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Commonwealth Bank Home Loans

Commonwealth Bank Home Loans

1.9 from 131 reviews

See the Best Home Loans in 2019 as rated by Australians on ProductReview.com.au.


Very Positive Experience

Being self-employed (for less than 2 years) we were advised to find a broker to help us with our first home loan. Over a period of 10 months we spoke with and worked with 9 different brokers – and that time period for us was utterly harrowing! They were all quite negative about our position; some of the deals offered were terrible (requiring us to take on extra debt such as credit cards!), the processes were tedious, the depth of personal information requested was really invasive and communication was often very poor (taking days to weeks to return phone calls, reply to emails etc).

We don’t know why we persist with that path for so long; just our inexperience and everyone around us kept saying working with a broker was our best option. But we were exhausted and thought let’s just approach the bank ourselves and see what happens.

From the moment we contacted our local CBA mobile lending specialist everything changed, she was just lovely, and positive and reassuring and kind to us. We felt incredibly relieved and grateful as we were honestly feeling so depressed and hopeless after all of our negative experiences. The process went so smoothly, they are mobile and can come to you, you deal with the one person directly (no being shuffled around an office of people like we had been in the past). Best of all we never for a moment were made to feel like lesser human being because we didn’t have a huge deposit, or had never owned a property before, or because we were small business owners without regular payslips.

We wanted to write this review to hopefully let others in similar situations know that although you might have been told (like us) that approaching the bank directly is pointless or a waste of time, this is definitely not the case. Thanks to the CBA we are finally about to move into our first home! We are really happy with the deal they gave us (and the interest rate is half of what some of the brokers offered us).

We would highly recommend to just give them a go, maybe they can’t help.. but maybe like us they can. After 15 years renting, we are elated to finally own our own home and can’t thank them enough!

Tip: Contact or book with a mobile lending specialist directly not branch staff

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Loan TypeVariable Rate
Loan Start DateSeptember 2019
Loan used for:First Home

35 year client

I have been a client of CBA for over 35 years. I have purchased around 10 properties using home loans through CBA. Whilst nearly every loan in the past I have needed to ask for an extension on the settlement period so CBA could sort out their side of the loan, the last few years I have had an excellent CBA loans officer, Kosta Nikakis, who has been extremely proactive and has continually secured competitive rates close enough to all the small lenders with fewer overheads.
CBA have always had a level of flexibility and the obvious face to face service not available with online lenders have been both been positives.
Whilst my earlier loan experiences with CBA were average and the last few years have been great thanks to the loans officer (or whatever they’re called these days. Personal lender?), my rating is based on my entire loans experience with CBA.

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Customer Service
Loan TypeVariable Rate

Absolutely zero customer service

We've had our home loan with commbank for over 11 years. We've NEVER missed a payment. In fact we've consistently paid more than the commank prescribed minimums so that we have a huge redraw amount available to us if required. Similarly, our credit cards with commbank have always been paid on time. We have a perfect credit rating and our business banking is with commbank. But despite our loyalty to commbank for more than a decade, commbank want to charge a new application fee and put us through a whole loan application process to simply lower our interest rate. Other lenders have rates as low as 3.2 and commbank even offers 3.6% to new customers but will not assist existing customers. Our request is reasonable - take us off the expensive wealth builders package and offer us the same rate you're offering new customers.
My advise - shop around and avoid commbank.

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Loan TypeVariable Rate
Loan Start DateNovember 2007
Loan used for:Second Home

Think before trusting brokers

3 years ago my wife and I were approved for a home loan with Bank of Melbourne through a broker from the loan market, and things were running smoothly. After all, BOM was an excellent bank and they were very supportive when we needed any help. During the 3 years, we have encountered some financial difficulties that forced us to borrow a lot of money in different forms (credit cards, personal loans and so on) and we were making a substantial amounts of repayments that drained my wife's and my salary and we barely had any leftovers to help us to hang on. Having said that, our repayments were excellent and we only had one incident where we had to postpone one of the home loan repayments. We contacted BOM and they agreed to wait for 2 weeks but it was showing in our statement that we had a missed payment. After the struggle for a few months, my wife and I decided that our best option is to consolidate our debts. We contacted the loan market as we had a good experience with them, and when Mr LR looked at our file, he decided that we cannot get a loan through a normal bank, and we have to use a different path. He tried to get us a loan through Pepper Money, and his initial offer was 4.50% pa. We were happy to hear that and started an application. After some time, LR contacted us and said Pepper money's offer has changed to 6.50% due to 1 missed payment. After making the calculation I decided that this offer is not saving us much, in fact, it will increase our debts. We had even worse experience with Fox Symes who tried to fool us with a ridiculous offer. Then we tried to get help from BOM but we didn't fit in their requirements range. Then we arranged an appointment with Gurwinder Sekhon, a mobile lender from CBA, we sent her a copy of our documents and she asked us to get back to her in 3 months to void the effect of the missed repayment. Honestly, we thought it is one of polite 'go away' requests, so we didn't call back. She called us after 2 months and asked us if we want to start the application. We decided to give it a go, but frankly, we had no hope. Surprisingly, We were approved in extra home loan offer with 2 years offer of 3.84%. This wasn't limited to this, but there were no setup or annual fees and the bank paid us $2000 refinance offer. Thanks to that, Now we are saving $2500 a month, and things didn't stop there, before making my first payment, the interest rate was dropped to 3.59% making my minimum repayments same as before refinancing. We would like to thank CBA for giving us the chance to have another go. And I like to thank Gurwinder Sekhon for her proficiency in handling our application. I highly recommend Gurwinder if you need help with your home loan, she has enough experience to guide you through the process and she will not rush you to end up with another useless credit enquiry.

