Commonwealth Bank of Australia

CommBank's home loan range covers three variable rate loans (the Digi Home Loan, the Simple Home Loan and the Standard Variable Rate home loan) and a Fixed Rate home loan. The variable loans link to Everyday Offset accounts: one on the Digi Home Loan, up to two on the Simple Home Loan and up to 99 on the Standard Variable Rate loan. Fixed terms run from 1 to 5 years, and up to $10,000 in additional repayments can be made each year of the fixed period without additional fees. The Standard Variable Rate and Fixed Rate loans can include the Wealth Package, which has a non-refundable annual fee of $395.

For personal lending, CommBank offers an unsecured Fixed Rate Loan and an unsecured Variable Rate Loan, each from $4,000 to $50,000 over 1 to 7 years. Its Secured Fixed Rate Car Loan lends $4,000 to $120,000 over 1 to 7 years, with the car being bought used as security. The car must be up to 7 years old, have no finance owing on it and be comprehensively insured.

For businesses, the BetterBusiness Loan is available unsecured, with limits up to $250,000 and a maximum 7-year term, or secured by residential, rural or commercial property, with terms of up to 30 years depending on the security. CommBank's car and equipment finance starts from $20,000, with $0 upfront deposit, no monthly fees and the financed asset as the loan security. CommBank lists an equipment loan (also known as a chattel mortgage), hire purchase and a finance lease among its finance options for used cars and equipment.

CommBank describes its home loans as being for owner-occupiers, investors, refinancers and first home buyers. Its low deposit pathways include the Australian Government 5% Deposit Scheme, Lenders Mortgage Insurance, a Low Deposit Premium and guarantor support, and the Standard Variable Rate loan is priced for loan-to-value ratios (LVRs) up to 95%. Doctors, lawyers and accountants can check whether their profession is eligible for a Lenders Mortgage Insurance waiver with a deposit of as little as 10%. Self-employed borrowers and business owners can work with a Home Lending Specialist through a verification process designed around how they earn their income.

Personal loan applicants must be over 18, live in Australia, be eligible to work in Australia and be an Australian or New Zealand citizen, an Australian permanent resident or hold an eligible visa. They must also be employed or receive regular income. The BetterBusiness Loan may suit businesses of any size, including sole traders, partnerships, trusts and registered companies. Car and equipment finance needs a business with a current ABN and more than 12 months of trading, and the vehicle or equipment must be used mostly or entirely for business purposes.

A home loan application can be submitted online in as little as 10 minutes, after which a home lending specialist calls to assess it. Online applications are currently available for loans with no more than two borrowers that are not for construction or an off-the-plan purchase and are not set up with a trust or guarantor. The Digi Home Loan is only available online, while other home loans can also be arranged with one of more than 1,400 Home Lending Specialists, who work in branches, as mobile lenders and in CommBank's direct team. CommBank also accepts home loan applications from accredited residential mortgage brokers.

Personal loans, including the Secured Fixed Rate Car Loan, are applied for through an online form, with a response within 60 seconds of submitting. Existing business customers can apply for a BetterBusiness Loan in NetBank, while new business customers book an appointment. Quotes for car and equipment finance are available over the phone or online.

Commonwealth Bank was founded under the Commonwealth Bank Act in 1911 and commenced operations in 1912. Its privatisation began in 1991 and was completed in 1996, and it is listed as a public company on the Australian Securities Exchange with more than 800,000 shareholders. It acquired Bankwest in 2008 and provides banking in New Zealand through its subsidiary, ASB.

Its lending is provided by Commonwealth Bank of Australia (ABN 48 123 123 124), which holds AFSL and Australian credit licence 234945. CommBank says it serves 15.9 million customers.