The Commonwealth Bank’s goal is to deploy leading edge technology that improves customer experience across all products and channels, including Commonwealth Bank refinancing loans.
The Commonwealth Bank is a leading provider of banking services in Australia, they offer a wide variety of quality financial products, making them an ideal lender for refinancing your home loan. The Commonwealth Bank refinancing guide recommend that any homeowner who has had their current home loan for a significant amount of time, should reappraise their situation. However, before you rush into refinancing, there are some things to consider.
Commonwealth Bank Home Loan Products
Commonwealth Fixed Rate
1 Year Guaranteed Rate
When a loan is needed for bridging, owner occupied, or for vacant land, get a loan with a fixed rate for one year for up to 95% of the property value. Lenders Mortgage Insurance, or LMI, can also be added to the total loan value. This loan also benefits from an offset account.
Refinance a home loan for a fixed rate period of one year. After that, it goes to the Standard Variable Rate for the life of the loan. Extra payments are allowed.
1 Year Lo Doc
Home loans are available for the self-employed. You could get as much as 60% of the home’s value at a fixed rate for 1 year, or as much as 80% by adding LMI.
Living in an owner-occupied home can provide a competitive fixed-rate deal for two years. Borrow up to 95 percent of the loan and add in the LMI if it is more than 80% of the home’s value. An offset account will enable more payments and extra cash when needed.
2 Years Lo Doc
Being self-employed should not mean being ineligible for a good mortgage. Get a two-year fixed rate mortgage with little documentation for up to 80% of the home’s value, and 2% can be added for LMI. It converts to an adjustable rate after that. Options include making additional payments and split loan.
Refinance an owner-occupied home with a 3 year fixed rate home loan. Borrow as much as 95 percent of the loan, and you can include LMI if you borrow more than 80 percent of the home’s value. Money can also be obtained from the offset account when needed.
3 Years Lo doc
People who are self-employed homeowners can get a 3-year fixed rate loan when refinancing home loans. The loan converts to an adjustable rate after 3 years. Options include interest in advance, which enables borrowers to get a deduction the following year.
Take advantage of the 4 years of fixed rate interest on a home if you are living in it. It is not necessary to worry about having a lot of equity, because borrowers can get up to 95% of the home’s value, and you could include LMI, if borrowing more than 80%. If extra cash is needed, it is available through an offset account.
4 Years Lo Doc
Self-employed owners can refinance their home for a four-year fixed rate loan if it’s to live in it. After that period, it converts to an adjustable rate mortgage. Options include interest in advance, which is deductible in the following year, a split loan option, and additional payments can be made, which will reduce the loan even faster.
Staying in an owner-occupied home with a fixed rate for 5 years can help owners relax and not worry about increasing payments. Not having much equity is not a problem, either, because this loan lets borrowers get up to 95% of the home’s value and include LMI, if borrowing more than 80%. Cash is available through an offset account.
5 Years Lo Doc
Self-employed people can get stable interest rates for five years. This mortgage gives homeowners several options, including making additional payments, getting a split loan option, and interest in advance, which provides a deductible each year.
Commonwealth Extra Home Loan
There is no need to pay full price with this loan. It offers a discounted rate during the introductory period, and another discount is applied when that period ends for the life of the mortgage. Borrow more than 80%, but LMI will need to be paid. Redraw is also available.
Commonwealth Rate Saver
When refinancing home loans, a deal is needed that gives a lot of options. Get a variable rate mortgage that enables redraw, has split loan options, can be used for construction or investment, provides an interest-only option, and lets homeowners make additional payments.
3 Year Special Variable
Get a new loan with a 3-year discounted variable interest rate. At the end of that time, it converts to the current Rate Saver Base Variable Interest Rate. Repayments can be made as interest only or principal plus interest, and repayments of any size can be made at any time.
3 Year Special Variable (Interest Only)
Take out a new loan and get a special discount that is lower than the Rate Saver rate for 3 years. Make it principal plus interest (1 to 15 years), or interest only for up to 10 years. Make extra payments of any size, get redraw, and be able to switch it to a fixed rate loan at any time.
Self-employed homeowners can get a low doc home loan with some great options. The Basic Rate Saver is a variable loan with the opportunity to make additional payments, get redraw, split-loan option, use it for construction, and get interest in advance.
Low Doc (Interest Only)
Refinance an investment property with this loan and pay interest only. Not much paperwork needed. Get many options with it, including a split-loan option, redraw, construction, and interest in advance.
Commonwealth Standard Variable
Self-employed people can get a refinance on their home with a great variable mortgage. This mortgage comes with a lot of attractive options. It can be used for construction, and it comes with redraw and a 100% offset account, additional payments, and split-loan option.
No Fee Home Loan
This special loan has no fees attached to it as long it is still being paid. A minimum loan amount is required, and homeowners can choose between interest only or principal plus interest payments. Options include being able to make extra repayments and redraw.
Commonwealth Line of Credit
The Viridian line of credit lets borrowers use the money as they see fit, including investing it or buying another property. The amount borrowed can be up to 80% of a home, or more with LMI. Do not pay any principal back during the loan, just pay interest and other charges.
If self-employed, homeowners may be eligible to get a line of credit for a residential refinance with reduced paperwork. Interest only payments can be made, or principal with interest. Options include redraw, interest in advance, and additional payments can be made.
Commonwealth MAV Package
When getting a new mortgage from Commonwealth for over $150,000, homeowners may be eligible for a MAV Package, or Mortgage Advantage. To qualify, it is necessary to obtain banking and insurance services. This gives borrowers a discount on their mortgage (fixed or variable), and no fees on their Everyday Accounts, as well as no annual fee on their credit card.
About Commonwealth Bank Refinancing
Why Should I Refinance?
- Refinancing may land you a more attractive loan agreement with a better interest rate. This loan agreement may also include additional features not covered under your previous loan, such as flexible repayments and redraw facilities.
- If you have been considering a home renovation project and want to use the equity in your home to fund this, refinancing might be a suitable option.
- If you are reaching the end of your current fixed rate term, this is the perfect time to see how much a more flexible loan with a better interest rate could save you each month.
- Candidates who wish to consolidate debts may find that refinancing makes juggling monthly payments far easier.
What Features Could I Benefit From?
The Commonwealth Bank refinancing products have a range of features aimed at making paying off your home loan simple. The Commonwealth Bank refinancing features include:
Gives you the option to choose your repayment structure, selecting either weekly, fortnightly or monthly repayments.
Save money in interest by making additional repayments whenever you need to. These additional repayments can be withdrawn at any time from selected ATMs, from the Commonwealth Bank branch, over the phone or online.
Provided that enough additional repayments have been made, you could qualify for a repayment holiday of between 3 and 12 months. Required payments will be suspended during this time.
Mortgage Offset Account
The bank will also help you create a savings account which structures your daily savings in a way that makes it easier to repay the loan.