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Product Details

Introduction to the Product

CBA (Bank) - 1 year fixed rate Home Loan

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Product Category: Residential Mortgages
Loan Purpose: Owner Occupied
Effective From: 01/01/0001 00:00:00 to 01/01/0001 00:00:00
Last Updated Date: 02/12/2023 23:09:19
Overview URL: https://www.commbank.com.au/content/dam/commbank/personal/home-loans/fact-sheets/Fixed_Rate.pdf

Keep your budget on track with competitive fixed rates and a range of repayment options.

Product Rate Details

Interest Rate: 0.0599, Comparison Rate: 0.0735

Rate Type: Fixed
Calculation Frequency: P1D Application Frequency: P1M
Repayment Type: Principal And Interest
Term: 1 Year
LVR Range: 0 to 90
Interest Payment Due on:
Additional Value: P1Y

Owner Occupied with Principal and Interest repayment type with Wealth Package
https://www.commbank.com.au/content/dam/commbank/personal/apply-online/download-printed-forms/home-loan-update-002842.pdf

Lending Rate Tier Details

Tier Name Min Max Unit
BALANCE 150000 99999999 DOLLAR

Eligibility to the Product

Applicable To - Individual or Business

Eligibility Type Value Info
NATURAL_PERSON Individuals
BUSINESS Non-individual borrowers Non-trading Companies and/or Family/Unit/Hybrid Trusts.
MIN_AGE 18 Individuals (natural persons, including as Trustee of a Family Trust) must have the legal capacity to enter into the loan contract, provide acceptable identification documentation and be 18 years or older.
OTHER Applications for home loans are subject to the Bank's normal credit approval.
RESIDENCY_STATUS Individuals must either be living in Australia as an Australian citizen, New Zealand citizen, Australian permanent resident or specified temporary Australian resident; or be an overseas citizen co-borrowing with an Australian citizen or Australian permanent resident or be living overseas as an Australian citizen or Australian permanent resident.

Product Features

Features include, Redraw, Digital Banking, Split Loan

Features Type Value Info
OTHER Rate lock If the fixed interest rate changes between the disclosure date on your loan contract and the loan funding date, the applicable fixed interest rate on your loan will be the rate at the date of your loan funding - which could be a higher (or lower) rate. If you request we can rate lock your fixed interest rates prior to the loan being funded, for a non-refundable $750 fee. If we agree, we'll lock your fixed interest rates from when we receive your completed rate lock form and will end 90 days after we process your rate lock request. The interest rates on your loan won't change for your elected fixed rate period. You can ask us to break the rate lock (for example, if rates go down) and revert to the rates available on the funding date.
OTHER Additional repayments You can make additional repayments of up to $10,000 for each year of your fixed rate loan, without incurring additional charges. Excluding Interest in advance periods. Administrative Fee and an Early Repayment Adjustment (ERA) may apply. See the 'Additional repayments' section in the Fixed Rate Home Loan fact sheet for more details.
REDRAW Redraw Redraw is not available during a fixed rate period. However, if you do make additional repayments during a fixed rate period, or had available redraw when you entered your fixed rate period, the redraw feature will become available at the expiry of the fixed rate. The amount available is adjusted so that at the end of your agreed loan term, both your loan balance and the available redraw will be zero.
OTHER Top up Through a top up you can borrow an additional $10,000 or more - subject to equity held in your property and our approval. However it's important to know that a top up would break your fixed rate contract and Administrative Fee and an Early Repayment Adjustment (ERA) may apply. Please contact us to discuss this. They are not permitted during the Interest in Advance period.
OTHER Switching your loan Switching is a change to one or more aspects of your loan's terms and conditions, for example switching from a variable rate to a fixed rate or switching from Interest Only payments to Principal and Interest repayments. You may be charged an Administrative Fee and Early Repayment Adjustment if you switch out of your fixed rate loan.
OTHER Splitting your loan Splitting is when you divide one loan into two or more loan accounts, generally with different loan types, repayment types or interest rates. You may be charged an Early Repayment Adjustment fee if you split your fixed rate loan.
OTHER Wealth Package Enjoy interest rate discounts, no establishment fees and no monthly loan service fees for eligible home loans, and no annual fee on one eligible credit card. To receive these benefits you must qualify for the Wealth Package and have an initial package lending balance of at least $150,000 when you apply for a package.
OTHER Lenders' Mortgage Insurance/Low Deposit Premium Lenders' Mortgage Insurance (LMI) or Low Deposit Premium (LDP) may apply where there is an increased risk associated with a home loan. The circumstances of your loan determine whether a loan will incur LMI or LDP. They is a one-off non-refundable, non-transferable cost added to the total loan amount. The LMI premium is not a bank fee or an establishment fee. The LDP is a bank fee and not an establishment fee.
OFFSET No Offset accounts are not available during a fixed rate term.
DIGITAL_BANKING Wherever you are in the world, CommBank gives you the choice and control to securely manage all of your accounts on a range of devices, the way you want.
OTHER Guarantor A guarantor is someone who agrees to be responsible for repaying a debt owed to us under a loan provided to another individual or business if the borrower (or borrowers) cannot make their repayments. A guarantor supports the loan by providing us with an additional security such as their home. By providing a guarantee, we may lend to the borrower in situations where they may not have been able to secure the full amount of the loan they require.
OTHER Acceptable Loan Purposes This loan can be used for the purposes of owner occupied property purchases, refinancing your existing home loan, purchasing of vacant land (non-commercial) and personal needs (e.g. home renovations, consolidation of personal debt and personal investments).
OTHER Unacceptable Loan Purposes This loan cannot be used for business purposes, bridging loans, off the plan purchases and building/construction purposes
OTHER Ending of the Fixed Term At Maturity of the fixed term, the Fixed Rate Home loan will switch to SVR Home loan and the interest rate will revert to the SVR Rate applicable to your loan and repayment type.
OTHER Compassionate Care For eligible owner occupied home loans, Home Loan Compassionate Care is complimentary protection that helps support you by paying your home loan repayments for around 12 months if you, your spouse or dependant passes away or is medically certified with a terminal illness. Please refer to Home Loan Compassionate Care guide for more information.
OTHER Loan Term 1-30 years
OTHER Cashback Offer Enjoy $2,000 cashback when you refinance your eligible home loan to Commbank.

