Commonwealth Bank home loan review
Also known as CBA, Commonwealth Bank of Australia
CommBank is a sound choice for a home loan if you want a big-bank loan with offset accounts, branches and a mature app, and it takes part in the government's 5% Deposit Scheme. Its package fee adds to the cost on the loans that use it, so compare it with its own digital brand Unloan and with smaller lenders on the comparison rate for your loan amount.
This review sets out what each CommBank home loan includes, which features cost extra, how CommBank prices its rates, how it compares with Unloan and Bankwest (both CommBank-owned), and how to estimate your repayments.
By Better Rate Mate Editorial Team · Last reviewed · Checked against CommBank's own website
Latest CommBank variable rate change
On 30 September 2026, after the RBA's cash rate rise, CommBank announced a 0.25% p.a. rise in its variable home loan rates for owner-occupiers and investors. It took effect on 9 October 2026. CommBank's announcement (checked 10 October 2026). For today's rates, see CommBank's rates page.
CommBank home loans at a glance
| Feature | CommBank |
|---|---|
| Offset account | Yes on variable loans: one on Digi, up to two on Simple, multiple on Standard Variable, with no offset feature fee on Digi or Simple. None on fixed. |
| Redraw | Yes on variable loans. Not during a fixed term. |
| Split loans | Yes on Standard Variable and Fixed. Not on Simple. |
| Fixed terms | 1 to 5 years |
| Extra repayments while fixed | Up to $10,000 per fixed year without charges |
| Package | Wealth Package, $395 a year, $150,000 minimum package lending |
| Interest-only | Owner-occupier interest-only needs an LVR under 80%; investment interest-only under 90% |
| Profession-based LMI waiver | None published on commbank.com.au when we checked |
| Ways to apply | Online (Digi is online only) or with a Home Lending Specialist |
| 5% Deposit Scheme | Participating lender (first home buyers can buy with 5% and no LMI) |
CommBank mortgage and home loan repayment calculator
Enter the rate for the CommBank loan you're considering (from its rates page), your loan amount and term. The calculator uses the standard principal and interest formula lenders use, so for the same rate, amount and term it gives the same repayment as CommBank's own calculator. It doesn't include fees or future rate changes. For the maths and assumptions, see our mortgage repayment calculator page, and test your buffer with the stress test calculator. If you're buying, you can also estimate your stamp dutyand work out how much you can borrow.
Mortgage repayment calculator
Repayments and total interest, with optional extra repayments, an offset account or an interest-only period.
Monthly repayment
$2,997.75
| Loan amount | $500,000 |
|---|---|
| Interest rate | 6.00% a year |
| Time to repay | 30 years |
| Total repayments | $1,079,191 |
| Total interest paid | $579,191 |
Year-by-year balance
| Year | Interest | Principal repaid | Balance |
|---|---|---|---|
| 1 | $29,833 | $6,140 | $493,860 |
| 2 | $29,454 | $6,519 | $487,341 |
| 3 | $29,052 | $6,921 | $480,420 |
| 4 | $28,625 | $7,348 | $473,073 |
| 5 | $28,172 | $7,801 | $465,272 |
| 6 | $27,691 | $8,282 | $456,990 |
| 7 | $27,180 | $8,793 | $448,197 |
| 8 | $26,638 | $9,335 | $438,862 |
| 9 | $26,062 | $9,911 | $428,951 |
| 10 | $25,451 | $10,522 | $418,429 |
| 11 | $24,802 | $11,171 | $407,257 |
| 12 | $24,113 | $11,860 | $395,397 |
| 13 | $23,381 | $12,592 | $382,805 |
| 14 | $22,605 | $13,368 | $369,437 |
| 15 | $21,780 | $14,193 | $355,244 |
| 16 | $20,905 | $15,068 | $340,176 |
| 17 | $19,975 | $15,998 | $324,178 |
| 18 | $18,989 | $16,984 | $307,194 |
| 19 | $17,941 | $18,032 | $289,162 |
| 20 | $16,829 | $19,144 | $270,018 |
| 21 | $15,648 | $20,325 | $249,693 |
| 22 | $14,395 | $21,578 | $228,115 |
| 23 | $13,064 | $22,909 | $205,205 |
| 24 | $11,651 | $24,322 | $180,883 |
| 25 | $10,151 | $25,823 | $155,060 |
| 26 | $8,558 | $27,415 | $127,645 |
| 27 | $6,867 | $29,106 | $98,539 |
| 28 | $5,072 | $30,901 | $67,638 |
| 29 | $3,166 | $32,807 | $34,831 |
| 30 | $1,142 | $34,831 | $0 |
Stress test this loan at higher rates, or see how much you can borrow.