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Loan TypeVariable Rate
Loan Start DateJune 2019
Loan used for:Refinancing

Home loan experience in CBA

I should admit the best service ever, compared to the Bank of Melbourne and a so-called experienced broker. I had gone to CBA Melborune-CBD RMIT branch to just inquiry about the loan conditions, 25 minutes later I walked out the branch with a pre-approval letter offering me an amount 120 K on top of what my broker could get. The processes are easy-fast-efficient and UNBELIEVABLE. They also topped this up with a free property searching services made it super fancy experience- I got a 4 year extra home loan contract and did not even study much as I trust them a lot.

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Customer Service
Application Process
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Loan TypeVariable Rate
Loan Start DateJune 2019
Loan used for:First Home

The home lender bent over backwards to help us.

Ours was an unorthodox application as self-employed etc, but Mel in Launceston branch moved heaven and earth to make it all happen for us, including suggestions that were to our benefit. Big delays in settlement owing to previous lender being slow or obstructive, but Mel chased it hard. We are grateful for her level of professionalism.

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Application Process
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Loan TypeFixed Rate
Loan Start DateJune 2019
Loan used for:Refinancing

Very poor service

Have a loan with cba, 2 agents who were working with me both gave wrong advice on product. Didn't explain quite significant difference between offset and redraw facility (specifying that they both work the same way). That tells me the staff is unqualified and not trained properly. Well, I learnt the difference by myself later. When tried to make booking with a 3rd agent (Vietnamese guy), looking to explore options and possibly refinance - got the call few hours before, and he basically cancelled the appointment as its not new home loan finance and refinance is under question referring me to branch staff. The branch staff already happened to be not very knowledgeable as they all were giving me different answers. My settlement was a whole saga with my super simple situation like high salary, low loan, no kids/partners. They are not trying to win business and offering extremely poor service. Regretted billion times that went with this bank.

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Application Process
Timeliness
Loan TypeVariable Rate
Loan used for:First Home

Excellent web interface and mobile app, but expect higher rate

I had a wealth package variable loan with CBA for nearly 3 years before refinancing to a non-bank lender.

Overall, CBA offers a premium product (good website, excellent mobile app, unlimited offset accounts), however you can expect to pay more for it.

I never had any issues with call centre staff - they were always polite, knowledgeable and willing to assist.

My reason for leaving was merely a financial one - there were cheaper rates in the market that don't come with the $395 annual fee.

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Loan TypeVariable Rate
Loan Start DateDecember 2016
Loan used for:Second Home

Terrible customer service

Can’t get through on the phone and no one responds to emails absolutely terrible to deal with. Still don’t know if our home loan top up has been approved or not nearly 6 weeks from the application start date.

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Customer Service
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Loan TypeVariable Rate

Don't look after existing customers

We've been with CBA for 20 years with a good credit rating and zero issues. I decided I no longer wanted to buy the "Wealth Package" and asked to switch to the cheapest variable home loan rate. The cheapest rate they could offer was 2% higher than the cheapest rate currently advertised. They would not negotiate a better rate because I refused to purchase a wealth package (would not even match what they offer to new customers which was significantly better). I phoned three times to have my rate lowered without success. I am now with a new lender and so far so good, you don't need all the "frills" and the benefits offered don't come close to how much you save with a lower interest rate. I can't imagine why you would stay with CBA unless you had limited choice due to not meeting criteria of lenders.

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Customer Service
Loan TypeVariable Rate
Loan used for:Second Home

The worst bank for Home Loans

If you would like to get a Home Loan then I would recommend getting one through Westpac because they calculate the best calculations and they are always accurate also they never rip you off.

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Customer Service

Its ok just ok

I had lot more expectations from cba as I've been banking with them for a long time. But haven't had really a great experience for home loan. Yes I got the loan but gee there were so many mistakes and my broker and I were sick of fixing them at some stages. Their call center is the biggest joke of all. Every single time I call them it's a guaranteed 45 min to an hour waiting time to talk to anyone. Certainly you don't expect this from one of the biggest banks in the country. Anyway will see how we go for our subsequent homes in the future.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan used for:First Home

What a crap bank it is !!! Pathetic service

How hard it is to get a replacement cheque. With commonwealth it can take up to 3 months thats how crap service they provide !!!! Absolutely disgusted !!!! I will not be dealing with them ever.

