Basic Home Loan - Commonwealth Bank - Rate Saver Variable

Comparison Rate	5.83%
Amount	$200,000
Term	30 years
Monthly Payment Est.	$1,164.61
Total Amount Paid Est.	$422,880
Establishment Fee	$600.00

5.73%

Target Market
Rate Saver is a 'no frills' low variable interest rate/limited features home loan for customers who do not require all the features and flexibility the Standard Variable Rate Home Loan offers ,
Housing Related, including purchase of vacant land; ,
Land Loan: A residential property must be built within 5 years for occupancy ,
Construction (owner occupied) - ,
Refinance, other institutions' home loans including debt consolidations; ,
Personal Purposes; ,
Personal investment eg purchase of shares ,
Bridging Loans ,
Borrowers will have up to a maximum of 12 months to reduce the total debt to the agreed residual debt level. ,
Capacity to service interest only payments on the total debt during the bridging period is preferred but not essential (refer to BDM for further details), capacity to repay the Residual Debt on a P & I basis at the appropriate interest rate over the proposed term after the existing property is sold. The maximum LVR for bridging purposes is 90% subject to LMI (LMI can be waived refer to BDM). Note Bridging Loans can be written at any of the Bank interest rate options restrictions apply to Fixed Rates Loans or One Year Guaranteed Interest Rate option may attract an Early Repayment Adjustment. ,
Qualifying footings for MAV any portion of a loan used for bridging is excluded, ie only estimated residual debt is included. ,
Line of Credit cannot be used for bridging purposes

Acceptable Income
PAYG/ Self Employed/Casual/Contractor/Got Income excluding New start) note Austudy not applicable

Home Loan Loan Term
Minimum: No minimum
Maximum: 30 years (subject to expected retirement age of applicant)
The shortest practical term up to Maximum of 1 year. (If deposit on new property only financed, contracts on existing property must be exchanged and sale assured.)

Home Loan Loan Size
Minimum: $10,000 ,
Maximum: No Maximum

Home Loan Repayment Type
Interest Only & Principal & Interest ,
3 year Special Rate Save Discount off the Basic Variable Rate reverts to BVR at end of 3 year Introductory period

Repayment Options
Weekly, fortnightly or monthly repayment options are available

Extra Repayments
Additional Repayments can be made without incurring an Early Repayment Adjustment (ERA)

Split Loan Facility
Yes available

Offset
Not available

Redraw Facility
Yes - Minimum $500 by electronic request, or $2,000 from our branch. ,
$50 redraw fee. ,
Redraw is not available on Interest Only Rate Saver ,
Redraw available via Internet and Phone Banking and can be linked to ATM Card

LVR for Basic Home Loan - Commonwealth Bank - Rate Saver Variable

Owner Occupier, Investment, Construction Maximum LVR 90% LVR (Max 95% for existing CBA customers who hold a CBA Consumer Finance Product - for atleast 6 months with no arrears or missed payments) plus LMI ,
External Refinance (from other financial institutes) a maximum LVR 90% ,
Vacant Land Maximum LVR 90% LVR

Fees for Basic Home Loan - Commonwealth Bank - Rate Saver Variable

Application Fee - $600 ($300 for each subsequent loan if there is an existing loan). ,
Off The Plan purchases incur an application fee of $800 ,
Monthly Loan Service Fee - $8 ,
Monthly Loan Service Fee for 3 Year Rate Saver is Nil until further notice. ,
Additional Security Fee $150 for each additional security ,
Progressive Drawing Fee - $50 per drawing (maximum of 5 drawings) ,
LMI Arrangement Fee - The amount of LMI payable may vary according to individual loans and is based on the loan amount. Note a LMI Arrangement fee of $20.00 will apply ,
Settlement Attendance Fee - $150 this fee is payable when the Bank (or its representative) is required to attend settlement for the purchase of a security property, or for the refinance of a loan with another credit provider (Fee displayed as Mortgage Preparation) ,
Settlement Fee - Discharge: $350 ,
Other fees and charges are payable. ,
Security Substitution Fee - A security substitution fee of $300 applies where no additional funds are sought. Where additional funds are also sought the standard establishment fee for that product applies ,
If your customer substitutes new security for the loan, they must pay this fee plus any other applicable Bank fees and Government charge ,
Stamp Duty on the Mortgage ,
Calculated on the amount of the loan and payable to the State Government Stamp Duty authority ,
NB: If the customer is buying a property, Stamp Duty on the transfer purchase price will also be payable to the State Government. ,
Refer the customer to their solicitors as to other costs they might incur. ,
Switching Fee - $300 This fee is payable if your customer applies to switch all or part of their home loan or investment home loan to another home loan or investment home loan product. ,
It does not include any out-of-pocket expenses which may be payable to a third party e.g. Stamp Duty ,
Valuations - For high value properties, the Bank requires a full valuation to be undertaken by an independent Valuer. This necessitates referral to the Bank’s Chief Valuer to nominate appropriate valuers and negotiate fees. The valuation requires a detailed inspection and comprehensive written report. ,
Sydney & Melbourne metro >$2m ,
Other >$1m ,
Security Guarantee Fee -$200 (per borrower) applies where a guarantor's) provides security to support the loan. The fee is debited to the loan account (Refer Special Notes Family Equity and Guarantors ’Support Policy) ,
Application for Increase $300 ,
Deferred Establishment Fee $700 applicable if loan is repaid out within 4 years from the first loan drawing