CBA Fixed 1 Year

The CBA Fixed Rate 1-Year home loan is just one in a category of loans that are available at fixed rates for specific terms from 1 to 10 years. In this case, the term lasts for one year before the rate reverts to the Standard Variable Rate.

What this means is that you can design the loan to fit your particular needs and saving money during the fixed period. A fixed rate home loan offers the borrower some protections from increasing interest rates.

The fixed rates can take advantage of the rate lock during the application period to secure the amount of the rate for the duration of the fixed term. You may have to pay a fee to use the rate lock; so keep that in mind.

KEY BENEFITS

Below are the following key benefits you may receive with this loan:

An Interest Only Payment

You may use the interest only payment option on your CBA home loan to pay interest only for set timeframe. Payment on the principal of your loan will be deferred during this period. This feature is only applicable for the one to five year fixed rate home loans.

Mortgage Offset Option

This feature allows you to receive a partial offset on your mortgage by using money from your savings account to pay a portion of the remaining principal.

Split Loans Available

The fixed rate loan allows you to take the fixed rate loan for a portion of the loan total while using another CBA loan to pay the other part on the same property.

Additional Repayment

Extra payments may be paid towards the loan up to $10,000 a year without penalties to pay the loan faster.