Home loans



General questions

Q. How do I apply for a Commonwealth Bank Home, or Investment Home Loan?

A. Complete a 5 minute online application and one of our Home Loan Specialists will call at a time that suits you to assist with the rest of your application. The information required to complete the online application is “front of mind” meaning you won't need to trawl through your records to provide answers.

When our Home Loan Specialist calls you, they have already done their homework on your situation so they can quickly provide information to help you choose the right Home Loan solution for your needs, ensure all details are correct to pave the way for a streamlined process, and even provide on the spot conditional approval.

If you’re eligible for a home loan, you’ll receive your loan offer in the mail in three to five business days.

Alternatively, you can apply by calling us on 13 2224 between 8am and 8pm, 365 days a year, request an appointment with a Mobile Banker, or visit any Commonwealth Bank Branch.

Q. What is Stamp Duty?

A. Stamp Duty is a State Government tax payable by the purchaser of real estate based upon the purchase price of the property. Depending on individual State legislation this tax is generally paid prior to settlement. You can increase your loan to cover these costs and we will release funds prior to settlement (conditions apply). First time home buyers may be exempt from stamp duty or entitled to a rebate or concession such as the First Home Owner Grant Scheme.

Q. What is the First Home Owner’s Grant Scheme?

A. Eligible first home buyers can receive non-means tested government assistance of $7,000. The scheme is administered by the States and Territories. It covers only the purchase of your first home in Australia. If you are married or living in a de facto relationship, you must make a joint application for the grant with your spouse or de facto. Neither of you can have owned a home previously, whether individually, or with any other person. You will be eligible to apply if you:

  • are buying your first home
  • are an Australian citizen or permanent resident
  • intend to make the home your principal residence, and
  • start living in the home within a reasonable time. The payment will be the same regardless of your income.


Q. What is the difference between a fixed rate loan and a variable rate loan?

A. A fixed rate loan is where the interest rate remains the same for a period of time, and at the end of the term, the loan reverts to a variable rate.  A variable rate loan is where the interest rate generally goes up and down according to the fluctuations in market rates.

Q. Can I switch between a fixed rate and a variable rate?

Yes. You can change from a fixed rate to a variable rate, or vice versa, at any time. If you switch from a fixed rate loan, you may need to pay an Administration Fee and an Early Repayment Adjustment.

At the end of a fixed rate period your loan will automatically move to the variable rate (at no cost), or you can switch to another fixed period.

Q. What is a Comparison Rate?

A.  A Comparison Rate expresses some of the costs of a loan into a single interest rate. The aim of the Comparison Rate is to help consumers make a more informed decision on the costs associated with a loan and help them to compare various loans and services offered by financial institutions and mortgage providers. The formula for calculating a comparison rate is regulated by the National Credit Code and all Australian financial institutions and mortgage providers are required to use the same formula.

Q. What is Lenders' Mortgage insurance (LMI)?

A. LMI protects lenders against loss should a borrower default on their loan. If the security property is required to be sold as a result of the default, the funds received from the sale may not cover the full balance outstanding on the loan. In this scenario, the lender is entitled to make an insurance claim to the LMI provider for the reimbursement of any amount outstanding.

LMI should not be confused with Home Insurance, or Loan Protection Insurance, which covers the borrower in the event of sickness, unemployment, disability, or death.

Q. What is a redraw facility?

A. This allows you to access any additional repayments you have made on your loan. Any redraw amounts get added to the amount you still owe on the home loan.

Q. What is the difference between a Principal and Interest Home Loan and an Interest-only Home Loan?

A. A Principal and Interest Home Loan is where the principal and the interest are repaid together for the term of the loan. Whereas an Interest-Only Loan allows you to pay only the interest on the loan, rather than paying both principal and interest. This payment option may be useful for property investors because it may maximise the investor’s tax deductions

Q. What is the Establishment Fee for a Low Doc Loan when a Top Up is requested?

A. A $300 fee applies for all Top Ups, including Low Doc Loans.

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60 Minute Home Loan

Q. What is the 60 Minute Home Loan?

A. We’ve created a way to get a completed home loan application, including paperwork, in just 60 minutes. If you are eligible, your application can be approved in branch and you can receive your home loan contracts in one hour or less.

This 60 minute service is available on:

  • New Home Loans, Investment Home Loans, and Viridian Line of Credits
  • Requests to increase existing Commonwealth Bank Home Loans
  • Refinances from other financial institutions

Q. Who is eligible for a 60 Minute Home Loan?

A. The 60 Minute Home Loan is available when you make your home loan application at a Commonwealth Bank branch, bring all the required documentation, and all borrowers are present at the interview. Click here for a checklist of the documentation you’ll need to bring to the interview.

