Commonwealth Bank Wealth Package Standard - Owner Occupied - Variable

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About Wealth Package Standard

Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.

LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.

Fees & Costs

A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
Commonwealth Bank charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property.

Borrowing Limits

An LVR of 90% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.
An LVR of 95% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.
Interest only option for Commonwealth Bank Wealth Package Standard is not available at 95% LVR. Commonwealth Bank will only consider interest only if your home loan is 90% or less of the property value.

Eligibility

Interest only repayment option is not available with Commonwealth Bank Wealth Package Standard for buying next home.
Interest only repayment option is not available with Commonwealth Bank Wealth Package Standard for construction loan.
Interest only repayment option is not available with Commonwealth Bank Wealth Package Standard for first home buyer.
Interest only repayment option is not available with Commonwealth Bank Wealth Package Standard for refinance.

💡 Tip: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.

IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Commonwealth Bank or a mortgage broker just to be sure. This information should be used as a guide only.

Other rate options for Wealth Package Standard

Refinance Variable · Principal & Interest 0 Years · 60% LVR

6.49%

Refinance Variable · Principal & Interest 0 Years · 70% LVR

6.59%

Refinance Variable · Principal & Interest 0 Years · 80% LVR

6.69%

Refinance Variable · Principal & Interest 0 Years · 90% LVR

6.79%

Refinance Variable · Principal & Interest 0 Years · 95% LVR

7.74%

Investment Variable · Interest Only 0 Years · 60% LVR

6.80%

Investment Variable · Interest Only 0 Years · 70% LVR

6.91%

Investment Variable · Interest Only 0 Years · 80% LVR

6.96%

Investment Variable · Interest Only 0 Years · 90% LVR

7.30%

Investment Variable · Principal & Interest 0 Years · 60% LVR

6.60%

Investment Variable · Principal & Interest 0 Years · 70% LVR

6.59%

Investment Variable · Principal & Interest 0 Years · 80% LVR

6.70%

Frequently Asked Questions

Are there costs when I exit or refinance to another lender?

Commonwealth Bank charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property.

Does Commonwealth Bank Wealth Package Standard comes with an offset account?

Yes, Wealth Package Standard comes with a 100% offset account. A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.

What are the costs to apply for Commonwealth Bank Wealth Package Standard?

There is upfront costs of $200 to apply for Wealth Package Standard. Settlement fee: $200 Wealth Package Standard also comes with ongoing account fees of $395 per year. Annual fee: $395 per year

Fees

Application fee

Important Information

Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Commonwealth Bank or a mortgage broker just to be sure. This information should be used as a guide only.