based on 46000 Commonwealth Bank banking product reviews as rated by Mozo community

Commonwealth Bank home loans

Chances are you already know the Commonwealth Bank - the yellow and gold bank with a CAN-do attitude. But did you know they have roots dating back in Australia to 1912 - yep CommBank is no spring chicken! Today it’s one of Australia’s big four banks, with over 1,100 branches and 4,300 ATMs all over the country. So if you want to take out a home loan with an established bank that’s certainly not going anywhere anytime soon - you may just have found your perfect match here.

What home loans do Commonwealth Bank offer?

Rates and fees verified as correct at 21 May 2022. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

There are a couple of fixed rate home loan options on offer from the Commonwealth Bank, depending on whether you’re an owner occupier or an investor. Fixed rate loans are available for amounts beginning at $10,000 and LVRs up to 95% for owner occupiers or 90% for investors. You’ll pay both a monthly service fee and an upfront application fee, so make sure you balance that out by cashing in on the flexible features, like fee free extra repayments up to the value of $10,000 p.a. and the ability to choose between weekly, fortnightly or monthly repayments. 

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

4.99% p.a.

4.99% p.a.

$8.00 monthly

$800

4.34% p.a.

4.82% p.a.

$8.00 monthly

$800

4.99% p.a.

5.41% p.a.

$8.00 monthly

$800

4.54% p.a.

5.29% p.a.

$8.00 monthly

$800

Variable Rate Home Loans

CommBank offers a range of variable rate home loan options for homebuyers with an LVR of up to 95%, looking to borrow amounts starting at $10,000. Like the fixed rate alternative, you’ll pay a monthly and upfront fee on a CommBank standard variable rate home loan - but in return, you can enjoy a host of flexible, money saving features. This includes unlimited fee free extra repayments, unlimited free redraws both online and over the counter and the full use of an offset account. Don’t like the look of those fees? There’s also an option with no application fees, although you won’t have the use of an offset account with this choice.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

3.10% p.a.

2.76% p.a.

$0.00

$200

2.54% p.a.

2.56% p.a.

$0.00

$200

3.00% p.a.

2.66% p.a.

$0.00

$200

2.44% p.a.

2.46% p.a.

$0.00

$200

3.24% p.a.

3.25% p.a.

$0.00

$200

5.29% p.a.

5.13% p.a.

$8.00 monthly

$800

4.80% p.a.

4.95% p.a.

$8.00 monthly

$800

3.30% p.a.

2.96% p.a.

$0.00

$200

2.74% p.a.

2.76% p.a.

$0.00

$200

3.40% p.a.

3.06% p.a.

$0.00

$200

2.84% p.a.

2.86% p.a.

$0.00

$200

4.35% p.a.

4.02% p.a.

$0.00

$200

3.79% p.a.

3.80% p.a.

$0.00

$200

5.64% p.a.

5.62% p.a.

$8.00 monthly

$800

5.38% p.a.

5.53% p.a.

$8.00 monthly

$800

Fixed Package Home Loan

Snag a fixed rate Wealth Package home loan from the Commonwealth Bank to cut back on fees and keep your wallet plump and happy. With a Wealth Package home loan, you’ll enjoy a discount on your home loan interest rates, plus the monthly and upfront fees will be waived (although there is an annual package fee to factor in). You can also say goodbye to annual fees on one eligible CommBank credit card

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

4.84% p.a.

4.68% p.a.

$395.00 yearly

$200

4.19% p.a.

4.54% p.a.

$395.00 yearly

$200

4.84% p.a.

5.10% p.a.

$395.00 yearly

$200

4.39% p.a.

5.01% p.a.

$395.00 yearly

$200

Variable Package Home Loan

Like the fixed rate option, variable rate Wealth Package home loans from CommBank are available for amounts starting at $150,000 and LVRs up to 95%, plus they also come jam packed with savings including discounted interest rates on your home loan. Fees will become a distant memory, as the monthly and upfront fees are waived on your home loan, along with fees on a range of CommBank credit cards. You'll also have access to heaps of flexible features like unlimited free extra repayments, free redraws, repayment holidays, and access to an offset account. 

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

4.59% p.a.

4.67% p.a.

$395.00 yearly

$200

4.10% p.a.

4.51% p.a.

$395.00 yearly

$200

4.94% p.a.

5.15% p.a.

$395.00 yearly

$200

4.68% p.a.

5.09% p.a.

$395.00 yearly

$200

Line of Credit

Whether you’re renovating or buying an investment property, you can reach your goals with a line of credit home loan from the Commonwealth Bank. Available from $20,000 a CommBank line of credit home loan allows you to borrow up to 80% of your property’s value. You'll only need to pay interest on what you use, and the line of credit also comes with plenty of flexibility, such as the ability to choose when to make your repayments and how much you want to pay. Just don’t forget that you’ll have a monthly and upfront application fee to contend with.

Product Rate Comparison Rate Service fee Upfront fee

6.28% p.a.

n/a

$12.00 monthly

$800

Commonwealth Bank home loan features in a glance

Repayment Icon

Extra repayments

With a CommBank home loan you can pay off your home loan faster thanks to the extra repayments facility. But keep in mind, while you can make as many additional payments as you like with its variable rate loans, extra repayments are capped at a value of $10,000 p.a with the fixed rate alternatives.

Deposit icon

Low deposit

Struggling to save up a deposit? With many Commonwealth Bank home loan options, you can borrow up to 95% of your property’s value, although be mindful that if you borrow more than 80%, you may have to pay Lenders Mortgage Insurance

Schedule icon

Flexible repayment schedule

CommBank’s flexible repayment schedule allows you to match up your repayments to when you receive your salary either weekly, fortnightly or monthly.

