Mortgage Broker – Established Residential Investment & Home Loan Specialist

Commonwealth Bank Refinance - Refinance to a Lower Interest Rate

Commonwealth Bank Refinance


Hello, Nathan here and welcome to my Commonwealth Bank Refinance web page, which I set up for one reason and one reason only. To refinance as many Commonwealth Bank customers who, at a guess, are being ripped off with a really, really bad Interest Rate.

To contact me ASAP regarding your Commonwealth Bank Refinance, click here – Contact Us.

The Commonwealth Bank is the largest Home Loan provider in Australia, bigger than Westpac, who is number two and bigger than NAB & ANZ. The Commonwealth Bank has the highest share price, makes the most profits after tax and has had the most scandals from their financial planning arm, to charging annual fees but not passing on lower interest rates to pushing, pushing and pushing their staff to achieve their sales targets to generate maximum profits from very customer.

Commonwealth Bank Refinance – Standard Variable Rate

The Commonwealth Bank has some of the highest Interest Rates, which is why they produce some of the greatest company profits for their shareholders and CEO pay packets. And their CEO’s have been some of the highest paid in Australia during times of scandal, during the GFC and during times when they put up Interest Rates on everyday Australians who are struggling to make ends meat.

At the time of writing this article the difference between the Commonwealth Bank’s Standard Variable Rate (SVR) on a Principal & Interest Home Loan is 1.08% higher than my preferred lender at 80% Loan to Value Ratio.

Commonwealth Bank Refinance – Loan to Value Ratio

What is a Loan to Value Ratio?

When conducting a Commonwealth Bank Refinance, the new lender will want to retain a minimum of 10% equity in the property and preferably 20%, which means the maximum Loan to Value Ratio when doing a Commonwealth Bank Refinance with my preferred lender is 90% LVR. You can calculate your own LVR by the following equation:

  • Your current Loan Amount
  • divided by
  • The estimated value of your property
  • × 100
  • = LVR%

For example:

  • $400,000 Commonwealth Bank Home Loan
  • divided by
  • $500,000 estimated property value
  • × 100
  • = 80% LVR

When doing a Commonwealth Bank Refinance at 80% LVR, I can pretty much guarantee I can get you a lower interest rate than what you are currently on with the Commonwealth Bank, with some obvious conditions to satisfy.

Commonwealth Bank Refinance – Interest Rate

When conducting a Commonwealth Bank Refinance I need to make sure there is a benefit by way of either:

  • Interest Rate
  • Product or
  • Service

When most people make up their mind that they want to refinance, initially they are seeking a lower interest rate, when much of the time they get more excited about being provided an amazing service, being treated like a human being instead of a Customer ID Number and having their loan structured in such a way that it is working in their favour – not the Commonwealth Banks and better still their goals of paying down their Home Loan fast has a plan combined with their own personal Home Loan Coach, which is me…

At the time of writing this article the Commonwealth Bank’s most pushed product, the Wealth Package, largest discount is 0.70% off their Standard Variable Rate and they charge $395 Annual Fee. This discounted Interest Rate is still 0.63% greater than my everyday pricing that comes with:

  • $0 Monthly Fee
  • $0 Annual Fee
  • $0 Early Repayment Fee
  • $0 Ongoing Transaction Fees
  • $0 Internal Transfer Fee
  • $0 Lump Sum Payment Fee
  • $0 Redraw Fee (up to $20,000 per day)
  • $0 Fee 100% Offset Account

On a $400,000 Home Loan, a 0.63% saving in your Interest Rate and no more ongoing fees like commonwealth’s $395 Annual Fee will save you:

  • $400,000 × 0.63% = $2,520 + $395 Annual Fee = $2,915 per year
Commonwealth Bank Refinance – Savings

If I can save you $2,915 per year on your Commonwealth Bank Refinance, as example above, but you added these savings back into your Home Loan, home much more can you save from your Commonwealth Bank Refinance?

The assumptions I am going to use are common averages like:

  • $400,000 Home Loan Amount
  • 30 Year Home Loan Term
  • 7.00% Interest Rate, which is the average Australian Home Loan Interest Rate over the past 100 years or so…
  • $2,915 ÷ 12 months = $242.91

By taking the savings from your Commonwealth Bank Refinance and adding it back into your Home Loan, an additional $242.91 per month you could potentially save:

  • 6 years and 8 months (paying off your 30 year Home Loan in 23 years and 4 months)
  • $145,777.72 in Bank Interest (Bank Profits!)

So if you need an excuse or an incentive to refinance your Commonwealth Bank Home Loan, look no further than the type of savings that can be had, not only in years off your loan term but tens of thousands of dollars, better in your back pocket – not the Banks!

Commonwealth Bank Refinance – Summary

Some of the basic property criteria my preferred lender needs before doing a Commonwealth Bank Refinance are:

  • Established Residential Occupied Home or Investment Property
  • Property is located in a Category 1 location
    • Search your Property Location Guide by clicking here, which takes you through to Genworth
    • Enter your suburb and either select Standard Owner Occupier or Investment
    • If your property is located in a Category 1 suburb you will be entitled to obtain my lowest interest rate product
    • The Commonwealth Bank uses Genworth as their Lender’s Mortgage Insurer
  • Property has Town Power & Water connected
  • Individual Ownership with a maximum 2 people on title (not owned in a Trust or Company – I am not here to help the rich get richer!)
  • Loan to Value no greater than 88%, for example:
    • Loan Amount = $475,200
    • divided by an estimated Property Value of $540,000 × 100 = 88% LVR

Once you have done your own bit of research about your property and your LVR, it is time to get in touch to discuss:

  • Affordability (Banks call Serviceability)
    • Can you afford the Home Loan you are applying for, your ongoing debts like Credit Cards and your Living Expenses without financial hardship?
    • And for me to figure this out I will need to know, in particular:
      • Your Gross Annual Income
      • Any other Income received, e.g. Second job, rental income, child support, Family Benefits Part A & B etc.
      • All Financial Debts including:
        • Credit/Store Card Limits
        • Overdraft Limits
        • Interest Fee Loans, Rentlo, HECS/HELP debts, Tax Debt etc.
        • Car/Personal Loan Amounts and Repayments
        • Any other Financial Debts (Family Debt)
      • Do you have a clear Credit File?
        • You can obtain a Free Report from Veda by clicking here
    • When I fully understand your Income and Liabilities I can run my lender’s Serviceability Calculator to see if you qualify
    • It only take 5 to 10 minutes over the phone to see if you qualify or if you email me through the above details I can reply back to you with an answer

I look forward to hearing from you if you wish to proceed with my Commonwealth Bank Refinance offer.


Nathan Daniell
Mortgage Broker / Managing Director
Simplify Your Mortgage Pty Ltd
Australian Credit License Number: 387974
T: 0413 615 913


P.S. I really appreciate your time in reading my Commonwealth Bank Refinance Home Loan web page, I hope it has assisted you to make a more informed decision.

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