CommBank Home Loan Rate Update
CommBank has announced changes to their advertised Fixed Rate, Extra home loan and their Standard Variable Rate home loan, which came into effect from Friday 23 August 2024.
Please see below for options around supporting customers in a changing rate environment.
Fixed Rate Home Loan Changes
These changes apply to a number of their Fixed Rate home loan products, including work in progress applications on and from, Friday 23 August 2024. These changes are effective for new customers and existing customers applying for, or switching to, a Fixed Rate home loan for both package and non-package rates.
| Fixed Rate Owner Occupied Home Loan | ||||||
| Product | Principal and Interest | Interest Only | ||||
| Reference Rate (p.a) | MAV Package (p.a.) | Change (p.a.) | Reference Rate (p.a.) | MAV Package (p.a.) | Change (p.a.) | |
| 1 Year Fixed Rate | 6.54% | 6.39% | -0.20% | 6.74% | 6.59% | No Change |
| 2 Year Fixed Rate | 6.44% | 6.29% | -0.55% | 6.64% | 6.49% | -0.40% |
| 3 Year Fixed Rate | 6.04% | 5.89% | -0.70% | 6.34% | 6.19% | -0.50% |
| 4 Year Fixed Rate | 6.44% | 6.29% | -0.40% | 6.64% | 6.49% | -0.30% |
| 5 Year Fixed Rate | 6.84% | 6.69% | No Change | 6.94% | 6.79% | No Change |
| Fixed Rate Investment Home Loan | ||||||
| Product | Principal and Interest | Interest Only | ||||
| Reference Rate (p.a.) | MAV Package (p.a) | Change (p.a.) | Reference Rate (p.a.) | MAV Package (p.a) | Change (p.a.) | |
| 1 Year Fixed Rate | 6.74% | 6.59% | -0.05% | 6.79% | 6.64% | No Change |
| 2 Year Fixed Rate | 6.49% | 6.34% | -0.55% | 6.69% | 6.54% | -0.40% |
| 3 Year Fixed Rate | 6.24% | 6.09% | -0.55% | 6.39% | 6.24% | -0.50% |
| 4 Year Fixed Rate | 6.49% | 6.34% | -0.45% | 6.69% | 6.54% | -0.35% |
| 5 Year Fixed Rate | 6.94% | 6.79% | No Change | 7.04% | 6.89% | No Change |
Things to note
- All Fixed Rate movements are effective on and from 23 August 2024.
- Rates are subject to change at any time without notice.
- The full interest rate tables are available on CommBroker.
New Applications
- CommBank will automatically process new applications submitted on and from 23 August 2024, at the new interest rates.
- Remember to discuss their Rate Lock feature, which provides customers with certainty of the reference interest rate while you progress the application.
- Loans that fund on and from 23 August 2024, will automatically receive the new rates if the customer did not choose to Rate Lock their loan.
- If the customer chooses to Rate Lock and the rates go down, they do not automatically receive the lower rate. However, they can ask CommBank to break Rate Lock before funding and revert to the reference interest rates available on the funding date. The Rate Lock Fee will not be refunded.
Extra Home Loan Rate Changes
The ‘Change (p.a.)’ shown below is only in relation to the change in Life of Loan discounts on and from 23 August 2024. There is no change to the Extra home loan Reference Rate. The rates below apply to new borrowings only.
| Extra Owner Occupied Home Loan Changes | ||||
| Product | Principal and Interest | Interest Only | ||
| New Rate (p.a.) | Change (p.a.) | New Rate (p.a.) | Change (p.a.) | |
| LVR <=60% | 6.44% | -0.15% | 7.00% | -0.15% |
| LVR 60.01-70% | 6.49% | -0.20% | 7.05% | -0.20% |
| LVR 70.01-80% | 6.59% | -0.20% | 7.15% | -0.20% |
| LVR 80.01-90% | 6.89% | -0.25% | N/A | N/A |
| LVR 90.01-95% | 7.84% | No Change | N/A | N/A |
| Extra Investment Home Loan Changes | ||||
| Product | Principal and Interest | Interest Only | ||
| New Rate (p.a.) | Change (p.a.) | New Rate (p.a.) | Change (p.a.) | |
| LVR <=60% | 6.64% | -0.06% | 7.20% | -0.06% |
| LVR 60.01-70% | 6.69% | -0.06% | 7.25% | -0.06% |
| LVR 70.01-80% | 6.79% | -0.10% | 7.35% | -0.10% |
| LVR 80.01-90% | 7.29% | -0.35% | 7.85% | -0.35% |
| LVR 90.01-95% | 7.94% | No Change | N/A | N/A |
Things to note
- New Extra Home Loan applications that first reach successful submission for assessment on and from 23 August 2024 will automatically receive the new Life of Loan discount.
- Rates are subject to change at any time without notice.
- The full interest rate tables are available on CommBroker.
In-flight applications
Applications that have been successfully submitted for assessment on or before Thursday 22 August will have their previously locked LVR interest rate discount for the applicable LVR tier (including Home Seeker and CHL Top-Ups) until loan documents are generated.
If there is a better LVR interest rate discount available at document generation, it will be automatically applied.
New Standard Variable Home Loan Rates
From Friday 23 August 2024, CommBank has announced changes to the products discount margins (within MAV Package) on their Standard Variable Rate home loan for new borrowings. The discounted rates vary based on the customer’s Loan to Value Ratio (LVR), as detailed in the table below.
The new discounts are applicable to new borrowings only. Customers with existing facilities will retain their current margin discount and rate. The Reference Rate has not changed.
| Standard Variable Rate Owner Occupied Home Loan Product Discount Margin Changes | ||||
| Product | Principal and Interest | Interest Only | ||
| New Rate (p.a.) | Change (p.a.) | New Rate (p.a.) | Change (p.a.) | |
| LVR <=60% | 6.34% | -0.15% | 6.83% | -0.15% |
| LVR 60.01-70% | 6.39% | -0.20% | 6.88% | -0.20% |
| LVR 70.01-80% | 6.49% | -0.20% | 6.98% | -0.20% |
| LVR 80.01-90% | 6.79% | -0.15% | N/A | N/A |
| LVR 90.01-95% | 7.74% | No Change | N/A | N/A |
| Standard Variable Rate Investment Home Loan Product Discount Margin Changes | ||||
| Product | Principal and Interest | Interest Only | ||
| New Rate (p.a.) | Change (p.a.) | New Rate (p.a.) | Change (p.a.) | |
| LVR <=60% | 6.54% | -0.06% | 6.80% | -0.06% |
| LVR 60.01-70% | 6.59% | -0.06% | 6.85% | -0.06% |
| LVR 70.01-80% | 6.69% | -0.01% | 6.95% | -0.01% |
| LVR 80.01-90% | 7.04% | -0.35% | 7.30% | -0.35% |
| LVR 90.01-95% | 7.84% | No Change | N/A | N/A |
Things to note
- New Standard Variable Rate applications that first reach successful submission for assessment on and from Friday 23 August 2024 will automatically receive the new product margin discount.
- Rates are subject to change at any time without notice.
- The full interest rate tables are available on CommBroker.
In-flight applications
Applications that have been successfully submitted for assessment on or before Thursday 22 August will have their previously locked LVR interest rate discount for the applicable LVR tier (including HomeSeeker and CHL Top-Ups) until loan documents are generated. If there is a better LVR interest rate discount available at document generation, it will be automatically applied.
Note: The lock in date will not be when you submit in ApplyOnline or CommApply. You
will be able to confirm the LVR interest rate discount once we have assessed your application.
*WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
For any other questions please reach out to your BDM.
