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Commonwealth Bank Fixed Rate Wealth Package Home Loan Review
Get a competitive, discounted interest rate and lower fees in exchange for one annual package fee.
The Commonwealth Bank Fixed Rate Home Loan with Wealth Package gives you a discount on your fixed rate home loan when you borrow at least $150,000. The package benefits include discounted fees on both the loan and a credit card. The loan is a flexible and competitive fixed rate with options for home buyers and investors. You can make up to $10,000 in additional repayments each fixed rate year at no extra cost.
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Review by
Richard Whitten
richard.whitten@finder.comRichard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.
Expert review
The Fixed Rate Home Loan with Wealth Package is a full documentation loan that requires all the details of your income, assets and debts. As a package loan product, you get a Commonwealth Bank Fixed Rate home loan with added rate discounts and waived fees.
The loan is suitable for owner occupiers, investors and can also be used to purchase land or for bridging finance purposes. It is not available for business purposes, purchasing an off-the-plan property or construction.
About this loan
What are the features and benefits of the Commonwealth Bank Fixed Rate Wealth Package Home Loan Review?
- Minimum loan amount. You will need to borrow at least $150,000 to qualify for the Wealth Package rate discount.
- Loan-to-value ratio (LVR) and loan term. This loan has a maximum loan term of 30 years. This loan allows you to borrow up to 80% of the value of the property without lenders mortgage insurance (LMI). If you wish to borrow more than this you have to pay LMI.
- Interest-only. This loan has interest-only options for owner-occupiers and investors.
- Additional payments. You can put extra funds towards this loan to pay it off early. This is capped at $10,000 per year without penalty. If you exceed this amount you may be charged break costs and administration fees.
- Wealth Package discounts. Package your loan and receive a discounted interest rate and waived home loan and credit card fees.
- Split loan option. Splitting your loan will give you the benefits of both a fixed rate loan and a variable rate loan. If interest rates rise your fixed rate portion will shield you from the increased costs. If rates decrease the variable rate will maximise any savings.
What fees and charges come with this loan?
There is no application fee with this loan. You will save on multiple fees in exchange for a single annual package fee. Beyond that there a couple of one-off fees.
- Annual fee: $395. This is a package fee that replaces other fees and allows for package discounts.
- Settlement fee: $200. This is a fee charged for the creation of your loan accounts.
- Discharge fee: $350. This is for processing the closing of your loan accounts with the bank when you exit the mortgage.
How to apply
If you think the Commonwealth Bank Fixed Rate Home Loan with Wealth Package is the right product for you, hit the green button and leave your details. Then a representative from the Commonwealth Bank will get in touch and talk you through the application process.
June 20, 2022
Hi, do I pay for the Wealth Package even if I have a fixed loan with no Offset Account, no redraw facility and no Credit cards linked to the account. It’s a lot of money to pay for these benefits if I am not using any. I was informed that I would still save lot of money on interest if I pay this even if I don’t use the benefits. Please advise.
June 23, 2022
Hi Mel,
If you’re asking how you can pay for the package fee, it will be charged to an eligible home loan participating in the package. In some cases, it could be redirected to a related transaction account to the qualified home loan.
For more details, kindly reach out to your home lending specialist or broker. You can also call CommBank on 133 2224 or visit a branch near you.
Kind regards,
Richard
November 29, 2021
I would like to know my borrowing capacity for a home loan as an investment. Am I required to book an appointment?
December 1, 2021
Hi Trent,
At Finder we can provide general information and help you get a better estimate of your borrowing power (some links below). But to get a really clear view of your borrowing power your best approach is to talk to a lender and use their borrowing power calculator.
The Finder’s borrowing power calculator can help. Here, you’ll get a quick estimate of how much you may be eligible to borrow for your home loan. Simply enter a few details about your income, debts and expenses (rough figures are fine) and we’ll give you an estimate.
You may also want to consider checking your chance of approval through the Finder App which can also help you avoid a negative impact on your credit score.
I hope this helps,
Richard
October 28, 2021
Im considering combining all my accounts, assets and debts into a Wealth Package. Can this provide me a easy go-to summary page which includes the details of all my income, assets and debts in a single easy accessible area?
November 1, 2021
Hi Tom,
Consolidating your debts can be a really good way to minimise your interest charges and debt repayments. If you choose to go with CommBank, they offer an online banking platform called NetBank and they have an app where you can manage your home loan and view your loan balance, transactions, repayments and more. It provides personalised property insights that change dynamically over time, so you should be able to track and manage your property portfolio, explore your options and plan for the future.
Before you commit, it might be worth popping into a branch and checking out a demo of how their app and net banking platform works, to make sure it suits what you’re looking for.
Cheers,
Sarah
September 29, 2021
Can my parents use their house equity being part of retirement living 55’s and over community to guarantee my loan?
October 6, 2021
Hi Kate,
This is difficult to answer because every lender has its own criteria. If your parents own the property, a lender may accept them as a guarantor even if the property is specifically for retirement living. But it really depends on the lender.
I suggest checking with a lender before submitting a full application. Ask if the lender accepts guarantors and ask if this type of property is generally acceptable.
It is always worth seeking professional advice from a mortgage broker to ensure you are in an appropriate position to get into a loan agreement, and to get personalised advice into your situation.
I hope this helps!
Cheers,
Richard
March 19, 2019
If as a first home buyer, buying a reverse mortgage on the family home out, do I qualify for the first home buyer’s grant?
March 20, 2019
Hi Tony,
Thank you for getting in touch with Finder.
Please note that each state has its own eligibility requirements for getting First Home Owners Grant. You may refer to our guide to learn your state’s First Home Owners Grant qualification.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni