CommBank 2 Year Fixed Rate Home Loan (Owner Occupied)
Fixed rateRedraw
An owner occupied home loan where the interest rate is fixed for 2 years.
- Interest rate a year, from
- 6.82%
- Comparison rate
- 8.38%
- Upfront fees
- $580
- Annual fee
- $428
- Monthly fee
- Not published
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 6.82% (2 year fixed, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $3,920
- Total repayments
- $1,411,037
- Interest
- $811,037
Rates
Every rate CommBank publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.
| Rate | Property | Repayments | LVR | Interest rate | Comparison rate |
|---|---|---|---|---|---|
| 2 year fixed | Live in | Principal and interest | Any | 6.82% | 8.38% |
| 2 year fixed | Live in | Interest only | Any | 6.96% | 8.40% |
Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Fees and features
Fees
- Upfront fees
- $580
- Annual fee
- $428
- Monthly fee
- Not published
Features
- Offset account
- No
- Redraw
- Yes
- Highest LVR
- 95%
- Loan amount
- Not published
How it compares
Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.
Upfront fees
$580
Typical upfront fees are $600.
Annual fee
$428
A typical annual fee is $350.
Smallest deposit
5%
Most loans need at least 10% of the price.
Pros and cons
Pros
- Redraw. You can take back extra repayments later if you need the money.
- Fixed rates on offer. You can fix for 2 years if you'd like repayments that don't change for a while.
- Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.
Cons
- An annual fee. $428 a year, above the typical $350. Over a 30 year loan that's $12,840, though package fees often bring rate discounts.
- No offset account. Your savings can't reduce the interest unless you pay them into the loan.
- An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.
- A $20 late payment fee. Setting up automatic repayments avoids it.