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Package discounts

Enjoy waived annual fees on your credit card when you bundle it with your CommBank home loan into a Wealth Package. Plus, enjoy discounted package interest rates to boot!

How are Commonwealth Bank home loans rated?

Mozo users have rated Commonwealth Bank home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of home-loans
Commonwealth Bank home loans
Overall
Price
Features
Customer service
Convenience
Trust

5939 Reviews

Recent Commonwealth Bank home loan reviews

Commonwealth Bank Fixed Rate Home Loan (Wealth Package)
Overall 6/10
Great service when you enter a branch.

I like this Bank because it is trustworthy. I could get lower rates elsewhere but they were prepared to negotiate when asked so I was happy with that. The only problem was that it took 3 phone calls to reduce my interest rates. The third person I spoke to offered to split my loan and fix a portion of it which gave me a lower interest rate. This was great but annoying that the other two employees did not suggest this to me when I had spoken to them several months to a year earlier.

Read full review

I like this Bank because it is trustworthy. I could get lower rates elsewhere but they were prepared to negotiate when asked so I was happy with that. The only problem was that it took 3 phone calls to reduce my interest rates. The third person I spoke to offered to split my loan and fix a portion of it which gave me a lower interest rate. This was great but annoying that the other two employees did not suggest this to me when I had spoken to them several months to a year earlier.

Price
6/10
Features
4/10
Customer service
7/10
Convenience
8/10
Trust
8/10
Less
Donna, New South Wales, reviewed about 1 month ago
Commonwealth Bank Standard Variable Rate (Wealth Package)
Overall 2/10
Deceptive and onerous.

The wealth package is somewhat deceiving as it implies that the customer will automatically receive the best interest rates as per when the loan was initiated. Unfortunately, the customer must request (on potentially more than one occassion as rates change) to receive the lowest interest rate equal to the rate advertised to new customers. This does not reward loyalty and requires continuous monitoring by the customer. Disappointing.

Read full review

The wealth package is somewhat deceiving as it implies that the customer will automatically receive the best interest rates as per when the loan was initiated. Unfortunately, the customer must request (on potentially more than one occassion as rates change) to receive the lowest interest rate equal to the rate advertised to new customers. This does not reward loyalty and requires continuous monitoring by the customer. Disappointing.

Price
3/10
Features
2/10
Customer service
1/10
Convenience
3/10
Trust
1/10
Less
Kelly, New South Wales, reviewed about 1 month ago
Commonwealth Bank Extra Home Loan
Overall 1/10
Incompetent lending specialists

I went to this bank seeking a pre approval for a home loan and asked them multiples time what my maximum borrowing capacity is. The answer they gave me was completely wrong and I spent over six months attending open homes and auctions with some properties just going out of my price at auction or getting beaten in terms and conditions in multiple offer situations. They did this assessment listing that I had two dependants which I don’t not have and I never stated that I do. My finances are not completed as I am debt free, employed full time and have a decent deposit. I recently engaged another bank who stated my maximum borrowing capacity was close to 300k more. I would not recommend CBA to anyone, they are highly incompetent. Due to this error and the rise in the property markets there is a long list of suburbs that I can’t not afford to purchase in anymore.

Read full review

I went to this bank seeking a pre approval for a home loan and asked them multiples time what my maximum borrowing capacity is. The answer they gave me was completely wrong and I spent over six months attending open homes and auctions with some properties just going out of my price at auction or getting beaten in terms and conditions in multiple offer situations. They did this assessment listing that I had two dependants which I don’t not have and I never stated that I do. My finances are not completed as I am debt free, employed full time and have a decent deposit. I recently engaged another bank who stated my maximum borrowing capacity was close to 300k more. I would not recommend CBA to anyone, they are highly incompetent. Due to this error and the rise in the property markets there is a long list of suburbs that I can’t not afford to purchase in anymore.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Matt, Queensland, reviewed 4 months ago
Commonwealth Bank Home Loan
Overall 10/10
A good easy bank

Great interest rate, really easy to use web page and still have convenient branches or you can do business at Aus post.

Read full review

Great interest rate, really easy to use web page and still have convenient branches or you can do business at Aus post.

Price
8/10
Features
8/10
Customer service
9/10
Convenience
10/10
Trust
10/10
Less
Robert, New South Wales, reviewed 5 months ago
Commonwealth Bank Standard Variable Rate
Overall 10/10
Exceptional customer service

The bank provide me with exceptional service and always help me out when I had and questions or concerns regarding my wealth package and home loan.

Read full review

The bank provide me with exceptional service and always help me out when I had and questions or concerns regarding my wealth package and home loan.

Price
9/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Beena, Queensland, reviewed 5 months ago

What do you need to apply for a Commonwealth Bank home loan?

Is a CommBank home loan right for you? If the answer is yes, you can apply online or in branch, and you can also make an appointment to speak to a home loan specialist before you start. When you apply, make sure you have details handy about:

  • Your ID, such as your driver's licence or passport.
  • Your income, including copies of your bank statements for the last three months, your most recent payslip, or an employment contract or letter from your employer. If you're self-employed, you'll need your most recent personal and business tax returns, the corresponding ATO Notice of Assessment and the last two years of business financial statements. 
  • Any other income from your investment property, the government or shares. 
  • Any savings, investments, credit cards or loans not held with CommBank. 
  • A Contract of Sale and your solicitor or conveyancer's name, address and contact details (if you've already found a property).
  • Formal building tender, plans and specifications (if you're building a home).

Home loan quick links