An estimate: interest is charged at the repayment frequency and the rate never changes. It leaves out fees, redraws and rate changes, and assumes the lender accepts extra repayments. Check fixed rate loans for an extra repayment limit, and confirm figures with your lender.
Is CommBank good for home loans?
CommBank is a sound choice for a home loan if you want a big-bank loan with offset accounts, branches and a mature app, and it takes part in the government's 5% Deposit Scheme.
Pros
- +Four products that let you choose between a lower-cost loan and a full-featured one
- +Multiple offset accounts on the Standard Variable Rate loan
- +Takes part in the 5% Deposit Scheme, so eligible first home buyers can buy with a 5% deposit and no LMI
- +A large network of Home Lending Specialists if you want help with the application
- +Fixed loans allow $10,000 a year in extra repayments without charges
Cons
- -The Digi Home Loan has a $300 establishment fee
- -The Wealth Package costs $395 a year, which erodes the discount on smaller loans
- -Its lowest-rate online loan (Digi) is limited to LVRs under 80% and excludes construction and off-the-plan purchases
- -Its own digital brand, Unloan, charges no fees at all, so compare the two before you apply
Who CommBank suits
- Borrowers who want offset accounts and a big-bank app in one place
- First home buyers using the 5% Deposit Scheme who want a major bank
- Borrowers with larger loans who will get value from the Wealth Package discount
- People who want a lending specialist or branch to handle the application
About CommBank
Commonwealth Bank of Australia is one of the four major banks and says one in five Australian home loan customers choose it. It is an authorised deposit-taking institution regulated by APRA, and it lends under its own name as well as through Bankwest (a division of the bank) and Unloan (a fully owned digital division).
CommBank sells four main home loans: the online-only Digi Home Loan, the Simple Home Loan, the Standard Variable Rate loan and the Fixed Rate loan. You can apply online or through one of its Home Lending Specialists.
- Ownership
- One of the four major banks. CommBank also owns Bankwest and the digital lender Unloan.
- Lender and licence
- Commonwealth Bank of Australia ABN 48 123 123 124, Australian credit licence 234945
CommBank home loan products
Digi Home Loan
An online-only variable loan for borrowers with an LVR under 80%. It includes unlimited extra repayments and redraw, and you can link one Everyday Offset account with no offset feature fee. CommBank lists a $300 establishment fee and no loan service fee. It isn't available to company or trust borrowers, or for off-the-plan, land, construction or bridging loans.
Simple Home Loan
A variable loan with unlimited extra repayments and redraw. You can link up to two offset accounts with no offset feature fee. It isn't available for split loans, land, construction or bridging loans.
Standard Variable Rate
CommBank's full-featured variable loan: multiple offset accounts, unlimited extra repayments, redraw, top-ups and the option to split the loan. It is the variable loan that can sit inside the Wealth Package.
Fixed Rate
Fixed terms of one to five years. You can repay up to $10,000 extra in each fixed year without charges; above that, or if you break the loan, an Early Repayment Adjustment and administrative fee may apply. No offset or redraw during the fixed term. Rate Lock costs $750.
Wealth Package
A $395 annual package that adds interest rate discounts on Standard Variable Rate and Fixed Rate loans plus a fee waiver on one eligible credit card. It needs at least $150,000 of package lending to start.
CommBank home loan rates: how they are set
CommBank prices its loans by product, loan purpose (owner-occupier or investor), repayment type (principal and interest or interest-only) and LVR. The Digi Home Loan is only offered below 80% LVR, and interest-only loans have LVR caps of their own.
