maximum values, subject to postcode restrictions, are as follows:

On and from Monday 20 September:

> Download and use the updated LMI/LDP estimation tool
> Refer to CommBroker for further information and eligibility criteria:

Read more on CommBroker