How do I apply for a home loan?

See all Home loans FAQs

Last updated 04 February 2014

Applying for a Home Loan with Commonwealth Bank is simple and easy. If you are eligible we expect you to receive your home loan contracts from us in 60 minutes dependant on approval conditions and supporting documentation. However some loans are more complex than others and may take longer such as loans involving trusts, companies or guarantors, in these cases you will normally receive your loan documents within 4-7 business days.

Ways to Apply

You can apply for a Home Loan with us in many ways. An application can be completed online in less than 5 minutes and one of our Home Loan Specialists will contact you at a time that suits you to assist with the rest.

Alternatively you can make an appointment to see one of our Mobile Lenders, Branch Lenders, or you can call us on 13 2224 between 8am and 8pm, 365 days.


What is Genuine Savings Deposit

When you apply for a Home Loan and your Loan to Value Ratio (LVR) is greater than 85% you will need to provide a minimum of 5% Genuine Savings Deposit. This can include:

  • Term Deposits (held for a minimum of 3 months)
  • Shares (held for a minimum of 3 months)
  • Savings in an account (held for a minimum of 3 months and accumulated through regular deposits)
  • Equity in an existing property

Genuine Savings does not include the First Home Owners Grant.

What is Loan to Value Ratio (LVR)

A LVR is referred to the amount of the loan compared to the value of the security property used. The value of the security property is usually determined by a valuation of your property (which is not always the same as the purchase or estimated price) and the maximum we may lend you is up to 95% of the valuation amount.

Is there Maximum Amounts

The amount you are able to borrow is dependent on your ability to service the loan and the security value of the property. Your ability to service the loan depends on a number of factors including your level of income, existing commitments and dependants. However, we will work with you to understand your full financial needs as part of our commitment to responsible lending. You can use our Home Loan calculator to estimate how much you can borrow.

Talk to us

If you would like to learn more about optimising your home loan, you can contact our Home Loan Specialists on 13 2224 8am to 8pm, 365 days, visit your nearest branch or talk to your broker, to arrange a free Home Loan Health Check. Click here for further information.

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