Independent Home Loan – Business Owner Home Loan – CommBank

As of August 12, 2022, the Extra Home Loan floating benchmark rate for owner-occupied home loans is 5.53% per annum (principal and interest) and the Extra Home Loan floating benchmark rate for investment is 5.88% per annum (capital and interest).

1 Offer available on qualifying home loans funded from 1 January 2020 (except owner-occupied interest only home loans, which are eligible if funded from 7 April 2020), when at least $250,000 was refinanced by a financial institution other than Commonwealth Bank or Bankwest. Viridian Lines of Credit may be eligible as part of a Multi-Lending Facility application if the minimum total refinance amount of $250,000 or more is met. Limit of one rebate of $2,000 per borrowing entity (individual, co-borrowers, business) and per client over a 12-month period. Limit of one cash back of $2,000 per joint request. If any of the co-applicants have received cash back within the last 12 months, that customer will not be eligible for the offer. When all applicants have received cash back within the past 12 months, the joint loan will not be eligible for cash back. This offer cannot be combined with the fee waiver of the Forfait Patrimoine. Cash back will be credited to a Commonwealth Bank transaction account linked to the loan or borrower(s) within 90 days of loan funding (this may be a joint account with a unrelated). We reserve the right to terminate the offer at any time.

* Comparison rate calculated on a secured loan of $150,000 over a term of 25 years. DISCLAIMER: The comparison rate is only true for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Comparison rates for variable interest only loans are based on an initial 5 year interest only term. Comparison rates for fixed or guaranteed interest loans are based on an initial interest-only period equal in length to the fixed or guaranteed period. During an interest-only period, your interest-only payments will not reduce your loan balance. This may mean that you pay more interest over the life of the loan.

Calculations are estimates provided for illustrative purposes only and do not constitute loan approval. They assume that interest rates do not change over the term of the loan and are calculated on the rate that applies to the initial period of the loan. The interest rates referenced are current rates and may change at any time. Taxes and fees are payable. The calculations do not take into account any fees, charges or other amounts that may be charged to your loan (such as monthly set-up or service fees or stamp duty). Lenders mortgage insurance or a low deposit premium may apply to your loan depending on the size of your deposit, collateral, applicant and loan attributes. This is a one-time cost that will be added to the loan amount. Each of these additional amounts will increase repayments under the loan.

Applications are subject to credit approval, satisfactory security and minimum deposit requirements. Conditions apply to all loan options. Full terms and conditions will be set out in our loan offer, if an offer is made. Taxes and fees are payable. Interest rates are subject to change. Since this advice has been prepared without taking into account your objectives, financial situation or needs, you should consider its relevance to your situation before acting on the advice. You should also read our Financial Services Guide.