These home loans offer low costs, coupled with a host of features, giving the best overall value.
7+
Great
These home loans may have slightly higher interest rates or fewer features but overall, a competitive offering.
5+
Standard
Usually the home loans would offer above average rates. They may still include some competitive features.
0+
Basic
Higher costs and/or fewer features.
The Commonwealth Bank is the biggest of Australia's Big Four Banks. Check out the full table of Commonwealth Bank products below or read more about the lender and its loans.
Compare Commonwealth Bank home loans for November 2024
Compare Commonwealth Bank home loan products in the table below. You can also find more information on each individual product by clicking "More info".
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We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these
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CommBank key facts
The Commonwealth Bank is one of Australia's biggest lenders and has a very large range of home loan products, including package home loans with lots of extra features and simpler loans with just the basics.
The lender has a nationwide network of physical branches plus phone support and an app to manage repayments, spending and saving.
Beyond mortgages, Commonwealth Bank also offers savings accounts, transaction accounts and term deposits.
What do Australians think of CommBank home loans?
Owner Occupier home loans
4.13/5 overall for Customer Satisfaction — higher than the average of 3.98
4.45/5 for Trust — higher than the average of 4.36
4.18/5 for Customer Service — higher than the average of 3.97
Investor home loans
4.2/5 overall for Customer Satisfaction - higher than the average of 3.97, and this was the highest score in the category
4.58/5 for Trust — higher than the average of 4.42
4.2/5 for Customer Service — higher than the average of 3.95, and this was the highest score in the category
The Commonwealth Bank has a range of mortgages for many types of borrowers. It offers loans for first home buyers, investors, those looking to refinance, and those who want to access their existing home equity.
Feature
Details
Deposit size
You can borrow up to 95% with some Commonwealth Bank mortgages, including some very competitive rates. But many rates require larger deposits, so look carefully at each loan's LVR.
Offset account?
Some Commonwealth Bank loans come with 100% offset accounts, but not all of them do so check carefully before applying.
CommBank's package home loans offer discounted mortgage rates and fee waivers on the loan and a credit card.
Our expert says
"I’ve been with CommBank for four years. When I was looking for my first home loan in Australia, I initially considered smaller lenders with lower rates and didn’t even think of my existing bank. However, after spending an hour on hold with a smaller lender, I decided to give CommBank a call and never looked back. They assigned a direct contact who I could call anytime and offered a significant discount on their variable rate. It was a surprisingly straightforward process and better value than expected."
When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.
Eligibility
Each Commonwealth Bank product has specific eligibility criteria, but some will apply to all products. For example:
Age. You must be over 18 years of age.
Residency. You should be a resident of Australia.
Employment. You should have a regular source of income.
Documents required
When you apply for a mortgage with Commonwealth Bank, you are required to provide certain information, so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:
📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income. If you bank with CommBank already, you may be able to prove your income digitally.
📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).
Mortgage brokers. Find out how to get free, expert guidance from a mortgage broker.
More home loan questions
To make sure you find the right Commonwealth Bank loan, you need a clear idea of what you're looking for in a mortgage. These simple questions can help:
Do you want help from an actual person? Because the Commonwealth Bank has a large network of physical branches, you can talk to staff in person when you need home loan help. This is something online lenders and smaller banks may not be able to do.
What do you need the loan for? If you're buying a home to live in, you need an owner-occupier loan. Property investors need an investment loan rate. Commonwealth Bank has both.
Fixed or variable? Do you want the flexibility of a variable rate loan that could rise or fall at any time? Or are you happy to lock in a fixed rate for a certain period so you can forget about rate changes? With CommBank, you can choose either or both with a split rate.
What features do you need? You need to decide whether you need features like a 100% offset account, the ability to make extra repayments and the option to split your rate.
The Commonwealth Bank offers conditional pre-approval and you can apply online, by phone or via appointment with a lending specialist at a branch.
