CommBank Simple Home Loan (Investment)
Variable rateOffsetRedraw
A simple home loan with a competitive variable rate and the choice to access two Everyday Offset Accounts.
- Interest rate a year, from
- 6.79%
- Comparison rate
- 6.92%
- Upfront fees
- $580
- Annual fee
- Not published
- Monthly fee
- $10
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 6.79% (variable, investment, principal and interest), including the monthly fee. The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $3,918
- Total repayments
- $1,410,320
- Interest and monthly fees
- $810,320
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 |
|---|---|---|---|---|---|
| Variable | Investment | Principal and interest | Up to 60% | 6.79% | 6.92% |
| Variable | Investment | Principal and interest | 60% to 70% | 6.84% | 6.97% |
| Variable | Investment | Principal and interest | 70% to 80% | 6.94% | 7.07% |
| Variable | Investment | Principal and interest | 80% to 90% | 7.29% | 7.42% |
| Variable | Investment | Principal and interest | 90% to 95% | 8.09% | 8.22% |
| Variable | Investment | Interest only | Up to 60% | 7.05% | 7.04% |
| Variable | Investment | Interest only | 60% to 70% | 7.10% | 7.09% |
| Variable | Investment | Interest only | 70% to 80% | 7.20% | 7.19% |
| Variable | Investment | Interest only | 80% to 90% | 7.55% | 7.54% |
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
- Not published
- Monthly fee
- $10
Features
- Offset account
- Yes
- Redraw
- Yes
- Highest LVR
- 95%
- Loan amount
- From $10,000
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.
Smallest deposit
5%
Most loans need at least 10% of the price.
Pros and cons
Pros
- An offset account. Money in it is taken off your balance when interest is worked out, so your savings and pay cut the interest while staying easy to reach.
- Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
- Redraw. You can take back extra repayments later if you need the money.
- No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
- 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
- A $20 late payment fee. Setting up automatic repayments avoids it.