Commonwealth Bank home loans

Compare Commonwealth Bank home loans and review eligibility.

By   |   Verified by Yvonne Taylor   |   Updated 30 Nov 2023

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Comparing Commonwealth Bank home loans for over years

Commonwealth Bank Extra Home Loan (Owner, Principal & Interest)

Commonwealth Bank Extra Home Loan (Owner, Principal & Interest)

Interest rate (p.a.)


Comp rate^ (p.a.)




Application fee


Monthly repayment


Total repayment



  • Low variable interest rate for the life of the loan
  • Unlimited additional repayments
  • $0 establishment fee
  • $0 monthly loan service fee

Bank promo

  • Get $2,000 cashback when you switch your home loan to Commonwealth Bank. Terms and Conditions apply.
Commonwealth Bank Wealth Package Standard Variable Rate (Owner, Principal & Interest)

Commonwealth Bank Wealth Package Standard Variable Rate (Owner, Principal & Interest)

Interest rate (p.a.)


Comp rate^ (p.a.)




Application fee


Monthly repayment


Total repayment



  • Wealth package savings including an interest rate discount
  • Link multiple offsets
  • Unlimited additional repayments and redraws

Bank promo

  • Get $2,000 cashback when you switch your home loan to Commonwealth Bank. Terms and Conditions apply.

The Commonwealth Bank (“Commbank”) has a home loan option for just about any borrower. With so many options, it can be difficult to know which one suits your needs best. Read this article to find out.

Of the four major banks in Australia, the Commonwealth Bank is the largest. The bank has a rich history and started operations in 1912. There are currently 800,000 shareholders and 52,000 employees in the Commonwealth Bank group.

With such a well-established base, it’s no wonder that CommBank is a popular choice for mortgages. More than 25% of all Australian home loans are taken out with the Commonwealth Bank.

Product offerings

There’s a CommBank home loan available to suit almost any borrower. This includes first-time home buyers, those purchasing a 2nd/3rd property, property investors, and those looking to refinance.

The home loan products are:

  • Extra Home Loan. The bank’s lowest variable rate, with unlimited additional repayments and redraws plus split loan option, but no offset account or Wealth Package access.
  • Standard variable rate home loan. Allows you to make unlimited additional repayments and redraws, and have multiple offset accounts. Split loans are also available.
  • Fixed rate home loan. Fix your interest rate for 1-5 years. Allows up to $10,000 per annum in additional payments without incurring extra charges. No offset account or redraws.
  • Viridian line of credit. Access the equity you’ve invested in your home by drawing it down as a secured loan.

The standard variable and fixed-rate loans are offered with the option of the Wealth Package, which grants a lower interest rate and other discounts or waivers on loan establishment fees, monthly service fees and credit card annual fees. However, there is an annual package fee payable.

Eligibility and documentation

Below are the main criteria that Commonwealth Bank require:

  • You must be 18 years or older.
  • You must be a permanent resident of Australia.
  • You must show evidence of a stable source of income.

Home loan eligibility, in general, is heavily dependent on your income and whether or not you’re judged capable of repaying the loan.

Different home loan products will also have varying eligibility criteria. For instance, some home loans with specific discounts are only available for owner-occupied properties, not investment properties.

Pros and cons

Here are the pros and cons of home loan borrowing with Commonwealth Bank.


  • First-time homebuyers, seasoned homebuyers and property investors are all eligible.
  • Available to the self-employed as well as the conventionally employed.
  • Participates in the First Home Loan Deposit Scheme.
  • Waiver of LMI for medical professionals/industry professionals buying an existing property (as an owner-occupied property).
  • Offset accounts (including multiple offsets), extra repayments and redraws are all available with some loan types.


  • High interest rates for those with a deposit of 10% or less.
  • Not all loan types have offset accounts.
  • Annual fee payable for Wealth Package.
  • Some loans have high establishment fees and ongoing monthly fees.

Alternatives to Commonwealth Bank

All major Australian banks and most of the lesser ones, plus credit unions, offer home loans.

Prominent lenders include NAB, ANZ, Westpac and St. George.

Alternative lenders are also popular, including Reduce, Nano and Tic:Toc home loans.

Compare many home loan providers on our home loan comparison page.

How do I apply for a Commonwealth Bank home loan?

You’re able to apply online or in-person by making an appointment with a home lending specialist. This could occur at the branch, your home/workplace, or over the phone. Regardless of the method, you will need to supply certain documentation.

New customers

One of the following documents:

  • Australian driver’s licence
  • Australian passport
  • Proof of age card

Or any of the two following documents:

  • 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 documents:

  • Your CommBank debit or credit card, or passbook
  • Australian driver’s licence
  • Australian Passport
  • Proof of age card
  • Your telephone banking password.


  • Bank statement copies for the last three months
  • Copies of your bank statement for the last six months if you’re casually employed
  • Proof of employment (payslip or employment contract)
  • For the self-employed: personal and business tax returns, plus profit and loss information, for the past two years.
  • Rental income documentation (if applicable)
  • Government income documentation (if applicable)
  • Other. income documentation (if applicable)


You will need to calculate and stipulate your monthly living expenses. If you earn rental income, you’ll need to show your rental expenditure for all of your investment properties.


How long does a Commonwealth Bank loan approval take?

Home loans can be approved in as little as 60 minutes, but the majority will take around 4-7 business days to be assessed. Some factors that may slow the process are complicated loan types and applicants taking a long time to provide essential documents.

Does the Commonwealth Bank offer pre-approval of Home Loans?

Commonwealth Bank does offer loan conditional pre-approval. You can apply for this online, book an in-person appointment or call any of their home lending specialists.

Should I choose a fixed or variable rate?

There are pros and cons to both. Your final decision is based mainly on whether or not you’re comfortable with changes in the Reserve Bank cash rate, or other factors, affecting your home loan interest rate and upsetting your budget.

If you need to budget exact amounts and this is what suits your personality type, a fixed interest rate loan may be for you.

If you have enough disposable income to manage a slighter higher interest rate applied to your loan if the market changes, you could opt for a variable rate loan. The major pro is that your interest rate has the potential to decrease.

The Verdict

There are many loan types available from this reputable lender. It is essential to compare the various loans available within Commonwealth Bank and between different lenders. This will help you ensure you’ve selected the best option available to you.