CBA Wealth Package

There are always several different choices when you go to buy a home. With Commonwealth Bank, besides their other loans and loan packages, you have the choice of the Commonwealth Bank Wealth Package. This home loan package is for those home owners who are borrowing $150,000 or more. This package is designed to help customers save money on a variety of products in one package. It is important to note, however, that Low Doc Home Loan customers with a loan that is more than 60% of the value of the property are not eligible for this Wealth Package.

Commonwealth Bank is changing its focus in response to the bank war. They are trying to earn more people’s business, instead of counting on it. Commonwealth has seen the poor customer service of some banks, and is determined to be different so they can gain the consumer’s trust and therefore earn more customers.

Since Commonwealth realizes that you may be looking for more than one of their products, such as a home loan, they created the Wealth Package so that you could combine several of their services and receive savings from doing so. They offer good discounts on banking, insurance and borrowing options.

With the Wealth Package, not only do you get the home loan, but you also get products like the CBA credit card and transaction account. The Wealth Package has a single annual fee of $350, which you may be able to get waived for the first year.

The home loan included in this package comes with a discounted interest rate which is lower than the standard interest rate of the loan if you purchase it by itself. There is also no monthly fee on the loan when you buy it bundled in this package. Your transaction account has no annual fees, and you can also make withdrawals for free. You can choose between a gold credit card with no annual fees and a platinum credit card with a $200 yearly fee. Plus, you have the option to have a second cardholder as well. Your package also includes a membership to Commonwealth Awards.

Other features that this package include an Additional Repayment Option. With this, you can choose to pay back extra money on your loan whenever you would like. You don’t have to worry about being penalized with more fees for paying off your loan early. You also have an Interest-Only Payment Option. With this option, you have the chance to access an interest only payment plan. With this, you would only be paying the interest on the whole principle of the loan each month, instead of your regular monthly payments. This is good to do at a time when money is short and you need a bit of extra help. Another benefit is the Redraw feature. This allows you to take out money that you’ve paid into your loan already. You can take money out to help pay for repairs or make additions to your home, or just about anything you need it for. But remember, you can only draw out cash from the loan that you have paid besides your standard monthly payments, or all your extra payments.

If Commonwealth’s Wealth Package seems like it appeals to you and could be the right choice for your situation, contact the bank itself so that someone can sit down with you and go over all the specifics of the package. It is worth taking a look into since with their new focus on customer service, you should have a pleasant and helpful experience with Commonwealth Bank.

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