It is available on loans with up to two borrowers (individuals only, not trusts or companies), and where no guarantors are involved.

Q. If I am eligible under what circumstances will I not get my loan approved in 60 minutes?

A. If you are eligible, 60 minutes is the amount of time we expect you to be able to receive your home loan contracts from us. However, we also want to take the time to make sure that we have assessed your needs and discussed all your options with you. This way we can ensure that you are comfortable and have all the information you need to make a decision. In some cases these discussions may take longer than 60 minutes.

If you don’t have all your required information or if there are any credit conditions remaining, such as a valuation, we can still provide conditional approval. In these circumstances we would provide an approval within 60 minutes, which would include a letter highlighting the outstanding conditions.

More complex loans will take longer than 60 minutes as we will have to mail your loan documents. These more complex loans include situations like when a loan requires more than two borrowers, if the borrowers are trusts or companies, or if guarantors are involved. In most cases within these circumstances you will receive your loan documents within 4 – 7 business days of your application.

We will also need to mail your loan documents for certain types of home loans including:

  • Bridging finance
  • Family Support
  • Applications involving a Power of Attorney.

Individual circumstances vary and your Commonwealth Bank lender will be able to advise you during the interview if you are eligible for the 60 Minute Home Loan.

Q. What makes a 60 Minute Home Loan different and why would I want one?

A. Following a home loan application, loan documents would take, on average, 4 – 7 business days to reach your mailbox. Now with our 60 minute Home Loan, if you meet our eligibility criteria, you can apply and receive your home loan contracts right there in the branch.

Having the contract at the time of application means that you can review and verify that all the details are correct with the lender on the spot. If there is anything that needs updating it can be adjusted immediately, saving you even more time.

Q. What if I don’t feel comfortable signing the loan contract on the spot?

A. We understand that getting a home loan is a big decision, so we won’t pressure you into rushing it. If you’d like to review your home loan documents or seek legal advice, you are free to do so. You can return your signed documents when you’re ready.

The best thing is that because we will print the documents in branch, you won’t have to wait for the documents in the mail. That means you could take them with you to get legal advice on the same day if you wanted.

Q. Where is my nearest branch and when are they open?

A. You can easily find your nearest branch and its opening hours using our branch locator tool. Some of our branches are even open on the weekend.

Q. Can I get a 60 Minute Home Loan if I apply over the phone, online, or via a mobile lender?

A. In most cases you can apply for a 60 Minute Home Loan by calling 13 2224, make an appointment to talk to of our home loan experts. In these cases we can provide you with unconditional approval, or conditional approval along with a letter highlighting any outstanding conditions, however, we will need to send your loan documents in the mail.

  • Important Information:
    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. Full terms and conditions will be included in the Bank’s Loan Offer.

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No Fee Variable Rate Home/ Investment Home Loan

Q. Who should apply for a No Fee Variable Rate Home/Investment Home Loan?

A. The No Fee Variable Rate Home/Investment Home Loan is our new ‘no Bank fee’ product that offers customers a home loan with a competitive interest rate and no Bank fees for the life of the loan. This may suit you if you are seeking a transparent home loan that still receives a wide variety of benefits. Companies and Trusts are not eligible (including Personal Trusts).

Refer to the No Fee Variable Rate Home Loan Fact Sheet for further details on the features and eligibility criteria.

Q. Can I switch my current CBA Home Loan to the new No Fee Variable Rate Home/Investment Home Loan?

A. Yes, subject to eligibility existing customers can switch into the No Fee Variable Rate Home/Investment Home Loan.

To switch into a No Fee Home Loan, please review our Switching Terms and Conditions brochure, complete the attached Loan Switching Request and submit to your local Branch or Broker.

Q. Can I switch out of the No Fee Variable Rate Home/Investment Home Loan?

A. You can’t switch out of the No Fee Variable Rate Home/Investment Home Loan, however after the first 12 months of the loan you can request a variation to your contract which will allow you to move to another CBA product (where fees are payable on the new product.)

Q. Can I request a Top Up/ funds increase on my No Fee Variable Rate Home/Investment Home Loan?

A. Yes you can! Simply contact your CBA Lender or Broker for more information.

Q. Can I apply for the new No Fee Variable Rate product when applying for a Home Seeker application?

A. All requests for Home Seeker applications must be submitted as a Standard Variable Rate (SVR) product however once you have found your property, you can request for the application to be amended to the new No Fee Variable Rate product.