The Wealth Package lowers the rate on Standard Variable Rate and Fixed Rate loans in exchange for the $395 annual fee, so it pays off only on larger balances. CommBank also runs time-limited online offers (for example a discount off the advertised rate for online applications above a minimum loan size); treat these as offers that can be withdrawn, not permanent pricing.
For a benchmark, the RBA's average rate on new owner-occupier variable loans across all lenders was 6.23% in August 2026, and 6.40% for investors (published 8 October 2026). The RBA's cash rate target was 4.60% as at 10 October 2026, after a 0.25 point rise effective 30 September 2026; its next decision is due on 3 November 2026.
CommBank bridging loans
A CommBank bridging loan lets you buy your next home before you sell your current one. It has a maximum term of 12 months, during which you own both properties and can make interest-only payments; once your existing home sells, the sale proceeds pay off the bridging loan.
It is a Standard Variable Rate loan with a $10,000 minimum, additional repayments and an Everyday Offset account available. The maximum depends on both properties, your borrowing capacity and the LVR. Budget for interest on both loans while you hold two properties, and for a sale that takes longer or fetches less than you expect.
Refinancing to CommBank
You can refinance to CommBank online (the Digi Home Loan is sold online only) or with one of its Home Lending Specialists. Its FASTRefi service manages the switch for you: CommBank lends a buffer amount to cover the estimated payout of your old loan and refunds any surplus after settlement, and says a FASTRefi refinance can happen within days of it receiving your signed documents. FASTRefi is only available for eligible loans from selected lenders.
CommBank also runs discounts for online applications above a minimum loan size, which it can withdraw at any time. Before you switch, run your numbers through our refinance calculator and use our refinance checklist to check that the saving outweighs your costs.
Getting a CommBank home loan through a broker
You don't have to go to CommBank directly. Its own guides describe working with 'your Home Lending Specialist or Broker', so a mortgage broker can arrange a CommBank loan as well as CommBank's own lending specialists; the Digi Home Loan is the exception, as it is sold online only.
Moneysmart says mortgage brokers must act in your best interests when suggesting a loan. Ask any broker which lenders it works with and how it is paid, and whether that differs between lenders.
CommBank investment and interest-only loans
CommBank offers interest-only repayments on investment and owner-occupied home loans, up to a total of 5 years over the life of an owner-occupied loan and 15 years for an investment loan. Interest-only rates differ from principal and interest rates, and interest-only also has LVR limits: owner-occupiers need an LVR under 80% and investors under 90%.
When an interest-only period ends, repayments rise to cover principal as well. See investment home loans for how lenders assess investors and what the ATO lets you claim.
CommBank construction loans
A CommBank construction loan pays your builder in progress payments as each stage is finished, typically across five or six stages, and you pay interest only on the amount drawn during the build. Construction must start within 12 months of the loan's disclosure date and finish within 24 months of the first progress payment; CommBank inspects the finished home before the loan switches to the product and repayment type you chose.
CommBank says its construction loans also suit knock-down rebuilds and major renovations, and cover prefabricated homes built off-site up to $1.5 million. The Digi and Simple loans exclude construction. See construction loans for how progress payments work.
CommBank vs Unloan
Unloan is a fully owned division of CommBank, so the choice is about product design rather than who stands behind the loan. Unloan has one variable loan with no application, ongoing or exit fees and a loyalty discount that grows by 0.01% p.a. each year you stay (up to 0.30% p.a. in year 30). It has no offset account, no fixed rate, no interest-only option, doesn't do construction loans and doesn't take part in government schemes.
Choose CommBank if you want an offset account, a fixed or split loan, a construction loan or the 5% Deposit Scheme. Choose Unloan if you want the simplest fee-free variable loan and you are refinancing or buying with at least a 10% deposit. See our Unloan review.
CommBank vs Bankwest
Bankwest is also a division of Commonwealth Bank. Its range is simpler: the Simple Home Loan (no annual fee, with optional 100% offset accounts at $10 a month each), the Complete Variable Home Loan in a $395-a-year package with up to nine offsets at no monthly fee, and fixed loans with an optional 40% offset. Bankwest does construction and bridging loans, but it isn't on the 5% Deposit Scheme lender list, while CommBank is. See our Bankwest review.
