Ratings
LVR options
LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.
Commonwealth Bank Standard Rate does not offer tier pricing for lower LVR. With Standard Rate, you can borrow upto $95% LVR.
95%
LVR
Commonwealth Bank
Repayment options
Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.
Tips: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.
Paying pricinpal and interest
Commonwealth Bank
Paying interest only
Commonwealth Bank
Q&As
Does Commonwealth Bank Standard Rate comes with an offset account?
Yes, Standard Rate comes with a 100% offset account.
A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
What are the costs to apply for Commonwealth Bank Standard Rate?
There is upfront costs of $800 to apply for Standard Rate.
- Application fee: $600
- Settlement fee: $200
Standard Rate also comes with ongoing account fees of $96 per year.
- Monthly fee: $8 per month
Are there costs when I exit or refinance to another lender?
Commonwealth Bank charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property.
IMPORTANT: Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Commonwealth Bank or a mortgage broker just to be sure. This information should be used as a guide only.