Support for home loan customers

You can see your current interest rate by logging in to the CommBank app or NetBank.

In the CommBank app, you can:

1. Select ‘Accounts’
2. Select your home loan from your accounts list
3. Select ‘Manage’ to view your interest rate.

In NetBank, you can:

1. Select your home loan from your accounts list
2. Select ‘Manage’ to view your interest rate.

The amount can vary if your rate changes or because some months have more days than others. Since interest is calculated daily, longer months mean slightly higher interest accrues. If you have funds within an offset account or you add to or remove funds from your redraw, this may also vary how much interest is charged.

Your repayments depend on your loan balance, interest rate, loan term, and any ongoing fees. We recalculate regularly so your loan stays on track. If your rate changes, your repayments may too – we’ll let you know if they change.

Your minimum required repayment may have increased because one or more of the following things have happened:

• The interest rate for your home loan has increased
• Your fixed-term, interest-only or introductory interest rate period has ended, so the interest rate used to calculate your repayment amount has changed
• You’ve taken money out of your available redraw balance.

If you pay Principal and Interest repayments, you may be able to update your direct debit directly in the CommBank app or NetBank.

In the CommBank app or NetBank:

1. Log in and search ‘Change home loan repayments’
2. Select ‘Change my home loan repayments’
3. If you have multiple home loans, select the relevant home loan account
4. Follow the on-screen prompts to calculate, review, and submit your changes.

Alternatively, you can contact us or visit your nearest CommBank branch.

Yes – for Principal and Interest loans if you pay by direct debit.

Switching: lets you change your loan type (e.g. from a variable rate to a Fixed Rate) or repayment type (e.g. from Interest Only to Principal & Interest) without applying for a new loan. You will need to pay an Administrative Fee and may incur an Early Repayment Adjustment if switching from a Fixed Rate.

Splitting: lets you divide your loan into multiple loans (e.g. part Fixed Rate, part variable rate). This can give you flexibility — stability from a Fixed Rate and freedom to make unlimited additional repayments without charges on a variable rate.

You can modify your repayment amount, frequency date, or the account your repayments are taken from through the CommBank app or by logging on to NetBank.

This includes setting up or cancelling your Direct Debit Requests (DDR) from accounts held with CBA or even from another financial institution.

To make any other requests, contact us or visit your nearest CommBank branch.

Change/cancel direct debit

An Everyday Offset Account is a transaction account linked to your eligible home loan.

The money in your Everyday Offset Account reduces the balance of your home loan that we charge interest on.

This means you could pay less interest on your home loan, while still having access to your money for everyday spending.

For example: If your home loan balance is $500,000 and you have $20,000 in your offset account, you’ll only be charged interest on $480,000.

To set up an Everyday Offset Account, you’ll need an eligible CommBank transaction account.

If you don’t already have one, you’ll first need to open an Everyday Account Smart Access.

Once that’s open, you can link it as your offset account in NetBank or the CommBank app. Find out more here.

You can check whether your home loan is linked to Everyday Offset Account in NetBank or the CommBank app. Select your home loan and look under ‘Manage my offset’ to view your offset status.

An Everyday Offset Account is a separate transaction account linked to your eligible home loan. A redraw facility is a feature available on some eligible variable rate home loans which allows you to access additional payments that you've made on your home loan.

For weekly and fortnightly direct debit payers, only funds over and above the minimum required repayments will be available. The money in your redraw account may reduce over the life of your loan so that, by the end of your agreed loan term, both your loan balance and the available redraw will be zero.

Both can help you:

• reduce the amount of interest you pay on your home loan, and
• pay off your home loan sooner.

If you’re currently using a redraw facility to deposit money that you plan on using later, an Everyday Offset Account may be more suitable if you plan on using the money more regularly.

A redraw facility lets you access additional payments that you've made on your home loan. For weekly and fortnightly direct debit payers, only funds over and above the minimum required repayments will be available. The money in your redraw account may reduce over the life of your loan so that, by the end of your agreed loan term, both your loan balance and the available redraw will be zero.

Tell me more about Redraw vs. Everyday Offset

Redraw becomes available when you make additional repayments on your home loan above your minimum required amount.

If you repay weekly or fortnightly by direct debit, only the amount you’ve paid over and above your minimum required repayments will be available for redraw.

You can check your available redraw balance for you eligible CommBank home loan in NetBank or the CommBank app. 

The available redraw on your home loan may reduce so that by the end of your agreed loan term, both your loan balance and the available redraw will be zero. Adjustments to your available redraw will occur on your monthly repayment date to help manage this. 

The rate at which your redraw balance will reduce depends on a number of factors and is different for every customer.

If you’re setting aside money you plan to use later, an Everyday Offset Account (for eligible variable rate home loans) or a savings account may be a better option.