Home loan pre-approval is an optional step in the application process that some lenders offer. Pre-approval means a lender has examined your savings, income and spending habits and has a rough idea of how much it could lend you. It's not the same as full loan approval and it's no guarantee that the lender will ultimately approve a full application. But it does allow borrowers to start looking for a home with more confidence and a clearer idea of their borrowing power.
Most Australian borrowers bank with one of the Big Four (Commbank, Westpac, NAB and ANZ). They have physical branches and ATMs in most locations and strong customer support. These are big advantages.
But if you're worried that smaller lenders are unsafe or less reliable, you probably shouldn't. In Australia, most lenders are authorised deposit-taking institutions (ADIs) and are regulated by the Australian Prudential Regulation Authority (APRA). Almost every lender has a banking licence or partners with a bank.
There's an assumption that interest rates from the Big Four are less competitive than smaller lenders. And while this is broadly true, the gap has shrunk dramatically in recent years. You can get a very good deal from lenders large and small.
Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down. A variable rate usually offers more flexibility in how fast you can repay the loan and the cost of refinancing.
A fixed rate loan offers total certainty about your rate, for the fixed period. This means it won't rise, costing you more. But if your lender starts lowering rates you won't benefit either. Refinancing a fixed rate loan means breaking the loan, because you've agreed to a specific rate. This means you may have to pay a fixed rate break fee.
Mortgage brokers are home loan professionals who can help you find a suitable loan. A broker typically charges you no fee, because they receive a commission from your lender. Brokers are great if you are short on time or find the whole process of researching and applying for a home loan confusing. But you can definitely do it yourself and find a good loan. You may even find a better deal. That's because brokers don't compare loans from every lender in the market. They have access to a panel of loans and often don't have smaller online lenders in their panel.
The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio
Richard's expertise
Richard has written 553 Finder guides across topics including:
Repay your loan faster and save thousands by finding a lender that will reduce your LMI. To find the right home loan for you, compare different loans today.
Do lenders ever approve loans to people on disability pension, if they have 20% deposit and want to only borrow 60K, and have no other debts.The amounts to repay are very affordable, compared to the rent they currently are paying?
BelindaAugust 25, 2015
Hi Caroline,
Thanks for your enquiry.
You can read more about home loans for pensioners and you can enquire with a mortgage broker to discuss your needs. The broker will then be able to draw upon their panel of lenders to find one that’s likely to review your application.
Generally, a lender will review your application on a case-by-case basis but they will take into account your age, assets, and debts, as well as the amount of benefit you receive, to determine whether or not you can comfortably service the loan.
You may be required to provide evidence of funds to complete the deposit, bank statements showing your pension being deposited into your bank account (normally 6 months), and a letter from Centrelink confirming the status of your pension.
I hope this helps.
Thanks,
Belinda
JimFebruary 6, 2015
I am considering purchasing a hobby farm of approx.240 ha $600000.My wife and I earn Gross $180k between us we are perm. teachers of 7-10 years.We currently have a wealth package loan for our home o/s debt $135k value of property $550k.We do not intend to run the farm as a commercial venture,we would lease the house on farm against a portion of the farm to run stock on and run 40 cattle as a hobby for ourselves. J Connors
Finder
ShirleyFebruary 6, 2015Finder
Hi Jim,
Thanks for your question.
Please note that finder.com.au is an online comparison service and is not a product issuer. If you would like to discuss your eligibility or options, please get in touch with the Commonwealth Bank directly.
Hope this helps,
Shirley
PaulJanuary 5, 2015
How much deposit would you need to buy a rental/investment property?
I earn 160k before tax so I could easily top up payments (by up to $800pw), just don’t have much saved yet
Finder
MarcJanuary 5, 2015Finder
Hi Paul,
thanks for the question.
You will usually need a deposit of at least 5 – 20% of the purchase price of the property. Keep in mind that this will depend on the lender and the specific loan, and also note that borrowing with a deposit of less than 20% will come with Lender’s Mortgage Insurance costs, which is a fee charged to you to cover the risk of having a smaller deposit.
