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Changing your loan type

Just because you've taken out a certain home loan with us doesn't mean you can't change it. We've designed our loans to be as flexible as possible to meet your changing needs. So if you think there might be a better option for you among our choice of loans, or want some guidance reviewing your home loan, talk to us any time about making the switch.

Your reason for considering a change is unique to you, but in our experience customers are most likely to consider changing when they:

  • Are thinking about renovating
  • Are coming to the end of a fixed-rate term and want to review your options.
  • Need increased flexibility, like the ability to make unlimited extra repayments or redraw extra repayments.
  • Want the certainty of fixed repayments that won’t change for a set period on your loan.
  • Want to increase your loan amount.
  • Want to start repaying the principal to build equity (if currently paying interest only).
  • Move into your home after it has been previously leased, or move out of your home to rent it to someone.

If any of these reasons sound similar to yours, you can compare all of our home loan options online at any time.

You can book a free Home Loan Health Check and talk with one of our Home Lending Specialists.

If you've already got a home loan with us, switching your loan to a more suitable option is easy. Best of all, your loan number typically stays the same, so you don’t have to worry about changing any direct debit or salary credit arrangements you've set up with your loan.

Download a table to view which loan types you can switch to and from.

As an existing customer you could also be eligible for a Wealth Package, featuring savings and discounts on a range of products, including home loans, everyday banking, insurance and investment services.

Reduce your home loan interest and pay off your loan faster with an offset account.

Everyday Offset

  • Everyday Offset is an add-on feature to the Complete Access account, linked to your Standard Variable Rate Home/Investment Home Loans
  • 100% offset. Every cent in your Everyday Offset reduces the interest you pay on your home loan, every single day
  • Ability to link your home loan to multiple individual and joint accounts with Everyday Offset in the same name(s) or combination of names as your linked home loan for one monthly fee ($10)
  • There is no minimum holding balance required; every cent in your linked accounts with Everyday Offset will offset the balance of your home loan
  • Accounts with Everyday Offset, provides full transactional capability and real time banking with NetBank and the CommBank app.

Add-ons

Benefit from significant savings on borrowing, everyday banking and insurance services, as a reward for banking with us.

Learn more

Our Everyday Account is an all-in-one solution that offers the flexibility you need. Enjoy low fee everyday banking with a Debit MasterCard®.

Learn more

Pay no credit card annual fee with the Wealth Package, a saving of up to $349 per year with the Diamond Awards credit cards. No Wealth Package? You’ll pay no annual fee for the first year when you apply for a credit card at the same time as your home loan.

Learn more

Offset the funds in your linked accounts against the balance of your home loan, to potentially save thousands of dollars in interest.

Learn more

We can help

Ready to apply or want to discuss your home loan needs?

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Already a customer banking online with us?

Save time by using your NetBank details. 

Apply in NetBank

New customer or don't bank online with us?

Apply online

or

or

Already a customer banking online with us?

Save time by using your NetBank details. 

Make appointment in NetBank

New customer or don't bank online with us?

Make an appointment online

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Important information

MasterCard is a registered trademark of MasterCard International Incorporated. As this advice has been prepared without considering your objectives, financial situation or needs, you should before acting on this advice, consider its appropriateness to your circumstances. Terms and conditions for the transaction and savings accounts mentioned are available from commbank.com.au or from any branch of the Bank. If you have a complaint, the Bank’s dispute resolution process can be accessed on 13 2221