CommBank Home Loans: The 2026 Review

CommBank, officially known as the Commonwealth Bank of Australia, was established in 1911 under the Commonwealth Bank Act by the Australian Government. Initially created to serve as a government bank, it was fully privatised in 1996. Over the years, CommBank has achieved significant milestones, including becoming the largest Australian listed company by 2015. Headquartered in Sydney, New South Wales, it has expanded its operations internationally, with a presence in New Zealand, Asia, the US, and the UK.

Today, CommBank is recognised as one of Australia's Big 4 banks, offering a comprehensive range of financial products and services. It operates an extensive branch network across the country, complemented by robust online services. The bank distinguishes itself through its flexible loan products and customer satisfaction, supported by reliable digital tools and strong in-person support. Despite competitive interest rates, CommBank's focus on flexibility and stability sets it apart in the market.

CommBank caters to a diverse customer base, including first home buyers, investors, refinancers, and families. Its strategic focus on providing a full-service banking experience makes it a preferred choice for many Australians. The bank's extensive branch network and comprehensive service offerings ensure it remains a reliable and supportive banking partner for customers across various segments.

• Legal Name: Commonwealth Bank of Australia
• ABN: 48123123124
• Established: 1911
• Headquarters: Sydney, New South Wales
• Type: Public
• Ownership: Big 4

• Website: https://www.commbank.com.au
• Phone: 13 2224
• Address: Sydney, NSW

CommBank offers a range of flexible home loan features designed to provide borrowers with financial flexibility and cost savings. With options like offset accounts, fee-free redraw facilities, and comprehensive digital tools, CommBank caters to diverse borrower needs.

• Everyday Offset Account: The Everyday Offset account links to your Standard Variable Rate or Investment home loan, reducing the interest charged on your loan by offsetting your balance with the account's funds. This feature helps in saving interest costs and allows multiple offset accounts per loan, but is only available to individual borrowers.
• Fee-Free Redraw Facility: CommBank provides a fee-free redraw facility, allowing borrowers to access any additional repayments made over the minimum required amount. This feature offers financial flexibility and convenience, enabling borrowers to manage their cash flow without incurring extra costs.
• Unlimited Additional Repayments: Borrowers can make unlimited additional repayments on their loans without any fees. This feature allows for faster loan repayment and interest savings, providing borrowers with the flexibility to reduce their debt more quickly.
• Guarantor Option: The guarantor option allows borrowers to secure a loan with additional security from a guarantor, such as a family member. This can enable borrowers to qualify for loans they might not otherwise be eligible for, offering a pathway to home ownership.
• Digital Banking Tools: CommBank offers robust digital banking tools, including online banking and a mobile app, allowing borrowers to manage their accounts securely from anywhere. These tools provide convenience and control over financial management, enhancing the borrower experience.
• Loan Splitting: Borrowers can split their loan into multiple accounts with different interest rates and repayment types. This feature allows for tailored loan structuring, enabling borrowers to balance the benefits of fixed and variable rates according to their financial strategy.
• Interest Rate Discounts: Eligible home loans under CommBank's packages can enjoy interest rate discounts, no establishment fees, and waived credit card fees. These benefits contribute to overall cost savings, making home loans more affordable for borrowers.
• Top-Up Facility: Borrowers can apply to increase their loan by $10,000 or more, subject to equity and approval. This feature provides additional funds for personal needs or investments, offering flexibility in financial planning.
• Flexible Repayment Options: CommBank allows borrowers to switch between repayment types, such as from Principal and Interest to Interest Only. This flexibility helps borrowers manage their repayments according to changing financial circumstances.

CommBank provides a transparent fee structure for its home loan products, with various fees applicable depending on the loan type and borrower circumstances.

• Establishment Fee: $800 - Charged on off the plan purchases for new and existing home loans. $600 for each of the first two loans plus $300 for additional loans on split loans.
• Settlement Cheque Fee: $30 - Payable per cheque if more than two cheques are required to fund or settle the loan.
• Settlement Fee: $200 - Applicable regardless of attendance at settlement. $150 if the contract disclosure date is before 03/02/12.
• Annual Service Fee: $33 (Annual) - Payable for home loans with the former State Bank of Victoria, as specified in the terms.
• Home Loan Package Fee: $395 (Annual) - Charged when adding a Wealth Package or Mortgage Advantage to an eligible home loan, requiring a minimum package lending balance of $150,000.
• Settlement Fee (Discharge): $350 - Payable upon discharging the loan, such as selling the property or refinancing with another provider.
• Early Repayment Adjustment: Variable - Applicable for early repayment or refinancing of loans approved before 1 November 1996.
• Offset Feature Fee: $10 (Monthly) - Charged if an Everyday Offset Account is linked to a Simple Home Loan Account during the repayment period.

CommBank offers home loans to a diverse range of borrowers, including Australian citizens, permanent residents, and specified temporary residents, with a focus on flexibility and comprehensive support.

• Applicants must be at least 18 years old.
• Applicants must be Australian citizens, New Zealand citizens, Australian permanent residents, or specified temporary residents; overseas citizens can co-borrow with an Australian citizen or permanent resident.
• Applicants must meet the bank's standard credit approval criteria.
• Applicants must be comfortable using online channels like NetBank and the CommBank app for their application.
• For loans exceeding 80% LVR, Lenders Mortgage Insurance (LMI) or Low Deposit Premium (LDP) may apply.
• Available for customers purchasing or refinancing from another financial institution to CommBank.
• Applicants must be natural persons, not other legal entities.

• A minimum deposit of 20% is generally required unless specific postcode restrictions apply.
• LMI or LDP is required for loans with an LVR above 80%.
• First home buyers may have access to special programs and guarantor options.