CBA Wealth Package 12 Month Discounted Variable Rate

One of the home loans available with the Wealth Package add on is the 12-Month Variable Rate home loan. The Commonwealth Bank combined a number of CBA financial products for one $350 annual fee.

You may include this loan with a CBA credit card and a Streamline transaction account among other options. You will also receive a discounted interest rate, you will not pay annual fees on the transaction account or the credit card, plus you can save on services fees for the loan.

The CBA 12-Month Variable Rate loan is an introductory rate home loan that changes back to a standard variable rate once the term is over.

KEY BENEFITS

Here are some key benefits linked to this CBA variable rate home loan:

Additional Repayments

This option allows you to pay extra on your home loan so you can pay the balance down faster once you free up extra funds.

Interest Only Payments

This option, available with this CBA home loan, allows you to pay only the interest on your loan for a set period. You will not be making any payments on the loan’s principal but paying the interest on the principal each month.

A Redraw Feature

The redraw feature lets you withdraw money from your home loan. You can access the funds that have been paid already and use them for other purposes. The only money you can is what you have already paid above the normal monthly payments.

Use of Split Loans

You can use the split loan option with this variable rate loan for part of your loan and then use another CBA loan for the other part.

Repayment Holidays

Repayment holidays allow you to halt payments on your home loan if you have paid ahead on your mortgage payments.