1 Package requires at least $150,000 in package lending balance, and an annual fee of $395 applies. Package lending balance is the sum of the account balance of eligible home lending accounts and the credit limit of Viridian Line of Credit accounts that you have with us at the time you apply for Wealth Package. Eligible home loans are limited to those accounts that can be included in the Wealth Package.
2 As at 14 October 2022 the Extra Home Loan variable reference rate for Owner Occupied home loans is 6.28% p.a. (principal and interest) and the Extra Home Loan variable reference rate for Investment home loans is 6.63% p.a. (principal and interest).
3 At the end of the fixed rate period, the interest rate converts to the applicable Standard Variable Rate relevant to your loan purpose and repayment type at that time, less any applicable package discount specified in your Loan Contract.
4 To apply for a Wealth Package, you must have an eligible home loan or line of credit with an initial package lending balance of at least $150,000 at the time of your application. Eligible home loans include: Standard Variable Rate home loan, Fixed Rate home loans and Viridian Line of Credit. A non-refundable annual fee of $395 is payable in advance. The package can be established in the name of one or two individual’s name/s, or in the name of a corporate entity. It cannot be established in the name of a business or family investment trust.
The primary credit card holder must be the same as the package holder for this benefit to apply.^ CommBank My Property won the 2019 ABA Winner for New Product Innovation in The Australian Brand Awards 2019.
# You can choose to pay Principal and Interest weekly, fortnightly, or monthly. Only monthly payments are available for Interest Only. The maximum Interest Only payment period over the life of a loan is 10 years for Investment Home Loans and 5 years for Owner Occupied Home Loans, so long as there is at least 5 years remaining on the Contracted Loan Term. We have different rates that apply, depending on whether you are making Interest Only payments or Principal and Interest repayments. During an Interest Only period, your Interest Only payments won't reduce your loan balance unless you choose to make additional repayments. At the end of an Interest Only period, your repayments will increase to cover Principal and Interest components.
Information provided (including interest rates) are subject to change.
Calculations are estimates provided as a guide only. They assume interest rates don’t change over the life of the loan and are calculated on the rate that applies for the initial period of the loan. Interest rates referenced are current rates and may change at any time.
Fees and charges are payable. The calculations do not take into account fees, charges or other amounts that may be charged to your loan (such as establishment or monthly service fees or stamp duty). Lenders' Mortgage Insurance or a Low Deposit Premium may apply to your loan depending on the size of your deposit; security, applicant and loan attributes. This is a one-off cost and will be added to the loan amount. Any of these additional amounts will increase repayments under the loan.
We have different rates that apply, depending on whether you are making interest only payments or principal and interest repayments. During an interest only period, your interest only payments won't reduce your loan balance. At the end of an interest only period, your repayments will increase to cover principal and interest components.
* Comparison rate calculated on a $150,000 secured loan over a 25 year term. WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates for variable Interest Only loans are based on an initial 5-year Interest Only period. Comparison rates for fixed Interest Only loans are based on an initial Interest Only period equal in length to the fixed period. During an Interest Only period, your Interest Only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan.
~ We charge the rate lock fee at the time your home loan account is set up or when we process your request (if requested after). It is therefore important that you have sufficient funds in your nominated account. The rate lock feature only applies to Fixed Rate home loan and Fixed Rate Investment home loan applications (including Interest in Advance). Rate lock does not apply to Home Seekers, switching, splitting, top-ups or repayment changes.
Rate lock allows you to lock in the interest rates from when we receive your completed rate lock form and will end 90 days after we process your request.
Rate lock is only available on 1-5 year periods. Applies to each Fixed Rate loan that has selected the rate lock feature. Rate lock is only available at application and a non-refundable fee applies. At the end of the fixed rate period, the interest rate converts to the applicable Standard Variable Rate relevant to your loan purpose and repayment type at that time, less any applicable package discount specified in your Loan Contract.** This interest rate comparison does not consider special discounts that apply for Wealth Package holders.
Calculations are not a loan approval. Applications are subject to credit approval, satisfactory security and minimum deposit requirements. Conditions apply to all loan options. Full terms and conditions will be set out in our loan offer, if an offer is made. Fees and charges are payable. Interest rates are subject to change. As this advice has been prepared without considering your objectives, financial situation or needs, you should consider its appropriateness to your circumstances before acting on the advice. You should also read our Financial Services Guide.
^^ Offer available on eligible home loans funded on and from 1 January 2020 (except for Owner Occupied Interest Only home loans, which are eligible if funded on and from 7 April 2020), where at least $250,000 has been refinanced from a financial institution other than Commonwealth Bank or Bankwest. Viridian lines of credit may be eligible as part of a multiple loan facility application if the total minimum refinance amount of $250,000 or more is met. Limit of one $2,000 cashback per borrowing entity (e.g. individual, joint borrowers, company) and per customer over a 12 month period. Limit of one $2,000 cashback per joint application. Where one of the joint applicants has received a cashback in the last 12 months, that customer will not qualify for the offer. Where all applicants have received a cashback in the past 12 months, the joint loan will not be eligible for the cashback. This offer cannot be combined with a Wealth Package fee waiver. Cashback will be credited to a Commonwealth Bank transaction account linked to the loan or the borrower/s within 90 days of loan funding (this could be a joint account with an unrelated party). We reserve the right to terminate the offer at any time. Applications subject to credit approval. Fees and charges may be payable. Full terms and conditions will be included in our loan offer.
Which of the following loans is most likely to have the highest initial interest rate?
What type of loan typically has a low initial rate followed by higher rates? Adjustable Rate Loans. Which loan covers the period of time between the end of one mortgage and the beginning of another? Bridge.
Examples of non-institutional lenders are real estate investment trusts (REITS), insurance companies, pension funds, hard money lenders, or even individual lenders.
A blanket mortgage allows some of the lots of a subdivision to be released and no longer be encumbered. The correct answer is C. It is a partial release clause, thus allowing some of the lots to be released as the note is paid down.
A mortgage note is a legal document that sets out all the terms of the mortgage between a borrower and their lending institution. It includes terms such as: The total amount of the home loan. The down payment amount.