Commonwealth Bank fixed mortgage rates

Keep up-to-date with Commonwealth Bank fixed mortgage rates by bookmarking this page or revisiting frequently. The table below shows rates as of [date], which are subject to change at any time.

Commonwealth Bank fixed mortgage products: 

Commonwealth Bank fixed mortgage rates FAQs

How do I check my Commonwealth interest rate?

To check your Commonwealth Bank fixed mortgage rates, follow these steps: 

1. log on to NetBank: access the NetBank website using your login credentials 
2. view accounts: select the 'view accounts' tab and click on 'account information’ 
3. select your account: choose the relevant account from the drop-down menu 

For new account interest rates, visit the 'offers & apply' section in NetBank. 

Additional ways to get information 

• message support: use the CommBank app for instant responses from the virtual assistant 
• contact by phone: reach their general personal banking enquiries line 
• visit a branch: find the nearest branch through their website 

How does Commonwealth Bank calculate interest? 

Commonwealth Bank fixed loan rates are calculated using this method: 

• daily calculation: multiply your loan balance by your interest rate then divide this amount by 365 days 
• monthly summary: sum the daily interest charges for the month. This total appears on your monthly statements 

For weekly or fortnightly repayments, the loan amount is adjusted accordingly. 

What happens when fixed rate ends in CommBank?

When the period for Commonwealth Bank fixed mortgage rates ends, the interest rate converts to a standard variable rate (SVR). This rate is relevant to your loan's purpose and repayment type at that time. Any relevant package discount specified in your loan contract is applied. 

• switch to SVR: your loan will convert to an SVR 
• interest rate adjustment: the new interest rate reflects the SVR applicable to your loan and repayment type, less any wealth package discount 
• increased repayments: this may lead to a higher interest rate and an increase in your minimum required repayments 
• refix option: you can choose to re-fix your loan by switching to another fixed rate home loan 

How to prepare when your Commonwealth Bank fixed mortgage rates end 

As soon as CommBank fixed mortgage rates are about to end, follow these steps to ensure a smooth transition: 

1. start and save early: investigate new loan deals before your fixed rate period ends. Save money months before the period ends to create a financial buffer 
2. budget adjustment: anticipate higher repayments and adjust your budget accordingly.  
3. financial review: assess your overall financial situation, including income, expenses, and debts.  
4. rate negotiation: discuss better rate options with your lender before switching to SVR. Research and leverage comparison rates for fixed rates from other lenders 
5. explore alternatives: compare loan offers from other providers and consider refinancing if you find a better deal. Learn more about the best banks for Australian home loans to widen your options 

By planning ahead, you can make informed decisions and potentially secure better loan terms. If you experience financial difficulties, contact CommBank's Financial Assistance Solutions team for support.

Features and benefits of Commonwealth Bank fixed mortgage rates

Commonwealth Bank fixed mortgage rates offer various features and benefits that provide certainty and flexibility. Here are key aspects to consider: 

Features 

• certainty: lock in a rate for up to 5 years to know your repayments 
• rate lock: secure your interest rate before funding for a $750 fee. Conditions apply 
• split loan: flexibly divide your loan between fixed and variable rates 
• choice of repayments: pay principal and interest weekly, fortnightly, or monthly, or choose interest-only monthly 

Benefits 

• wealth package: receive discounts on eligible loans and a fee waiver on one eligible credit card 
• additional repayments: make extra repayments up to $10,000 per year without penalties 
• These features and benefits make Commonwealth Bank fixed mortgage rates a practical option for securing stable payments while maintaining some adaptability. 

Is it better to have a CommBank fixed or variable rate loan?

Choosing between Commonwealth Bank fixed mortgage rates or variable rates depends on your individual financial needs and objectives. Here's a detailed comparison to help you decide: 

Fixed rate loan 

Advantages  

• stable repayments: lock in your interest rate for up to 5 years, ensuring consistent monthly payments 
• rate security: protection from interest rate increases during the fixed term 
• predictability: easier to plan your finances with set repayment amounts 

Considerations  

• repayment limits: only $10,000 in extra payments allowed per year without fees 
• no redraw option: you can't withdraw any additional repayments made during the fixed period 
• early exit fees: potential costs if you repay your loan early 
• fixed rate drawback: you won't benefit from any decreases in interest rates 
• feature limitations: no access to offset accounts or the ability to top up the loan 

Variable rate loan 

Advantages  

• flexibility: make unlimited additional repayments and redraws without restrictions 
• offset accounts: use offset accounts to reduce the interest payable 
• rate decreases: take advantage of falling interest rates to reduce your payments 

Considerations  

• payment variability: payments can increase if interest rates rise 
• financial planning: less predictable in budgeting due to potential rate fluctuations 

Choosing the right loan type for your needs 

Commonwealth Bank fixed home loan rates offer repayment certainty, making them ideal for stable budgeting. Variable rates, meanwhile, provide flexibility and potential savings when rates fall. You can split your loan to enjoy the benefits of both.  

Are Commonwealth Bank interest rates going up?

CommBank rates are subject to change once the Reserve Bank of Australia (RBA) decides on cash rate changes. The cash rate impacts the bank’s cost of funds. 

CommBank had announced an increase in interest rates for select savings products and home loan variable interest rates. This change is in response to the RBA’s decision to raise the official cash rate on 17 November 2023. 

Key points 

• home loan variable interest rates will increase by 0.25% p.a. 
• the increase is effective from 17 November 2023 

This adjustment reflects the cost implications of the RBA's rate decisions on the bank's funding sources. Commonwealth Bank fixed mortgage rates remain stable until the fixed period expires, offering repayment certainty despite variable rate fluctuations. 

RBA predictions 

Some experts predict that the RBA may hold the cash rate until mid-2025 or later due to persistent inflationary pressures. Fiscal policies, especially rising labour costs, are seen as contributing factors to ongoing inflation.