Product Fees

Summay - Application Fee $600.00, Monthly Fee $8.00, Annual Fee $395.00, Administration Fee Monthly $8.00, Discharge Fee $350.00, Settlement Fee $350.00

Fee Name Type Amount Additional Value Additional Info
Establishment fee UPFRONT 600.00 Payable to cover the costs the Bank incurs in establishing your loan and unless it is waived by us, is payable at the date of settlement or funding. It does not include other fees and charges also payable at the time of entering into the loan such as those associated with the settlement of the loan or the particular circumstances of the loan.
Loan Service Fee PERIODIC 8.00 P1M For home loans, unless it is waived by us, the fee is charged monthly to each Loan Account on the repayment due date.
Rate lock fee EVENT 750.00 Payable if you elect to lock in your interest rates and is charged when we set up your home loan or when your rate lock request is processed (if requested later). This non-refundable fee applies to 1-5 Year Fixed Rate home loans only. We will lock in the interest rates from when we receive your completed rate lock form and will end 90 days after we process your rate lock request. Fee applies per rate lock.
Settlement Fee EVENT 200.00 $150 if the disclosure date in the contract is before 03/02/12. Payable regardless of whether we attend settlement or not, when the Bank or our representatives, arranges the funding of the loan.
Settlement Cheque Fee TRANSACTION 15.00 Payable if you require additional cheques (more than two) to fund/settle the loan. Fee applied per cheque.
Late Payment Fee EVENT 20.00 For home loans - If your account falls into arrears, you will be charged a late payment fee. This fee is payable on the fifth business day after the monthly repayment due date. We will continue to charge the fee monthly until you repay all arrears or you enter into an arrangement with us for the full repayment of those arrears (even if you repay your loan weekly or fortnightly). If you break that arrangement the fee will continue to apply.
Settlement Fee (Discharge) EVENT 350.00 Payable if you discharge the loan, i.e. either sell part or all of the Security Property or refinance your Loan with another credit provider.
Administrative Fee EVENT 50.00 An Administrative fee is payable if you repay your home loan in full before the fixed interest rate period expires; or make partial prepayments which exceed $10,000 in any year of your fixed rate loan.
Early Repayment Adjustment Fee VARIABLE An Early Repayment Adjustment is payable if you make partial prepayments on a fixed rate loan which exceed $10,000 in any year of your fixed rate loan (including paying the loan off in full); or make full prepayment during a capped or one-year guaranteed rate period of a home loan; or switch your Fixed Rate loan before the selected fixed or guaranteed rate period expires; or Top up the amount of credit of a home loan during a fixed or guaranteed rate period.
Access fee (overseas transactions) through the Automatic Teller Machines of ASB Bank in New Zealand, Commonwealth Bank in Indonesia and Commonwealth Bank in Vietnam. WITHDRAWAL 2.00 Access Fees (overseas transactions) through the Automatic Teller Machines of ASB Bank in New Zealand, Commonwealth Bank in Indonesia and Commonwealth Bank in Vietnam.
Access Fees (overseas transactions) through the Cirrus, MasterCard or Visa Plus ATM cash withdrawal in foreign currency. WITHDRAWAL 5.00 Access Fees (overseas transactions) through the Cirrus, MasterCard or Visa Plus ATM cash withdrawal in foreign currency.
Access Fees (overseas transactions) through the Cirrus, MasterCard or Visa Plus ATM cash withdrawal in foreign currency. WITHDRAWAL Access Fees (overseas transactions) through the Cirrus, MasterCard or Visa Plus ATM cash withdrawal in foreign currency.
