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*Digi Home Loan (Owner Occupied Principal & Interest) for new borrowings with a Loan to Value ratio of 60% or less when compared to CommBank’s other advertised loan rates. Minimum new borrowings of $100,000. Comparison rate warning.
Digi Home Loan
A digital home loan with a low variable rate and access to one Everyday Offset account. Only available online.
Standard Variable Rate
A competitive variable rate home loan with discounts tailored to you, plus access to offset and an extensive range of features.
Simple Home Loan
A simple home loan with a competitive variable rate and the choice to access two offset accounts.
Use our calculator to see how much you could save by switching to us.
Before you make any decisions, it's important to weigh up your options to understand if refinancing is right for you.
You can also download our step-by-step guide to help you refinance.
Some home loan types can’t be changed in NetBank, such as Interest Only. Call 13 2224 for any changes to your loan that you can’t make in NetBank.
You can also split your home loan and enjoy the best of fixed and variable.
If you’re planning renovations, want to consolidate your debts or simply need extra cash, borrowing additional funds with your existing home loan could be the solution.
Refinancing involves switching your home loan from one lender to another by taking out a new mortgage to replace your existing one. This usually also includes different and/ or a new set of terms and conditions.
The process of refinancing a home loan includes assessing your current loan, comparing new loan options to best suit your individual needs, calculating potential savings, and applying for the new loan. Refinancing could potentially help you save money, pay off your mortgage faster, or better manage your finances.
You can apply online or refinance with Digi home loan. Alternately, you can book an appointment with Home Lending Specialists.
Refinancing your home loan can be a good idea, depending on your individual circumstances and financial goals. Here are some factors to consider:
Ultimately, refinancing could be beneficial if it aligns with your financial goals and provides significant savings. It's a good idea to use tools like our refinance calculator and speak with a Home Lending Specialist to determine if it's the right move for you.
It’s generally recommended to wait at least 12 to 24 months before refinancing. This is because refinancing involves costs such as application fees, valuation fees, and potential break costs if you're on a fixed-rate loan. Waiting allows you to build up equity in your property and ensures that the benefits of refinancing outweigh the associated costs. Additionally, refinancing too soon could impact your credit score.
Technically, you can refinance your home loan as often as you like, but it's important to consider the costs and benefits each time. Generally, it's recommended to review your loan annually. Frequent refinancing can incur fees and impact your credit score, so it's crucial to ensure that the savings and benefits outweigh the costs
If you're unsure, our Home Lending Specialists can help you determine the best timing for your situation.
Get help from Ceba in the CommBank app or connect with a specialist who can message you back. You’ll need CommBank app notifications turned on so you know when you’ve received a reply.
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Redraw, change your repayments or loan type to better meet your needs and more.
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1 To apply for a Wealth Package, you must have an eligible home loan or line of credit with an initial package lending balance of at least $150,000 at the time of your application. Package lending balance is the sum of the account balance of eligible home lending accounts and the credit limit of Viridian Line of Credit accounts that you have with us at the time you apply for Wealth Package. Eligible home loans include: Standard Variable Rate home loan, Fixed Rate home loans and Viridian Line of Credit. A non-refundable annual fee of $395 is payable in advance. The package can be established in the name of one or two individual’s name/s, or in the name of a corporate entity. It cannot be established in the name of a business or family investment trust. Please refer to the Wealth Package Fact Sheet and Package Terms and Conditions for full details.
2 Rate/s apply to new lending only and may include a margin below or above the applicable reference rate. The current reference rates can be found here.
3 At the end of the fixed rate period, the interest rate converts to the applicable Standard Variable Rate relevant to your loan purpose and repayment type at that time, less any applicable package discount specified in your Loan Contract.
4 FASTRefi® involves borrowing additional buffer amounts to cover the estimated pay out figure. Once the loan is settled, any surplus money will be refunded to you. Refinance using FASTRefi® can occur within days of us receiving your signed loan and FASTRefi® documents. FASTRefi® is a registered trademark of First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908 trading as First Title. First American Title Insurance Company of Australia Pty Limited is not part of the Commonwealth Bank of Australia.
5 You can link one Everyday Offset account to each eligible Digi Home Loan. An offset feature fee will apply, see ‘Fees we charge for consumer mortgage lending products'.
~ We charge the Rate Lock Fee when we process your request. It is therefore important that you have sufficient funds in your nominated account. The Rate Lock feature only applies to new Fixed Rate home loan and Fixed Rate Investment home loan applications. Rate Lock does not apply to Home Seekers, switching, splitting, top-ups, loan purpose transfers or repayment changes.
# You can choose to pay Principal and Interest weekly, fortnightly, or monthly. Only monthly payments are available for Interest Only. The maximum Interest Only payment period over the life of a loan is 10 years for Investment Home Loans and 5 years for Owner Occupied Home Loans, so long as there is at least 5 years remaining on the Contracted Loan Term. We have different rates that apply, depending on whether you are making Interest Only payments or Principal and Interest repayments. During an Interest Only period, your Interest Only payments won't reduce your loan balance unless you choose to make additional repayments. At the end of an Interest Only period, your repayments will increase to cover Principal and Interest components.
Information provided (including interest rates) are subject to change.
Calculations are estimates provided as a guide only. They assume interest rates don’t change over the life of the loan and are calculated on the rate that applies for the initial period of the loan. Interest rates referenced are current rates and may change at any time.
Fees and charges are payable. The calculations do not take into account fees, charges or other amounts that may be charged to your loan (such as establishment or monthly service fees or stamp duty). Lenders' Mortgage Insurance or a Low Deposit Premium may apply to your loan depending on the size of your deposit; security, applicant and loan attributes. This is a one-off cost and will be added to the loan amount. Any of these additional amounts will increase repayments under the loan.
We have different rates that apply, depending on whether you are 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.
Rates are subject to change. Applications are subject to normal credit approval. Full terms and conditions will be included in our loan offer. Fees and charges are payable.
** 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.
8 You can link one Everyday Offset account to each eligible Digi Home Loan and up to two Everyday Offset accounts to each eligible Simple Home Loan. An offset feature fee will apply, see ‘Fees we charge for consumer mortgage lending products'.
Applications for finance are subject to the Bank's normal credit approval. Full terms and conditions are included in the Loan Offer. Other fees and charges are payable.
^ Redraw is dependent on having the required amount available in special repayments (additional repayments). You can redraw available funds for free via CommBank app or NetBank.
