Back to Home Loan Products

Eligibility Criteria

This product is available to customers who:

• Are individuals (including trustee of a family, hybrid, or unit trust) 18 years of age or above; and
  
• Are living in Australia as:
  
• An Australian citizen, permanent resident or specified temporary Australian resident;
  
• New Zealand citizen; or
  
• Overseas citizen co-borrowing with an Australian citizen or permanent resident; or
  
• Are living and working overseas as an Australian citizen or permanent resident; or
  
• Are an Australian registered, non-trading company; or
  
• Are a trustee of an Australian, non-trading, family, unit or hybrid trust (the beneficiary and Trustee must meet the eligibility criteria of an individual or a company, as above);
  
• Provide sufficient security in accordance with CommBank's credit assessment criteria, including:
  
• Acceptable residential mortgage;
  
• Acceptable residential mortgage with supplementary cash held in an eligible CommBank account; and/or
  
• Guarantor who supports the loan by providing additional security.
  

Customer objectives, financial situation and needs

This product is for customers who:

• Want a loan with certainty of fixed repayments over a set period (of up to 5 years) for any of the following purposes:
• Purchasing, refinancing or renovating a residential owner occupied or investment property;
  
• Consolidation of personal debt;
  
• Purchase of land; or
  
• Personal needs or personal investments other than cryptocurrency or digital assets.
  
• Are in a financial situation that satisfies CommBank's credit assessment criteria.
  

Key features

• A fixed interest rate for between 1 and 5 years, which means repayments will be fixed for the selected term.
• The product will change to a Standard Variable Rate home loan after the set fixed interest period (where the interest rate and repayments will become variable) unless it's switched to another loan type including a new Fixed Rate home loan.
  
• An early repayment adjustment may apply if a customer wishes to break their fixed term early.
  
• Additional repayments can be made up to $10,000 in a year without incurring additional charges.
  
• Switch repayment type between principal and interest and interest only repayments (may require approval).
  
• Pay an annual fee to access a Wealth Package (which is subject to its own eligibility criteria), to receive a discount on home loan interest rates as well as waiver of specified fees.
  

Early Repayment Adjustment

An Early Repayment Adjustment (ERA) and Administrative Fee may apply where the borrowers repay their Fixed Rate Home/ Investment Home Loan in part (except for the first $10,000 in additional repayments received in the year of prepayment) in full or top up, during the fixed rate period. More Information

Fixed Term Maturity Date

Home loans with a fixed term have a scheduled maturity date. At the end of day on the scheduled maturity date, the home loan will switch to a Standard Variable Rate Home Loan/Investment Home Loan. However, the actual maturity date may occur earlier by up to four calendar days than the scheduled maturity date due to system processing.

The actual maturity date depends on the day of the month the original scheduled maturity date falls on, and if that day is on a business day or a non-business day. More Information

Fact Sheet

Important Things to Know About Home Loans and Credit Cards

Maturity Date Frequently Asked Questions

Home Loan Interest Rates and Fees

Calculators

Credit Policy

Application Process

The target market for this product will be found within the product’s Target Market Determination, available here