CBA Standard Variable

The CBA Standard Variable Rate home loan is the Commonwealth Bank’s most comprehensive loan available. Not only does it have various key benefits including additional repayments options, redraw facility, split loans, and interest only features, it has some special add ons.

You can use add ons like the Wealth package, fee free transaction accounts, and interest offset features to customize the loan for your individual needs.

This loan does not come with a lower introductory variable or fixed rate. It is operating under CBA’s standard variable rate from the beginning.

KEY BENEFITS

Here are some key benefits associated with this kind of loan:

Additional Repayment Feature

You can make additional payments on your home loan. This let you pay off the loan at a more rapid pace so you have extra money available for other purposes.

The Repayment Holiday

You can place a hold on your loan payments by taking out a repayment holiday. It is available only to those borrowers who are paid in advance on scheduled payments.

Split Loans

This means that you are using the standard variable home loan for part of the total loan amount borrowed but then getting another CBA loan for the other portion, so you literally split the first loan with a second.

Interest Only Payments

You can access the “interest only” option to pay just the base interest on the loan each month. At the same time, you will not be paying principal on the loan.

Redraw Feature

This allows you to pull money back out of your home loan so you can access funds that have been paid into the loan account. You will only be able to redraw extra money that has first been paid in above the standard payments. So you need to pay head first.