Q6. Can I change my current home loan application to the new No Fee Variable Rate product if it has not yet been funded?

A. Absolutely! Please note that changing the product will result in the requirement for new Loan Documents to be produced and signed by all parties which can delay the application.   

To avoid delays with meeting settlement/funding times, you may wish to continue the application with the existing product selection and when the loan has been settled/ funded, you can request a switch into the new No Fee Variable Rate product.

Q. What is excluded from the No Fee Variable Rate Home/Investment Home Loan product?

A. The new No Fee Variable Rate product is not available for the following features/loan purposes:

  • Split Loans
  • Construction Loans
  • Land Purchases
  • Low Doc Loans
  • Multiple Facilities
  • Viridian Line of Credit (including Equity Unlock for Seniors)
  • Interest in Advance
  • Home Seeker Loans*
  • Applications for Companies and Trusts (including Personal Trusts) are not eligible.
  • This product is not available with the Wealth Package or Mortgage Advantage Package.
  • You will not be able to offset interest on a Mortgage Interest Saver Account using this type of account.
  • Whilst redraw of additional repayments is available, minimum amounts apply.
  • You cannot switch from the No Fee Variable Rate however after the first 12 months of the loan you can request a variation to your contract which will allow you to move to another CBA product.
  • Redraw is not available through ATM & EFTPOS. 
  • *All requests for Home Seeker applications must be submitted as a Standard Variable Rate (SVR) product however once you have found your property, you can request for the application to be amended to change to the new No Fee Variable Rate product.

Refer to the No Fee Variable Rate Home Loan Fact Sheet for further details.

Q. Can I apply for the new No Fee Variable Rate product for ‘Off the Plan’ purchases?

A. Absolutely!  Off the Plan purchases are eligible for the new No Fee Variable Rate product.

Q. What features are available on the new No Fee Variable Rate product?

A. Refer to the No Fee Variable Rate Home Loan Fact Sheet for further details.

Q. Do I have to pay any Bank fees and charges for the new No Fee Variable Rate product?

A. There are no Bank fees or Bank charges for the life of the loan.

IMPORTANT: Whilst this product has no Bank fees:

  • Government charges may apply.
  • If you don’t have a 20% deposit, Lenders Mortgage Insurance (LMI) or Low Deposit Premiums (LDP) will apply.

Q. What are the features of the credit card and transaction account offered with this product?

A. The credit card is a Low Fee credit card with no annual fee for the life of the loan and the transaction account will incur no monthly account keeping fees for the life of the loan.

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Split-rate loans

Q. What is the benefit of a Split Loan?

A. The Variable and Fixed Rate Option (also known as a 'Split Loan') allows borrowers to take out a variable interest rate loan and a fixed interest rate loan (or any combination thereof). It may give customers the chance to reduce the impact of interest rate fluctuations on their budget. 

The fixed interest rate portion gives the customer the security of knowing their rate will not change over the fixed period; and the standard variable/discounted interest rate portion gives the customer the flexibility to make lump sum and higher than required repayments thereby reducing their loan balance.

Q. Do I receive one loan statement or two?
A. Every six months you receive separate statements for the fixed and variable portions of the Split-Rate Loan.

Q. With a Mortgage Interest Saver Account, what is the offset on a Split-Rate Loan?
A. You gain 100% offset on the variable rate portion of the loan, and partial offset on the fixed rate portion.

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Viridian Line of Credit

Q. How do I access money from my Viridian account?
A. Once your Viridian account is established, you can access it like a Commonwealth Bank transaction account using selected ATMs, cheque, EFTPOS or Australia Post EFTPOB terminals, as well as via NetBank, Telephone Banking, or by visiting any Commonwealth Bank branch.

Q. Do I have to have a credit card with Viridian?
A. No. However, if you use a credit card that gives you up to 55 days interest free on purchases to pay for your day-to-day expenses and then set up an automatic monthly payment from your Viridian to pay your credit card’s outstanding balance in full by the due date, you’ll avoid credit card interest, keep money in your Viridian longer and reduce your interest costs further.

Q. How do I find out the current balance on my Viridian account?
A. The same way as you would with any other Commonwealth Bank account - via NetBank, Telephone Banking, selected ATMs, or by visiting any Commonwealth Bank branch. You also receive your statement monthly so it's easy to keep track of your transactions.

Q. What is Loan to Valuation Ratio (LVR)?
A. We undertake a valuation of your property (which is not always the same as the purchase price) and the maximum we will lend you is 95% of the valuation amount. We also add the Lender’s Mortgage Insurance premium to your loan (up to a maximum of 97%), so it doesn’t cost you anything upfront.

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