Commonwealth Bank Economiser Discounted Base Variable Loan
Posted May 7th, 2010
and last modified January 30th, 2012
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
If you are after a simple home loan that will save you money the Commonwealth Bank Economiser Home Loan could be the right home loan for you. The Commonwealth Bank Economiser Home Loan offers a home loan with a great low rate and a variety of optional free features that can help reduce the amount you pay on the loan. By taking advantage of the low interest rate and the special introductory rate you can be sure you are getting the best rate with your home loan.
Features of the Commonwealth Bank Economiser Home Loan
The Commonwealth Bank Economiser Home Loan has a variety of features to increase the flexibility and help you pay off the loan. These features can include:
- Borrowing conditions. You can have the loan preapproved for a 6 month period before you start looking to buy a home. This can reduce some of the stress when buying a home as you will know how much finance you have available. After you have found a home you can then choose to pay off your home loan for a period of up to 30 years. The minimum amount you can borrow is $10,000
- Choose the repayment frequency. The Commonwealth Bank Economiser Home Loan gives you the option to choose how often you repay your loan. You can choose between weekly, fortnightly and monthly repayments, depending on your personal needs.
- Make additional payments. If you come into extra money you may want to put the money on your loan. By making extra payments you reduce the total amount owing on your loan and as a result the interest that is charged to the loan.
- Redraw facility and repayment holiday facility. If you choose to make additional payments you can use the free redraw facility to access these funds at any time. The Commonwealth Bank Economiser Home Loan has limits to the number of redraws you can do. Furthermore, if you would like a break in paying off the loan and have made additional payments in the past you can use the payment holiday function and use the additional payments as loan payments for a period of time.
- The loan is portable. The loan payment period is a long time and your circumstances may change. You could have more children and need an extra bedroom or you may have to take in a sick family member. For whatever reason you may need extra room and have to move home. With the Commonwealth Bank Economiser Home Loan you can move the loan onto your new home so you can avoid paying all the new application fees that come with a new loan.
- Increase your loan. If you need extra money for a holiday, renovations or need extra money for personal reasons the Commonwealth Bank Economiser Home Loan can help you do this. The Commonwealth Bank Economiser Home Loan allows you to increase the value of the loan so you can have access to extra money.
When you are applying for a loan you must be sure to get a loan that is suited for your needs. The Commonwealth Bank Economiser Home Loan is a loan which offers a great interest rate with many additional features which allow you to be flexible with the repayments of your loan. By taking advantage of all the features you can be sure that you will get a home loan that suits your needs.
Read the Commonwealth Bank Economiser Discounted Base Variable Loan terms and conditions.
| Minimum Loan Amount | $10,000 | |
|---|---|---|
| Maximum LVR | 80% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | Yes | |
| Split Loan Facility | Yes | |
| Fixed Interest Option | No |
| Interest Rate Type | Variable | |
|---|---|---|
| Interest Rate | 6.50% | |
| Comparison Rate | 6.64% | |
| Repayment Type | Principle & Interest | |
| Repayment Frequency | Weekly | |
| Extra Repayments | Yes |
| Application Fee | $600 | |
|---|---|---|
| Service Fee | $8.00 | |
| Exit Fee | $350 |
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