Managing your Home Loan/Investment Home Loan

We know that your home loan needs are likely to change over time. Whether you're looking for ways to pay off your loan faster, or would like to adapt your loan to meet your lifestyle, we've made it easy for you to manage your loan.

View your home loan transactions

You can now review up to the last 2 years' transactions on your loan account, Mortgage Interest Saver Account and Viridian Line of Credit, online via NetBank. You can also check your loan details, see when your repayments are scheduled and manage your accounts. Simply register for NetBank.

Servicing made easier

We understand that sometimes it's difficult for all borrowers to take the time to come into a branch and sign documents. That's why we have introduced a 'method of operation' on your home loan.

If there is more than one borrower on the loan you can nominate a method of operation on your loan. For example, if you nominate 'Any to operate', only one of you is needed to authorise changes to loan repayments, make a Repayment Redraw or switch your loan. If you'd like electronic access to your account, you'll need to nominate 'Any to operate'.

Simply download and complete the application form and take it to any branch.

Increase your existing loan

If you already have a loan with us, you may wish to borrow additional funds through that existing facility. You can use the money to invest in shares, renovate your property, take a holiday, buy a new car, or whatever you wish, all at low home loan interest rates. You will also save money on establishment fees, stamp duty and other costs associated with setting up a new loan.

Looking to reduce your monthly home loan payments?

Whether you've had a change in your lifestyle, financial circumstances or even had an unexpected bill or two, you may want to consider how you can reduce your monthly home loan commitment.

Interest only option
If you want to look at ways to reduce your loan commitments, you could consider our interest only option. This means you pay only the interest on your loan each month (rather than principal plus interest). Switch to Interest Only for up to 5 years simply by calling 13 2224. Or visit any branch if you'd like to arrange to pay interest only for more than 5 years. If you choose interest only on Economiser or 3 Year Special Economiser loans, Repayment Redraw will not be available during the interest only period.

Loan term extensions
Extending your loan term can reduce your monthly payments, as your repayments will be spread out over a longer loan period. Apply at any branch to lengthen your loan term.

Repayment Holidays ^
If you've accumulated 'additional' repayments on your home loan, you may be eligible for a Repayment Holiday. This option allows you to suspend your loan repayments for nominated periods from 3 months to 12 months. This offers you flexibility during lifestyle changes such as career break or parental leave.

To apply for a Repayment Holiday simply download and complete the application form and take it to any branch.

Redraw
Repayment Redraw allows you to access additional repayments you have made on your home loan to use for any personal purpose. With extra money available, you can put it towards a family holiday, home renovations or extensions, or towards an investment to help you build wealth.

You can redraw your funds electronically through selected ATMs, EFTPOS or Australia Post EFTPOB terminals, NetBank and Telephone Banking. To redraw electronically you will need to nominate 'Any to operate' as the method of operation for your loan. Of course you can also redraw by visiting any Commonwealth Bank branch. Conditions and fees may apply.

Simply download and complete the application form and take it to any branch.

Download and tune-in to these listening guides for buying a home.

 

 

Things you need to know. ^ Repayment Holidays are not available on Fixed Rate loans, Interest Only Loans, Viridian Line of Credit, or where there is a second or subsequent mortgage to another financial institution ranking behind the Commonwealth Bank. Applications are subject to the Bank's approval.

As this advice has been prepared without considering your objectives, financial or taxation situation or needs, you should, before acting on this advice, consider it's appropriateness to your circumstances and seek independent financial and taxation advice specific to your individual needs. If you have an investment home loan we do not recommend that you use this to redraw funds or top up your investment home loan for personal purposes. If you have an owner occupied home loan we do not recommend that you use this to redraw funds or top up your owner occupied home loan for investment purposes. Investment and personal borrowings need to be separately apportioned if you wish to claim tax deductible interest expenses. You may prefer to keep such borrowings separate. You should also obtain professional legal, financial and taxation advice specific to your individual needs. Information on taxation is based on the continuation of current laws and their interpretation. You should speak to an independent taxation advisor as to the taxation implications of the redraw or top up. If you have a complaint, the Bank's dispute resolution process can be accessed on 13 2221. Terms and Conditions issued by Commonwealth Bank of Australia for NetBank are available by calling 13 2221, from commbank.com.au or from any branch of the Bank.

Applications for finance are subject to the Bank's normal credit approval. Full terms and conditions will be included in the Bank's loan offer. Other fees and charges may be payable. Commonwealth Bank of Australia ABN 48 123 123 124.