I hope this helps,
Marc.
elizabethAugust 31, 2014
searching for table showing 3 year, interest only,( variable) investment home loan rates, over 200K. What do I google to find this exact request? thank you.
Finder
ShirleySeptember 1, 2014Finder
Hi Elizabeth,
Thanks for your question.
I actually did some digging on the actual CommBank website, I’ve emailed you the link to their Rates & Fees PDF for home loans.
Cheers,
Shirley
GabrielleAugust 16, 2014
Do banks charge the application fee if you are changing banks for a better rate?
Thanks
Finder
MarcAugust 18, 2014Finder
Hi Gabrielle,
Thanks for the question.
In many cases, banks will still charge an application fee if you’re refinancing. This doesn’t mean you have to pay it though. Often, if you simply negotiate with your new lender, they’ll be eager to get your business by offering free discounts, cashback, or even lower rates.
Another good technique to try is to ask your existing lender if they can lower your rate. Your lender will want to keep your business and so might drop rates to keep you from leaving, meaning you don’t have to go through the effort of finding a new loan and paying upfront fees.
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Do lenders ever approve loans to people on disability pension, if they have 20% deposit and want to only borrow 60K, and have no other debts.The amounts to repay are very affordable, compared to the rent they currently are paying?
Hi Caroline,
Thanks for your enquiry.
You can read more about home loans for pensioners and you can enquire with a mortgage broker to discuss your needs. The broker will then be able to draw upon their panel of lenders to find one that’s likely to review your application.
Generally, a lender will review your application on a case-by-case basis but they will take into account your age, assets, and debts, as well as the amount of benefit you receive, to determine whether or not you can comfortably service the loan.
You may be required to provide evidence of funds to complete the deposit, bank statements showing your pension being deposited into your bank account (normally 6 months), and a letter from Centrelink confirming the status of your pension.
I hope this helps.
Thanks,
Belinda
I am considering purchasing a hobby farm of approx.240 ha $600000.My wife and I earn Gross $180k between us we are perm. teachers of 7-10 years.We currently have a wealth package loan for our home o/s debt $135k value of property $550k.We do not intend to run the farm as a commercial venture,we would lease the house on farm against a portion of the farm to run stock on and run 40 cattle as a hobby for ourselves. J Connors
Hi Jim,
Thanks for your question.
Please note that finder.com.au is an online comparison service and is not a product issuer. If you would like to discuss your eligibility or options, please get in touch with the Commonwealth Bank directly.
Hope this helps,
Shirley
How much deposit would you need to buy a rental/investment property?
I earn 160k before tax so I could easily top up payments (by up to $800pw), just don’t have much saved yet
Hi Paul,
thanks for the question.
You will usually need a deposit of at least 5 – 20% of the purchase price of the property. Keep in mind that this will depend on the lender and the specific loan, and also note that borrowing with a deposit of less than 20% will come with Lender’s Mortgage Insurance costs, which is a fee charged to you to cover the risk of having a smaller deposit.
I hope this helps,
Marc.
searching for table showing 3 year, interest only,( variable) investment home loan rates, over 200K. What do I google to find this exact request? thank you.
Hi Elizabeth,
Thanks for your question.
I actually did some digging on the actual CommBank website, I’ve emailed you the link to their Rates & Fees PDF for home loans.
Cheers,
Shirley
Do banks charge the application fee if you are changing banks for a better rate?
Thanks
Hi Gabrielle,
Thanks for the question.
In many cases, banks will still charge an application fee if you’re refinancing. This doesn’t mean you have to pay it though. Often, if you simply negotiate with your new lender, they’ll be eager to get your business by offering free discounts, cashback, or even lower rates.
Another good technique to try is to ask your existing lender if they can lower your rate. Your lender will want to keep your business and so might drop rates to keep you from leaving, meaning you don’t have to go through the effort of finding a new loan and paying upfront fees.
Also, keep in mind that there are quite a few home loans that offer cashback, which you can compare.
I hope this helps,
Marc