CBA Fixed 10 Years

The CBA fixed Rate 10-Year home loan is basic fixed rate loan offered by Commonwealth Bank that is part of a larger category that includes loans with terms between one and ten years. With this loan you have a ten-year rate, by far the longest fixed rate available. As with the other loans, the fixed rate will change to the standard variable rate after its term expires.

Borrowers will choose this fixed rate home loan because of its stable ten-year term, on that give you plenty of opportunity to save if the rate is set at a reasonable level. It affords more security on the front end than straight variable rate home loans.

This loan allows you to set a rate lock in the beginning so you can hang on to it while you search for the right home. All you have to do is pay a small fee.

KEY BENEFITS

Here are some common features of the CBA fixed rate home loan:

Mortgage Offsets

You have the option of getting a partial offset on your home mortgage for those borrowers who have a specific saving account to use that existing balance to offset the amount of principal that must be paid.

Additional Payments Options

By paying additional payments on your home loan you can pay it off faster and get access to equity you’ve paid in. The limit for repayments with incurring penalities each year is $10,000.

The Split Loan

This features let you take the loan you have and “split” its payments up with another type of loan so you can benefit from the advantages of both.

The Rate Lock

You can guarantee your rate for 90 days by paying for a rate lock when you’re applying for this type of CBA home loan.