CommBank vs the other big banks
All four major banks sell a basic variable loan, a full-featured variable loan with offset and a fixed loan, and all four take part in the 5% Deposit Scheme. The differences are in the detail: Westpac allows $30,000 of extra repayments over a fixed term, NAB lets you pay ahead up to $20,000 during a fixed term, and CommBank allows $10,000 per fixed year. ANZ says it charges no home loan package fee. Compare them on the comparison rate for your loan size and on the features you will use. See Westpac, NAB and ANZ.
How to apply for a CommBank home loan
- 1
Check your borrowing power and gather payslips, tax returns (if self-employed), bank statements and details of your debts
- 2
Apply online (the Digi Home Loan is online only) or book a Home Lending Specialist
- 3
CommBank assesses your income, expenses and debts, including the APRA serviceability buffer, and orders a valuation
- 4
Receive conditional approval, then formal approval once the property and valuation are confirmed
- 5
Sign the loan documents; CommBank settles with your conveyancer
Check how much you could borrow with our borrowing power calculator; CommBank's own calculator applies its own lending policy, so its figure can differ.
Budget for stamp duty: NSW stamp duty calculator · VIC stamp duty calculator · QLD stamp duty calculator · WA stamp duty calculator · SA stamp duty calculator · TAS stamp duty calculator · ACT stamp duty calculator · NT stamp duty calculator
Before you apply, ask for the key facts sheet for your loan amount. Every lender must provide one in the same format, which makes loans easy to compare side by side.
CommBank home loan questions
Does CommBank have an offset account on its home loans?
Yes, on its variable loans. The Digi Home Loan can link one Everyday Offset account and the Simple Home Loan up to two, with no offset feature fee on either. The Standard Variable Rate loan can link multiple offsets. Fixed rate loans don't have an offset during the fixed term.
How much is the CommBank Wealth Package?
$395 a year, payable in advance. It gives interest rate discounts on eligible Standard Variable Rate and Fixed Rate loans and waives the annual fee on one eligible credit card. It needs a minimum initial package lending balance of $150,000.
Is CommBank part of the 5% Deposit Scheme?
Yes. Commonwealth Bank is on Housing Australia's participating lender list for the Australian Government 5% Deposit Scheme, which lets eligible first home buyers buy with a 5% deposit without paying lenders mortgage insurance.
How much extra can I pay on a CommBank fixed rate loan?
Up to $10,000 in each fixed year without extra charges. Above that, or if you switch or break the loan during the fixed term, CommBank may charge an Early Repayment Adjustment and an administrative fee.
Is Unloan cheaper than CommBank?
Unloan charges no application, ongoing or exit fees, and its single variable loan is often priced below CommBank's own variable loans. The trade-off is no offset, no fixed rate, no interest-only option and no access to government schemes. Compare the comparison rates for your loan size on both sites.
Does CommBank do bridging loans?
Yes. A CommBank bridging loan lets you buy before you sell, for a maximum term of 12 months, with interest-only payments available during the bridging period. The sale of your existing home pays it off.
Can I get a CommBank home loan through a broker?
Yes. CommBank's own guides refer to working with your Home Lending Specialist or broker. The Digi Home Loan is the exception: it's sold online only.
How long does a CommBank home loan take to approve?
CommBank says you can submit an application online in as little as 10 minutes, and that a home lending specialist will then call to assess it; if you're eligible, you could receive conditional pre-approval within 1 day (checked 10 October 2026). Formal approval comes later, once the property is valued.
Has CommBank raised its home loan rates?
Yes. CommBank raised its variable home loan rates by 0.25% p.a. on 9 October 2026, after the RBA's cash rate rise; it announced the change on 30 September. Fixed rates don't change during a fixed term.
How do I calculate CommBank home loan repayments?
Take the interest rate for the loan you want from CommBank's rates page and enter it, with your loan amount and term, in the repayment calculator on this page. It uses the standard principal and interest formula, so the result will match any bank's calculator for the same rate, amount and term.
