CommBank Home Loans Review: Rates, Features & Fees

Offset

CommBank’s Standard Variable Rate home loans are eligible for multiple offset accounts.

Redraw

CommBank offers one redraw facility per eligible Standard Variable Rate home loan.

Split home loan options

CommBank offers the ability to split home loans into both variable and fixed rate portions.

Top-ups

Standard Variable Rate home loans are eligible for top-ups. This entails increasing the loan amount if you need to finance another major purchase, such as a car, renovations, taking a holiday, or consolidating debt.

For some, borrowing extra on your home loan may be a suitable option as home loan interest rates are generally lower than those offered on credit cards and personal loans. (Bear in mind, this will also likely raise your regular repayments.)

Repayment holiday

CommBank offers repayment holidays for customers whose financial circumstances may have changed. It means those facing financial hardship may be eligible to take a break from making repayments on their home loans, effectively allowing loans to be placed on hold.

Wealth Package

CommBank’s Wealth Package provides interest rate discounts and no establishment fees for eligible home loans for an annual package fee of $395 (as at June 2026).

The Wealth Package is currently available on:

Property Share

CommBank’s Property Share option is designed to help customers looking for ways to overcome the challenges of breaking into the housing market.

Property Share allows multiple borrowers, usually family or friends, to split the cost of buying a property while keeping their other finances, ownership, and repayments separate.

Property Share is available for individuals, non-trading companies and/or family/unit/hybrid trusts who take out a Standard Variable Rate or Fixed Rate home loan.

Pros & Cons of CommBank home loans

Pros

• Cater for a wide spread of homebuyers and investors, including self-employed borrowers and those who earn income from  
• Market-leading app, internet and mobile banking technology
• Australia’s largest branch network for those preferring face-to-face services
• Will lend to those wanting to buy in rural and remote areas (some lenders will not accept loan applications for these markets)
• Allows for guarantor and shared equity loans
• Highly flexible loan features
• Lenders mortgage insurance waivers for some high-income professionals
• Participant in the federal government 5% Deposit Scheme
• May offer lower-than-advertised discretionary interest rates to some borrowers with good credit records and low loan-to-value ratios (LVRs)

Cons

• Rates tend to be generally higher than others available on the market
• May not be the best lender to deal with through a mortgage broker
• Unlikely to consider borrowers with poor credit history
• Approval process can be slow (dependent on application volumes at the time)

How is CommBank different from the other big four banks?

According to CommBank’s marketing, Australia’s largest bank stands apart from its big four peers as it’s able to offer more flexibility and innovation.

It offers as an example its Home-in feature within the CommBank app, built to guide home loan customers through the home buying process.

“Customers can understand their borrowing capacity, find a property, track their applications, and manage their home loans,” the spokesperson said.

“Home-in is a digital conveyancing tool that guides customers through the process of buying and settling a home, coordinating all key steps and interactions between their lender and solicitor/conveyancer in one single hub.”

At the time of writing, Home-in offers $699 fixed price conveyancing through a partner law firm to eligible borrowers.

As well, CommBank customers may be eligible for exclusive deals and discounts through the bank’s corporate partner network, including savings on the NBN and mobile plans through More, credit with energy retailer Amber Electric, and cashback payments.  

Pre-approval with CommBank

CommBank encourages customers to contact a CommBank lender or broker online, in branch, or over the phone to discuss conditional pre-approval before they make an offer on a property.

“Some customers can get conditional pre-approval within 15 minutes and are able to search for a property with confidence by getting an indication of what they are likely to be able to afford,” a CommBank spokesperson said.

“[But] it’s important to remember that final loan approval is dependent on an assessment of the customer’s financial position as well as the property they choose to purchase.”

Am I eligible for a CommBank home loan?

If you’re looking into applying for a CommBank home loan, you will need to:

Applying for a CommBank home loan 

For straightforward home loans, CommBank will need to see:

Proof of identity

New customers

Present photo ID such as Australian driver’s licence, passport, proof of age card, or any two of the following:

• birth certificate
• citizenship certificate
• pension card issued by Centrelink
• overseas driver’s licence
• household bill, e.g. rates, phone or electricity bill

Existing CommBank customers

One of the following:

• CommBank debit or credit card, or passbook
• photo ID, such as Australian driver’s licence, passport or proof of age card
• telephone banking password

Income

Unless your salary is paid into a CommBank account, you’ll need copies of:

• your bank statements for the last three months (or the last six months if you are casually employed)
• your most recent payslip, or an employment contract or letter from your employer detailing your current base wage and PAYG payment summary or tax return

If you’re self-employed and pay yourself a regular salary, you may be eligible for a simplified verification process. Otherwise, you’ll need:

• personal tax return from the most recent year (sole traders will need to provide two most recent years) and your most recent ATO Notice of Assessment or a letter from your accountant confirming that tax returns are final and have been lodged with the ATO
• most recent business tax returns
• most recent business financial statements, showing the last two consecutive years’ profit and loss information

If you’re earning rental income from another property, you’ll need to show one of the following:

• statement from the managing/real estate agent
• current lease agreement
• most recent tax returns showing ownership of the rental property

If you receive any government income, you’ll need a letter from Centrelink confirming your benefits amount

If you have other income (e.g. investment income from shares) not listed above, documentation will be required

Expenses

You’ll need to provide a breakdown of your living expenses including food, transport, clothing, utilities, education, and healthcare.

Other information

• If you’re using an existing property as security, you’ll need to produce either a rates notice that shows the street address and title reference, or a Notice of Valuation
• If you’ve found a property, you’ll need to show a Contract of Sale as well as your solicitor or conveyancer’s name, address, and contact details
• If you have existing insurance, you’ll need to show a copy of any insurance documents
• You may also need to show documents of savings, investments, credit cards, or loans not held with CommBank

How can I refinance to a CommBank home loan?

CommBank says switching an existing home loan to a CommBank home loan can be done in a few steps:

1. Book an appointment with a lending specialist either online, over the phone, or through a CommBank branch.

2. Complete a refinance application. For this you’ll need to provide:

   • Your current loan balance and statements for each home loan being refinanced

   • If your loan is eligible for FAST Refi®, you’ll also need to sign some additional documents, and CommBank will deal with your current lender on your behalf

   • Once approved, review and sign your loan contract

Check the market

If you’re interested to see how Commonwealth Bank home loans stack up compared to other loans on the market, check the table below: 

Lender	Home Loan	Interest Rate	Comparison Rate*	Monthly Repayment	Repayment type	Rate Type	Offset	Redraw	Ongoing Fees	Upfront Fees	Max LVR	Lump Sum Repayment	Extra Repayments	Split Loan Option	Tags	Features	Link	Compare	Promoted Product	Disclosure
		6.04% p.a.	6.08% p.a.	$3,011	Principal & Interest	Variable			$0	$530	90%					Available for purchase or refinance, min 10% deposit needed to qualify. No application, ongoing monthly or annual fees. Quick and easy online application process.		Compare	Promoted	Disclosure
		5.89% p.a.	5.80% p.a.	$2,962	Principal & Interest	Variable			$0	$0	80%					No application or ongoing fees. Annual rate discount Unlimited redraws & additional repayments. LVR <80% A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.		Compare	Promoted	Disclosure
		6.04% p.a.	6.07% p.a.	$3,011	Principal & Interest	Variable			$0	$799	80%							Compare

Important Information and Comparison Rate Warning

Important Information and Comparison Rate Warning