CBA Fixed 5 Years

The CBA fixed Rate 5-Year home loan is in Commonwealth Bank’s fixed rate home loan category with a similar selection of loans offered with different term lengths of 1 through 10 years. The 5-Year home loan has a fixed rate term lasting five years that changes to CBA’s standard variable rate once the term ends.

This type of loan provides borrowers with a measure of security up front since the rates stay the same for the entire fixed term. It makes fixed rate home loans appealing for those who want to save some money upfront.

Borrowers choosing fixed rate home loans can use rate locks to save the rate on their future home loan starting during the application process. To do this, you would have to pay a reasonable fee.

KEY BENEFITS

Take a look at the following benefits that come with this CBA fixed rate loan.

Additional Payments Available

This makes it possible to pay extra payments on your mortgage up to $10,000 a year so you can get ahead paying the loan off.

Using Split Loans

Split loans work like they sound, allowing the borrower to split up the payments on their loan between two different styles of CBA loans.

A Mortgage Offset Option

A mortgage offset option allows you to reduce or offset the amount of your loan by paying part of the remaining principal using the balance from your savings account.

Interest Only Payment Option

You have the option of paying the total interest on your monthly payment minus the principal using this feature. You have a limited time to use it. It is only available for 1 through 5-year home loans.