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Product Name |
MAV Package Fixed Rate 3 Yrs $350K - $749K |
Lender |
Commonwealth Bank |
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Initial Rate % |
6.99 |
Intro Rate |
 |
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Initial Period |
36 months
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Ongoing Rate % |
6.76 |
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Interest Type (Initial) |
Fixed |
Repayment (initial) |
P&I or I/O |
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Interest type (ongoing) |
Standard Variable |
Repayment (after initial) |
Principal and Interest |
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Max Term Fixed Rate % |
3 |
Max Term Interest Only % |
5 |
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Repayment Frequency |
Fortnightly, Monthly, Weekly |
Maximum No of Loan Splits |
1 |
Extended Information
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States Available |
ACT, New South Wales, Northern Territory, Queensland, South Australia, Tasmania, Victoria, Western Australia |
Financials Required |
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Product Type(s) |
Equity,Equity,Equity,Equity,Investment,Investment,Investment,Investment,Owner Occupied,Owner Occupied,Owner Occupied,Owner Occupied,Vacant Land,Vacant Land,Vacant Land,Vacant Land, |
Non-conforming |
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Notes
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From Friday 16 January 2009 the Bank will no longer offer progressive drawings on the following Home/Investment Home Loan options:
?All Fixed Rates
?1 Year Guaranteed Rate
This will apply to all new applications and home loan increases. Customers can request split rate loans provided the Fixed or 1 Year Guaranteed Rate portion is fully drawn at funding and the Bank's usual security requirements are met.
Max term of 5 Yrs Interest Only at a time with Max Term of 10 yrs Interest Only for Non-Investment loans and 15 yrs Interest only for Investment Loans. Redraw not available on Interest only loans for the full term of the loan.
Redraw not available during fixed rate period. Additional repayments allowed to maximum of $10K pa. Breakcosts apply if threshold exceeded.
Rate Lock available up to 90 days ? fee $750.
Insurance discounts of up to 15% available with CommInsure.
To be eligible for this offer, the customer must have:
? Initial total home lending of $150,000 with the Commonwealth Bank Group; and
? An activated Commonwealth Bank Credit Card; OR
? A Commonwealth Bank transaction account - Smart Access, Complete Access, Streamline or a Line of Credit.
Changes to Mortgage Advantage Package from 15 September 2010:
From Wednesday 15 September 2010 Mortgage Advantage benefits will apply when a Loan Protection Insurance policy is taken with a Home /Investment Home Loan and/or Viridian Line of Credit i.e. this benefit will not be available for Loan Protection Insurance policies covering for Personal Loans; and
- Mortgage Advantage benefits will apply when a new Loan Protection, Life, Trauma, Total and Permanent Disability and/or Income Protection Insurance policy is issued at the same time or following the completion of a Package application i.e. this benefit will not apply to customers with an existing package and who are taking out a new policy.
These changes will affect:
- New Package customers with existing accounts/policies. For example, if a new Package customer has an existing Loan Protection Insurance policy, they will not receive any Package benefits; and
- Existing customers who renew/apply for new accounts/policies. For example, if a customer renews an existing Term Deposit or applies for a new Term Deposit account, they will not receive any Package benefits on the new Term Deposit rate.
These changes do not affect existing Package customers with existing accounts/policies already receiving the above benefits. |
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Loan Size/LVR |
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Minimum Loan Amount $
|
350,000.00 |
Maximum Loan Amount $
|
749,999.00 |
Capitalise LMI
|
 |
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Maximum LVR %
|
95 |
Minimum Loan Term
|
3 |
Max Loan Term
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30 |
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Loan Fees |
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Establishment $ |
0.00 |
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Cost to switch to fixed $ |
300.00 |
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Application Fee $ |
0.00 |
Exit Fee $ |
350.00 |
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Valuation Fee $ |
0.00 |
Ongoing Fees $ |
29.00 |
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Legal/Solicitor Fee $ |
0.00 |
Ongoing Fee Notes |
$350 Annual Package Fee |
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Settlement Fee $ |
150.00 |
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Upfront Fees $ |
150.00 |
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Break cost conditions |
$50 + Economic Costs |
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Early Repayment Fee Notes |
$700 Deferred Establishment fee applies if loan paid out in first 4 years. This is paid in addition to the $350 exit fee. |
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Other borrowing costs $
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0.00 |
Other Fee Notes |
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Services |
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Internet Banking |
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Telephone Banking |
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Credit Card Option |
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Bpay Option |
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Portability of loan |
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Professional Pack |
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Cheque account access |
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Reverse Mortgage |
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Free Transactions per month
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0 |
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Redraw Available |
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Minimum Redraw $
|
0.00 |
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Offset Account |
Partial |
Direct Salary Credit |
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Access Fees |
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Loan Redraw fee $
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0.00 |
ATM own wdfee $
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0.00 |
Fee per Cheque $
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0.00 |
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EFTPOS fee $
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0.00 |
Internet banking fee $
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0.00 |
Internet access fee $
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0.00 |
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Bpay charges $
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0.00 |
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