This scheme has been extended until February 2022. Moratorium on home foreclosures until September 2021Ĭommonwealth Bank of Australia (CBA) was the first major bank to announce a moratorium on home foreclosures. Check alternative income verification for more details. If you’re self-employed and you get a regular salary from your business, you can now use it as income to apply for a home loan. Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.ĬBA accepts six months’ payslips and a letter from your accountant to verify your income for a home loan. If CBA refuses to give one of our customers a good discount then we usually get our relationship manager involved or choose to go with another lender. It’s actually people who don’t bank with CBA, and in particular who don’t have a home loan with CBA, who may be able to get larger discounts. Unfortunately the system that calculates the offer that you’ll get is pretty smart and tends to give loyal customers a smaller discount! Yes, your mortgage broker can put in a pricing request to get the bank to match an offer from another bank. Finally, they have a Viridian Line Of Credit which is useful if you need flexibility in the way you use your funds.Ĭan I negotiate with CBA to get a lower rate? These have less features, but also less fees.ĬBA has a range of fixed rate home loans with the option to fix for 1 – 7 years. The 3 Year Special Economiser and the No Fee Variable Rate Loan are the most common choice for smaller loan sizes. The Wealth Package is suitable for loans over $250,000 in most cases. For a low annual fee you’ll receive a large interest rate discount, waived fees on many bank products, discounted insurance and a 100% offset account. A maximum LVR of 80% for bridging loansĬBA’s main home loan is the the Wealth Package combined with their Standard Variable Rate Home Loan.They don’t work well with mortgage brokers.Their LMI premiums are expensive, particularly for self-employed people and investors.Your loan will be declined if it’s used for business purposes.
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