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Customer Service

Not disclosing critical information. Do not trust them

I took a home loan in 2017 and based on the initial discussions and preapproval by the bank. The bank used my other property as a security against the new loan to which I had not consented. Obviously I didn't expect the contract to change or have my other property listed as a security on the final contract, I signed the contract and when I sold the other property the bank took all the proceeds of the sale.

Do not trust the paperwork prepared by them as they are very deceitful.

I am still trying to work out a solution with the bank since end of 2017 but it's falling on deaf ears. They do not accept their mistake and just want to snatch every single penny they possibly can.

Show no loyalty to customers

I have banked with CBA for decades and have held various home loans with them since 1992.

My most recent home loan is 3 years old. The honeymoon rate is over. When I contacted them the 'best rate' they can offer a current client is 1% more than that of new clients.

Shame on CBA for not rewarding loyalty.

Thank you ANZ for welcoming me and offering me a much better home loan.

Can’t get anything done

Charged for things we shouldn’t have been everything we have asked them to do they have somehow managed to stuff it up not happy at all will be going back to ANZ as soon as possible


Stupid dogs (.we have to find out instead of them letting you know)

Stupid idiots at commonwealth bank at mildura langree mall made us fill the wrong form for fixed interest rate, our interest rate kept increasing despite being told it was going to decrease after filling the form. Only to know they have stupid wench and dogs that can ruin damn time and life. I don't damn know who they employ dogs picked up from the street? They didn't bother ringing us to tell us the form was wrong instead we have to ring up and we were told the form was invalid. They really don't employ human beings now says. Don't know why you need the right people for the right job sore loser.


Home Loan approved but rates changed

My home loan pre approval and then my loan was approved without much issues. No unexpected costs were involved and bank explained the process good. The initial rate offered was good but the downside was the rates were increased within a few months of my loan as part of overall industry rate change.


Home Loan within 4 days. Excellent service

Being rejected by Bank of Melbourne after asking for so many additional documents and dragging the process for 4 weeks, been to CommonWealth Bank. There service was exceptional, within just 4 working days from Lodging the applicaton,i signed the loan documents. Thanks alot Jigar Shah and lending team at Hampton Park Branch.


Rather you pay interest on your credit card than give you a $200 overdraft

Offered personal loan but can’t get a $200.00 overdraft on account because they’d rather me pay interest on my credit card. No other debt and a substantial amount of savings in my netbanksaver but still didn’t qualify!! Banked with them for 40 years,needless to say goodbye commonwealth bank thanks for nothing


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Questions & Answers

What is the average home loan processing time with Commonwealth? My application through a broker has been in 2 and half weeks now and no news at all, last request for paperwork was 8 days ago?
1 answer
You should contact the bank lending manager who is dealing with your application directly. Mine took less than 2 days to get full approval once I gave him all the required documents. Has your loan been conditionally approved by credit team? I know that Commbank conditional approval is different from other banks in a way that it goes through full credit check and income check.

Commonwealth bank staff sent me an email July last year to inform the home load will increase from August and ask if consider to fix the loan. I fixed the home loan per the information provided by the bank. However I found it is mistake to do so as I have a offset money which I though to pay a matured account in August 2015. However, the loan does not mature until August 2016. I told the bank to fix the loan was a mistake and asked for correction. However, the bank said it has to pay a big money to break the fix loan and refuse to do any compensation. May I ask has the bank done the right thing? I feel the bank is cheating as the interesting is going low from last year. The bank did not check my account details which they should.
3 answers
Short answer is no. They haven't looked after you like they should. You could try and see what they can do but don't hold your breath. You could then try the banking ombudsman in your state. DavidThanks for the valuable answer. I will further trying to resolve the issue with commonwealth bank. If commonwealth still refuse to help, I will seek the help from ombudsman."...ask if consider to fix the loan..." - they advised, they asked, IF YOU would consider. Obviously, you considered, then did - where is the bank error? If your money was in an offset there is NO reason you wouldn't have been able to get the money out even though the loan was fixed. If the money was actually held in a redraw, then you can't redraw until the fixed rate expires. Did you fix the loan online? If so, I suspect you didn't ask anyone about the pros and cons of fixing?

which bank is the best one to go with for home loans? Need and honest and quick reply, help will be highly appreciated. Cheers Vik
2 answers
Since you're an IT guy, I'm sure you can do most of your stuff online and won't get flustered by lack of personal service the big banks provide. Have a look at loans.com.au, they are quite good with their online only service and certainly one of the cheapest around if not the most cheap.Hi Vik as a mortgage broker I would definitely encourage you to seek professional advice as there are so many options and good offer from lenders at the moment.

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