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With a variable rate loan, your repayments will vary depending on when the interest rate rises and falls. If rates go up, your repayments do as well. If rates go down, your repayments may fall too. Home loan options include:
Digi Home Loan
Standard Variable Rate
A standard variable rate home loan with Package benefits and up to 99 Everyday Offset accounts. Freedom to split your loan, unlimited additional repayments, redraws4, option to make Interest Only5 payments. Negotiate your rate when you apply.
Simple Home Loan
A competitive variable rate home loan and choice to access two Everyday Offset accounts. Unlimited additional repayments, redraws4, and option to make Interest Only5 payments. Negotiate your rate when you apply.
The main advantage of a fixed rate home loan is certainty. You can lock in or ‘fix’ your interest rate for a certain period of time – typically between one and five years – and plan for the future, knowing that your repayments will stay the same during that time. Home loan options include:
Fixed Rate
A fixed rate home loan with Package benefits and the flexibility to add in other features. Additional repayments can be made up to $10,000 in a fixed year without incurring additional charges.
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You can choose to split your home loan by nominating a proportion of the loan as fixed and proportion as variable.
Access money progressively as you complete different stages with a construction loan.
If you have a low deposit, there are still pathways to help you achieve your home ownership goals.
Buy a new home before you’ve sold your existing one by using a bridging loan.
Understand repayments and how to best manage them can help you make the most of your home loan.
Understanding some important things about an Interest Only home loan can help you decide whether it’s the right payment option for you.
Which is right for you? Choosing to go with a home loan that comes with a fixed or variable rate of interest will depend upon your personal and financial circumstances.
Are you a sole trader or self-employed? Our dedicated Home Lending Specialists are here to help business owners like you find the right home loan.
The two biggest components of your home loan repayments are typically the principal component and the interest component. Depending on your situation, one of these types of loans may be more suitable than the other.
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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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 Minimum $1,000 withdrawal with a $0 Redraw fee over the counter at any Commonwealth Bank branch and no minimum electronically with a $0 Redraw fee. Redraw is dependent on having the required amount available in special repayments (extra repayments).
5 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 15 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.
~ 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.
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 Interest Only loans are based on an initial Interest Only period equal in length to the fixed 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.