Access Fees (overseas transactions) through the Maestro (EFTPOS) or Debit MasterCard purchase in Australian dollars when overseas. PURCHASE Access Fees (overseas transactions) through the Maestro (EFTPOS) or Debit MasterCard purchase in Australian dollars when overseas.
Access Fees (overseas transactions) through the Maestro (EFTPOS) or Debit MasterCard purchase in foreign currency (or transaction that involves a currency conversion). PURCHASE Access Fees (overseas transactions) through the Maestro (EFTPOS) or Debit MasterCard purchase in foreign currency (or transaction that involves a currency conversion).
Additional Security Fee EVENT 150.00 Payable if we require you to provide more than one security (i.e. the security used to support the repayment of the loan), and one or more of these securities is ‘new’ i.e. does not already secure another loan. Fee is applied per 'new' security.
ATM fees within Australia EVENT 0.00 The Bank does not charge Access Fees on withdrawals or account balance enquiries on transaction and savings accounts (including MISA), home loans, investment home loans and lines of credit through non-Commonwealth Bank ATMs in Australia. However, ATM owners may charge a fee, which will be disclosed at the time of the transaction. If you proceed with the transaction, the ATM owner's fee will be debited to your account (in addition to the withdrawal amount, if applicable). You should check the ATM owner's fees that apply carefully before completing transactions at non-Commonwealth Bank ATMs in Australia.
Periodical Payments or Transfers EVENT 1.80 $1.80 plus transfer fee, bank cheque fee and postage as applicable.
Progressive Drawing Fee EVENT 75.00 Payable when the Bank makes a number of progressive payments to fund your loan amount. Payable at your final drawing. Fee is applied per drawing.
Security Guarantee Fee UPFRONT 200.00 Payable if a guarantor is listed on the loan schedule. Fee is applied per borrower.
Security Substitution fee EVENT 300.00 Payable if you ask us to substitute one of your securities with another.
Special clearance fees EVENT 15.00 $15 per cheque plus any out of pocket cost. Payable if you ask us for a special clearance on a cheque deposited in the Loan Account.
Stop payment notice fee EVENT 15.00 Payable if you ask us to stop payment on a cheque you have written. Fee is applied per request.
Top Up Establishment Fee EVENT 300.00 Unless waived by us, it is charged when you increase an existing home loan/Viridian Line of Credit.
Voucher Fee EVENT 4.00 Payable if you ask us to retrieve a voucher (i.e. deposit, credit or debit slips) that records a transaction on the Loan Account. $4 per voucher (minimum charge $12) or $60 per hour spent to retrieve voucher(s).
Trust Investigation Fee and UTC Clause 2.1 EVENT 0.00 Payable if we incur investigation cost for loans involving a Trust. This fee applies even if we don't give you a loan. (Refer to UTC Clause 2.1).
Wealth Package PERIODIC 395.00 P1Y Add a Wealth Package to your eligible home loan to enjoy interest rate discounts and no establishment fees for eligible home loans. To receive these benefits you must qualify for the Wealth Package and have an initial package lending balance of at least $150,000 when you apply for a package. Fee is charged annually.

Product Fee Discounts

Type Amount Description Additional Value Additional Info
PAYMENTS 600.00 Wealth Package 600.00 No upfront home loan establishment fees
PAYMENTS 8.00 Wealth Package 8.00 No monthly home loan service fees
PAYMENTS 300.00 Wealth Package 300.00 No Top Up establishment fees