Here are some tips and guides for using Commonwealth Bank of Australia (CommBank) mortgages:
- Shop around: Before committing to a mortgage with CommBank, it’s a good idea to shop around and compare rates and features from other lenders. This can help you ensure that you’re getting the best deal possible.
- Understand your borrowing capacity: CommBank offers a range of mortgage products, each with their own eligibility requirements and borrowing limits. Before applying for a mortgage, it’s important to understand how much you can afford to borrow based on your income, expenses, and other factors.
- Consider your deposit: CommBank offers a range of mortgage products with different deposit requirements. In general, the larger your deposit, the lower your interest rate and the less you’ll pay in fees.
- Choose the right mortgage product: CommBank offers a range of mortgage products, including fixed-rate and variable-rate loans, as well as products designed for first-time buyers and investors. It’s important to choose the right product for your needs and financial situation.
- Be prepared for fees: CommBank charges a range of fees for their mortgage products, including application fees, valuation fees, and ongoing account fees. Make sure you understand these fees and factor them into your budget.
- Make your payments on time: Late or missed mortgage payments can have a negative impact on your credit score and may result in additional fees and charges. It’s important to make your mortgage payments on time each month.
- Consider refinancing: If you’re not happy with your current mortgage product or interest rate, it may be worth considering refinancing with CommBank or another lender. Refinancing can help you save money on interest and fees over the life of your loan.