Commonwealth Bank Product Suite Changes
From Saturday 29th of September 2018 Commonwealth Bank is simplifying its product suite to ensure the range aligns with their customer needs. Therefore we will be removing the following Home Loan products from the sale:
- 1 Year Guaranteed Rate
- 7 Year Fixed Rate
- 12 Month Discounted Variable Rate
- Rate Saver
- 3 Year Special Rate Saver
- No Fee Variable Rate
We will be informing brokers on Monday 2 July in CommBroker News, this will follow with a formal notice and agreement.
Applications started before Saturday 29 September 2018
All Home Loan applications for removed products and those with the Low Doc feature must reach Formal Approval by close of business on Friday 28 September 2018. This includes switching to another available product that best suits their needs.
An early repayment adjustment and an administrative fee may apply on the 1 Year Guaranteed Rate and 7 Year Fixed Rate when completing a switch.
Brokers can continue to Top Up applications for Rate Saver 3 Year Special Rate Saver and No Fee Home Loans.
If a customer wants to top up an existing Home Loan or Line of Credit with the Low Doc feature, they must provide full financials on all new applications.