Commonwealth Bank Equity Unlock

The Features Provided To You

First of all, you should know that you will be able to supplement your income considerably without even having to set some limits on your budget and adopt some other critical strategies like selling your house. With this financial product, everything will be simpler and faster for you and you will be provided with the comfort you have always dreamed of.

Next, depending on your age, you will be able to borrow up to 45 percent of the total value of your home or the fixed sum of $425,000, depending on which one is the greatest. Not to mention about the fact that you will have complete freedom when it comes to the repayments, since you will be able to schedule them exactly how you want them to be and add funds or withdraw them along the way.

And this is not all. You will also be able to avoid leaving your family in debt because of the feature known under the name of ‘no negative equity guarantee’. And finally, there will be regular checks on the value of your property in order for you to stay constantly informed about your financial situation and the investments that are recommended for you.

How Much Will You Have To Pay?

First of all, after you sign the contract you will have to pay an establishment fee which is currently evaluated at $950. After this, for every month of using this service provided to you by Commonwealth you will have to add the extra sum of $12. However, considering the great number of important services provided to you this is a really worthwhile investment.

In terms of interest, there will be a residential equity rate applied to your account, which is set at 8.16%, as well as a comparison rate of 8.26% The latter will be really helpful when it comes to identifying the true value of the financial product you apply for. This is because it is calculated by taking into consideration some of the most important aspects, such as the interest rate and any type of fee you will pay during the duration of your contract.

Therefore, before you decide which kind of financial product is best for you, a recommended thing would be to start doing some serious research and include all the offers you can find. If you want to find the best features for you and your budget, not just a good rate, this is what you have to do in order to make things better.

In terms of the comparison rate applied to your account, you should also know that it does not include the charges proposed by the government, which are about expenses like stamp duty or registration fees for your mortgage. Furthermore, the fees for the options you apply for are also not included, as well as the ones that might not be available when the rate is calculated for you. However, this is an excellent product worth applying for regardless of your age.

Read the official terms and conditions

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