CBA Economiser

The CBA Economiser (also called the Economiser Base Variable Rate) home loan is one the Commonwealth Bank’s basic variable rate loans. However, it has a lower variable rate than the Standard Variable rate.

This type of home loan not only offers the benefit of lower base variable rates but also a selection of helpful benefits and limited fees required. Borrowers seeking additional savings may opt for the 3-Year Special Economiser, which come with a lower introductory rate than the Base Economiser home loan.

Taking advantage of such reduced rates will require giving up some of the features that come with Standard Variable Rate loans. An $8 service charge standard with these CBA home loans is payable each month.

KEY BENEFITS

Below are some of the benefits associated with this loan:

Redraw Facility

Using this feature, you have the option of withdrawing cash from your loan account to use the funds already paid into the loan for other purposes. However, you must be paid ahead on the scheduled payments to use it.

Interest Only

This loan comes with an “interest only” payment option so you can pay only the interest on loan payments for certain set period. Payment on the principal is deferred.

Option For Repayment Holiday

This allows you to place a hold on future payments for between 3 and 12 months. You must be paid ahead on the loan to use a repayment holiday.

Additional Repayment

You can pay the loan off faster using this additional payment option and have extra money available to you.

Six Month Loan Pre-Approval

You can get principal approval well in advance, even up to six months so you can keep searching for a home.