CommBank Home Loans & Rates Comparison

CommBank offers three different variable rate home loans, each offering different levels of inclusions and LVR options.

The Digi Home Loan has lower fees than CommBank’s other loans, with the main fees to consider being:

• $300 upfront establishment fee

• $10 monthly loan service fee

• $10 monthly offset feature fee (optional)

The main fees for CommBank’s Simple Loan include:

• $300 upfront establishment fee (waived if you apply online, with a CommBank lender or your broker)

• $20 monthly loan service fee

• $10 monthly offset feature fee (optional)

The main fees for CommBank’s Standard Variable Home Loan include:

• $395 Wealth Package fee per year

The main fees for CommBank’s Fixed Rate Home Loan include:

• $395 Wealth Package fee per year

• $750 if you want to lock your fixed rate at time of application

CommBank offers the same suite of variable home loans to investors with different rates applying

CommBank offers interest-only repayments to owner-occupiers on its home loans for a duration of 5 years.

There's also interest-only repayment options on its investment home loans for a duration of up to 15 years.

CommBank’s home loan rates are relatively competitive, but much more so when you look at variable rates and less so on fixed rates. Its Digi Home Loan is particularly competitive versus the other major banks and not a million miles of the market leaders for variable rates overall.

Commbank’s fixed rates are generally less competitive, partly because it does not have banded interest rates based on LVR on its fixed rates. It means all borrowers get the same rate, and there’s no rate discount for this with a lower LVR. Other banks do band their rates which means you get lower rates, but generally only for borrowers with a high deposit or high level of equity.

Compare CommBank's home loan rates to the other major lenders:

• ANZ home loan rates

• NAB home loan rates

• Westpac home loan rates‍

• Macquarie Bank home loan rates‍

• Suncorp Bank home loan rates

CommBank’s lowest home loan rate is currently available in its Digi Home Loan for owner occupiers. This is a variable rate loan that’s only available online.

If you’re looking for CommBank’s lowest fixed rate loan, that’s currently available on a two-year fixed term for owner occupiers. Just bear in mind, it's not necessarily going to be one of the lowest home loan rates you'll be able to find overall.

Non-major banks

Think ING, HSBC, Bendigo, Suncorp Bank etc. In terms of products and processes, these will be very similar to the big 4 banks who lead the trends in banking in Australia. But non-major banks often have lower rates and special offers (e.g. refinance cashback) in order to be competitive versus the bigger lenders. The non-major banks are still well-known brands with high-quality online tools systems.

Customer-owned

There are dozens of small member-owned banks and credit unions in Australia. Many are focussed on customers in a particular regional area, or even workers in a certain profession. These lenders often have the lowest rates in the market and personalised customer service, but the eligibility criteria may be more limited and the application process can be slow.

Non-bank lenders

Australian borrowers also have plenty of choice among non-bank home loan providers. Some are mainstream lenders (often online only) offering loans to your typical home loan borrowers. Others specialise in offering loans to cater for specific borrowers and scenarios, such as self-employed borrowers, bad credit borrowers or SMSF loans.