Whether you are a first time buyer, or interested in purchasing a second home, Commonwealth Bank home loans may be what you are looking for. Since the Commonwealth Bank first began operating, it has prided itself on offering customers the best possible service for any financial need. But do Commonwealth Bank home loans measure up to other home loans offered by other Australian banks?
Who Can Apply for Commonwealth Bank Home Loans?
Since the start of the 2000s, the Commonwealth Bank has made significant efforts to remain in step with its customers’ needs. For example, for individuals who have never previously owned a home, a home loan is the first real investment they will make. For such people, Commonwealth Bank offers a “Complete Home Loan”.
Other people may be investing in a second home and would therefore require a different loan plan. The Commonwealth Bank offers a variety of loan packages for people looking to buy a second home such as “Low Doc” services and the “Economiser” loan.
Commonwealth’s Home Loan Solutions: “Low Doc” Home Loans
With Commonwealth Bank’s “Low Doc” plan individuals have the opportunity to obtain a home loan with a minimum amount of documentation. Most home loan applications require different tax documents, income statements for reasonably long periods of time, and other such financial related documents. Commonwealth Bank realized that some individuals may not have all these documents when they are required.
A dearth of documentation can be an especially difficult problem for certain individuals, such as the self-employed, who generally do not have such documents readily at their disposal. The Low Doc home loan service then does exactly what it says: loans can be approved with a low amount of documentation.
Commonwealth Bank offers numerous types of home loans covered under the Low Doc Service:
- The Commonwealth Complete Home Loan is available with a standard variable rate although the repayment schedule may be set up with a flexible structure.
- The Economiser Loan also offers a fixed rate but provides the additional flexibility of offering additional repayments and redraw at no limit.
- The Veridian Line of Credit allows the customer to combine all expenses into one, giving the convenience of having one monthly bill.
Applying for a Commonwealth Bank Home Loan
Commonwealth Bank has made the application process quite simple. Potential Commonwealth home loan customers have the option of applying over the phone or on-line. Most preliminary applications can be processed within an hour and once approved, the Commonwealth Bank will forward additional instructions for completion of a full application.
When applying for a Commonwealth Bank home loan you will need a picture identification card or if for some reason this is unavailable, a birth certificate and current utility bill will suffice. Additionally proof of income will be required. You will need either an employment contract stating your salary, or two current pay stubs. If you are self-employed, you will need to provide evidence that your current industry has been stable for a year.