What is a MAV (Mortgage Advantage) Package?
Last updated 16 May 2014
A MAV Package is a supplementary option which is designed to reward you for banking with us, by offering substantial savings across a range of banking products.
What benefits does the MAV Package give?
When you take up a MAV Package you can enjoy significant discounts on borrowing, everyday banking and insurance services. These benefits include:
- Up to 0.7% p.a. off a Standard Variable Rate Home Loan
- Up to 0.15% p.a. off a Fixed Rate Home Loan
- No monthly account or withdrawal fees on an Everyday Accounts
- No annual fee on a Commonwealth Bank credit card
Details on these and other discounts can be found by clicking here.
An example of potential savings
|Product||Savings per year|
|$300,000 Standard Variable rate Home Loan||$1400|
|No Home Loan monthly loan service fee||$96|
|No monthly account fees on an Everyday account||$72|
|No annual fee on a Gold Awards Credit Card||$144|
What is the fee for the MAV Package?
There is an annual fee of $395 which can only be charged to a Commonwealth Bank credit card or a Commonwealth Bank transaction account.
Am I eligible for the MAV Package?
To be eligible for a MAV Package you must have an initial 'total home lending balance' of at least $150,000. You can take out a MAV Package at any time, however if you have an existing fixed rate loan a concession cannot be applied until the existing fixed rate period expires.
Customers with Low Doc Loans are not eligible to apply for MAV Package.
How do I apply for a MAV Package?
If you would like to apply for a MAV Package you can do so at any time by completing an application through your broker. For more information on the MAV Package click here.