CommBank Home Loans: The 2026 Review

The Commonwealth Bank of Australia, known as CommBank, was established in 1911 under the Commonwealth Bank Act. It commenced operations in 1912, initially as a government-owned entity. Over the years, CommBank expanded its services and reach, becoming fully privatised in 1996. The bank is now publicly listed on the Australian Securities Exchange, marking a significant milestone in its history. Headquartered in Sydney, New South Wales, CommBank has grown to become the largest bank in Australia by deposits and home loan lending.

Today, CommBank is a major player in the Australian banking sector, recognised as one of the Big 4 banks. It operates an extensive branch network across the country and offers a comprehensive range of financial products and services. CommBank differentiates itself with a strong digital banking platform, including an award-winning app that enhances customer experience. The bank's portfolio includes brands like Bankwest, Colonial First State, and CommSec, further solidifying its market presence.

CommBank targets a diverse customer base, including home buyers, investors, and refinancers. It offers competitive home loan products, such as the Wealth Package, which provides discounts and fee waivers. The bank's First Home Guarantee allows first-time buyers to enter the market with just a 5% deposit. With its robust digital capabilities and comprehensive offerings, CommBank remains a preferred choice for many Australians, continually adapting to meet the evolving needs of its customers.

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

• Website: https://www.commbank.com.au
• Phone: 13 2224

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

• Everyday Offset Account: This transaction account links to your Standard Variable Rate or Investment home loan, reducing the interest-charged balance by the amount deposited. This feature allows borrowers to save on interest costs, enhancing financial flexibility. Available for individual borrowers only.
• Fee-Free Redraw Facility: CommBank home loans include a fee-free redraw facility, enabling borrowers to access additional repayments made over the minimum required amount. This feature offers financial flexibility without incurring extra costs.
• Unlimited Additional Repayments: Borrowers can make unlimited additional repayments at any time without fees. This allows faster loan repayment and interest savings, providing greater control over financial commitments.
• Global Account Management: CommBank's digital platform allows secure management of accounts from anywhere in the world. This feature offers convenience and control, ensuring borrowers can oversee their finances on various devices.
• Guarantor Support: A guarantor can provide additional security for a loan, potentially enabling borrowers to secure funds they might not access otherwise. This feature can help in obtaining a loan with favourable terms.
• Loan Splitting: Borrowers can split their loan into multiple accounts with different interest rates and repayment types. This feature offers customised loan management, allowing a mix of fixed and variable rates to suit individual needs.
• Interest Rate Discounts and Fee Waivers: Eligible borrowers under the Wealth Package or Mortgage Advantage can access interest rate discounts and fee waivers, reducing overall loan costs. This feature provides significant savings for qualifying customers.
• Flexible Repayment Options: CommBank offers various repayment options, including switching between Principal and Interest or Interest Only payments. This flexibility allows borrowers to tailor their repayment strategy to their financial situation.
• Digital Banking and Mobile App: CommBank's award-winning app provides an intuitive platform for managing home loans, offering features like online applications and account monitoring. This enhances user experience and accessibility.

CommBank provides a detailed fee structure for its home loan products, ensuring transparency and clarity for borrowers. Fees vary by product and may include upfront, ongoing, and conditional charges.

• Establishment Fee: $300-$800 - Charged for establishing a home loan, with $800 for off-the-plan purchases and $300 for other loans. Waived for Simple Home Loan applications submitted between 6 December 2025 and 30 June 2026.
• Settlement Cheque Fee: $30 - Applied per cheque if more than two cheques are required to fund or settle the loan.
• Annual Service Fee: $33 (Annual) - Applicable to loans with the former State Bank of Victoria if specified in the terms and conditions.
• Offset Feature Fee: $10 (Monthly) - Charged if an Everyday Offset Account is linked to a Simple Home Loan Account during the repayment period.
• Voucher Fee: Variable - $4 per voucher (minimum $12) or $60 per hour to retrieve transaction records on the loan account.
• Discharge Fee: $350 - Payable upon loan discharge, either by selling the security property or refinancing with another provider.
• Late Payment Fee: $20 - Charged if the account falls into arrears, applied monthly until arrears are cleared or an arrangement is made.
• Switching Fee: $50 - Applicable when changing the loan purpose, repayment type, or product type.
• Early Repayment Fee: Applicable when you switch your loan or close it before the end of term. However, it is usually charged on fixed rate loans, and the actual amount depends on the outstanding balance and remaining term.

CommBank offers home loans to Australian citizens and permanent residents, providing flexible options for both first-time buyers and those refinancing from other institutions.

• Applicants must be at least 18 years old.
• Applicants must be Australian citizens or permanent residents.
• Loan applications are subject to the Bank's normal credit approval process.
• Applicants must have a loan to value ratio (LVR) of no more than 80% unless specific postcode restrictions apply.
• Applicants must be natural persons, not other legal entities.
• The loan must be for purchasing or refinancing from another financial institution to CommBank.
• Applicants must be comfortable using online channels such as NetBank and the CommBank app to apply.

• Lenders Mortgage Insurance (LMI) may be required for loans with an LVR above 80%.
• First Home Guarantee allows eligible first-time buyers to purchase with a 5% deposit.
• Certain products may require higher deposits depending on location-specific restrictions.