Before you make any decisions, it’s important to weigh up your options to understand if refinancing is the right one for you.
If you think refinancing is right for you, here are the steps you should follow.
1 Extra (life of loan discount) – The product discount margin will vary depending on the Loan to Value Ratio (LVR) and is set at the time loan documents are issued. As at 15 October 2021 Extra Home Loan reference rate for Owner Occupied home loans is 3.78% p.a. and the current Extra Home Loan reference rate for Investment home loans is 4.13% p.a.
2 To be eligible for a package you must have an initial total home lending balance of $150,000 (the sum of the account balance of eligible home lending and line of credit accounts) and pay an annual fee of $395. Package rates shown are based on a discount of 0.70% p.a. on the Standard Variable Rate and Viridian Line of Credit, and a discount of 0.15% p.a. on Fixed Rates in a package. Low Doc loans are not eligible. It cannot be established in the name of a business or family investment trust. Please refer to the Wealth Package Fact Sheet or Mortgage Advantage Fact Sheet for full details.
Interest rates referenced are current rates and may change at any time
We have different rates that apply, depending on whether you’re making interest only payments or principal and interest repayments. During an interest only period, your interest only payments won’t reduce your loan balance. At the end of an Interest Only period, your repayments will increase to cover principal and interest components.
* Comparison rate calculated on a $150,000 secured loan over a 25-year term. WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates for variable Interest Only loans are based on an initial 5-year Interest Only period. Comparison rates for fixed or guaranteed Interest Only loans are based on an initial Interest Only period equal in length to the fixed or guaranteed period. During an Interest Only period, your Interest Only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan.
^ Offer available on eligible home loans funded on and from 1 January 2020 (except for Owner Occupied Interest Only home loans, which are eligible if funded on and from 7 April 2020), where at least $250,000 has been refinanced from a financial institution other than Commonwealth Bank or Bankwest. Viridian lines of credit may be eligible as part of a multiple loan facility application if the total minimum refinance amount of $250,000 or more is met. Limit of one $2,000 cashback per borrowing entity (e.g. individual, joint borrowers, company) and per customer over a 12 month period. Limit of one $2,000 cashback per joint application. Where one of the joint applicants has received a cashback in the last 12 months, that customer will not qualify for the offer. Where all applicants have received a cashback in the past 12 months, the joint loan will not be eligible for the cashback. This offer cannot be combined with a Wealth Package fee waiver. Cashback will be credited to a Commonwealth Bank transaction account linked to the loan or the borrower/s within 90 days of loan funding (this could be a joint account with an unrelated party). We reserve the right to terminate the offer at any time. Applications subject to credit approval. Fees and charges may be payable. Full terms and conditions will be included in our loan offer.
Calculations are not a loan approval. Applications are subject to credit approval, satisfactory security and minimum deposit requirements. Conditions apply to all loan options. Full terms and conditions will be set out in our loan offer, if an offer is made. Fees and charges are payable. Interest rates are subject to change. As this advice has been prepared without considering your objectives, financial situation or needs, you should consider its appropriateness to your circumstances before acting on the advice. You should also read our Financial Services Guide.