Commonwealth Bank enhances home loan offerings

24 September 2008

The Commonwealth Bank has enhanced its home loan offerings for customers with the introduction of a 60 minute home loan approval and on the spot 12 month pre-approvals.

These services will be supported by the unveiling of the Bank’s First Home Savers Account in October.

Ross McEwan, Group Executive Retail Banking Services, Commonwealth Bank said: “We are focussing on offering existing and new home loan customers products and services that are even simpler and more convenient.

“We have streamlined the home loans applications process to make it easier for our customers to do business with us.

“This is another example of how Commonwealth Bank is ‘Determined to Be Different’ by helping more Australians get into their own home than any other bank,” Mr McEwan said.

Commonwealth Bank’s enhanced home loan offerings include:

  • 60 minute home loans* providing customers with their home loan documentation completed within an hour of walking into a branch.
  • Home loan Top-Ups applications now accepted in branch, over the phone or online, offering Commonwealth Bank and Colonial home loan customers same day funds to use on things like home renovations and improvements.
  • Home seeker 12 month pre-approval** giving customers the opportunity to get a pre-approved, obligation free home loan that is available for 12 months. This enables home seekers to shop around for their perfect home with confidence.

Mr McEwan said, the Commonwealth Bank has continued to develop features that support home ownership, including the introduction of a Family Equity home loan and shared home loan structures, called Property Share.

“As Australia’s largest home lender we understand that buying a home is one of the most important financial decisions our customers will make in their lifetime.

“We are always looking for ways to improve the services we provide to our customers. This includes having competitive products, greater simplicity in the home loans process, and offering a complete range of options available to meet their individual needs.

“Customers are looking for more flexibility including purchasing a property with friends or family to enable home ownership sooner,” Mr McEwan said.

Commonwealth Bank is finalising its First Home Savers Account which will be unveiled in October.


For more information contact:

Nichole Ismay, Commonwealth Bank
Ph: (02) 9378 5965, Mob: 0411 698 785


*60-minute home loan available if eligibility criteria are met, including no more than two individual borrowers, no guarantors and all required documentation provided. Individual circumstances may lead to some home loan applications taking longer than 60 minutes. Applications for finance are subject to the Bank’s normal credit approval.

** Provided the details initially agreed upon do not change, a Home Seeker loan approval guarantees the amount you can borrow, but not your interest rate.