Features & benefits

You can choose between Loan Repayment Cover, Loan Cover or both for greater protection.

Cover your repayments with Loan Repayment Cover

Can pay your minimum monthly home loan repayments every month (for up to 12 months) until you return to work if you're unable to work due to an injury or illness or because you lose your job involuntarily.

Loan Cover pays all or part of your balance

  • Can pay a lump sum of up to $75,000 off your home loan if you're diagnosed with a medical trauma 
  • Can pay off your remaining home loan up to $750,000 if you pass away

Flexible cover options for both types of cover

  • Reduce your premium by choosing to cover 25%, 50% or 75% of your repayments and loan balance
  • Conveniently cover one or all home loan borrowers under the one policy


How it works

Before you begin

  • You need to be a CommBank home loan customer aged between 18 and 54 and living in Australia to apply
  • You can cancel your policy and get a full refund in the first 30 days if you change your mind
  •  For Loan Repayment Cover you must be working more than 15 hours a week on average in the last three months and in non-seasonal employment
  • Cover for some benefits doesn't start for up to 120 days (90-day qualifying period plus 30-day waiting period)

For more information read the Home Loan Protection Product Disclosure Statement (PDS).

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Can you claim?

You may be able to claim for Loan Repayment Cover if:

  • You're working more than 15 hours a week on average in the last three months and in non-seasonal employment
  • You lose your job involuntarily rather than quit your job, retire or accept voluntary redundancy

You may claim for Loan Cover if:

  • Your claim is caused by an injury or illness of which you have symptoms after your policy starts. A pre-existing medical condition won’t be covered.
  • A trauma event meets the precise meaning of our medical definitions 

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How to apply

Applying for Home Loan Protection is easy, with no medical questions asked. Although pre-existing medical conditions will be excluded from claims.    

Simply add the insurance when applying for a CommBank home loan. Existing CommBank customers can apply in NetBank. Please be aware if you have a joint home loan, only the person completing the application in NetBank will be listed on the policy. Alternatively, you can speak to a lending specialist or visit a branch.

Apply in NetBank

Watch our video to discover more about Home Loan Protection

How much does it cost?

The cost of a Home Loan Protection policy depends on several factors like cover options selected, home loan balance and age.

The minimum monthly payment is $25.

Get a quote 


loan protection

How to make a claim

  • Call 13 3982 between 8am and 5pm, Sydney time, Monday to Friday
  • Our claims team may send you a claim form and a letter outlining the supporting evidence required for us to assess your claim.

Show me how

Things you should know

Home Loan Protection is issued by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA), a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. The Bank does not guarantee the obligations or performance of CMLA or the products it offers. Where we refer to “we” and “our” we mean CMLA. 

Home Loan Protection Product Disclosure Statement (PDS)  is available online or from any Commonwealth Bank branch or by calling 13 3982, and should be considered in making any decision about loan protection insurance. You can also download a Financial Services Guide (FSG).

This advice has been prepared without considering your objectives, financial situation or needs. Before acting on the advice, please consider its appropriateness to your circumstances.