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Home > Travel Insurance > Commonwealth Bank Travel Insurance Review

Commonwealth Bank Travel Insurance Review

Learn more about Commonwealth Bank’s travel insurance policies to find out about their coverage and fees and compare them with other insurers today.  

Fact checked

As one of Australia’s ‘big four’ banks, the Commonwealth Bank of Australia (CBA) offers a range of travel insurance products for international or domestic travellers. The wide range of policies is issued and underwritten by Allianz, one of the world’s largest companies.

If you have your eye on any of CBA's travel insurance policies, be sure to compare them with Savvy to see how they compare to some of the alternatives on the market. You'll have the best chance of getting the ideal travel insurance policy for your holiday if you do a bit of simple homework.

Get a quote right away and learn more about CBA’s travel insurance plans when you compare with Savvy today.

*Please note that Savvy doesn’t represent Commonwealth Bank for its travel insurance products.

More about Commonwealth Bank travel insurance

What travel insurance policies does commonwealth bank offer.

Commonwealth Bank offers several travel insurance policies, both standalone and complimentary with their range of credit cards. These include:

• Comprehensive: for you and up to ten named travel companions, this comprehensive policy covers you for international medical, lost baggage and cancellation. This policy is available for both single and multiple visits, both inside Australia and abroad.
• Essentials: a basic insurance policy which covers you and up to ten others for international medical and other expenses. This policy, which includes cancellation coverage, is only available for single trips to and from Australia and other countries.
• Medical-Only: this policy only covers emergency medical costs, excluding pre-existing conditions, and some dental treatment for you and up to ten other named policyholders.
• Cancellation-Only: available only for single trips abroad, this policy covers you purely for cancellation of your trip due to a covered incident.
• Inbound Australia: if you’re a non-resident travelling outside of Australia, this inbound travel insurance policy will cover you for overseas medical expenses, hospital incidentals, cancellation and personal liability.
• Non-Medical: if you want to go without coverage for any medical expenses while you’re overseas, this CBA policy provides you with limited coverage for cancellation, loss or damage to your luggage and additional expenses.
• Annual Multi-Trip: if you go on several trips each year, CBA offers an annual multi-trip policy for frequent flyers. This provides cover for an unlimited number of trips, so long as they’re 250km away from your house. Your holiday must also include at least one night’s paid accommodation (such as a hotel, bed and breakfast, serviced apartment or Airbnb) if you’re travelling closer than that.

Before you buy your travel insurance, it’s important to compare your options with Savvy to make sure the policy you’re choosing is the one best suited to your trip, no matter whether you’re travelling to Sri Lanka or Sydney.

What optional extras are available through Commonwealth Bank?

CBA makes a few optional extras available to its travel insurance customers, including:

• Cruise cover: this add-on is available with CBA’s comprehensive, essential and medical-only policies at an extra cost. This cruise pack covers you if you need medical treatment abroad the ocean liner or need ship-to-shore evacuation. You’re also covered for emergency dental work, loss of damaged formal wear and cabin confinement.
• Snow sports cover: heading over to Switzerland or Falls Creek to carve up the slopes? CBA offers snow sports cover for those wanting to take part in some recreational skiing, snowboarding and tobogganing. This optional extra is available on CBA’s comprehensive, essential, medical-only and inbound policies and doesn’t cover you for racing.
• Adventure activities cover: CBA’s optional adventure activities plan covers you for bungy jumping, scuba diving, white water rafting, horse riding and jet boating while on your holiday.
• Motorcycle/moped riding cover: planning to explore your domestic or international destination on two wheels? CBA offers this add-on for those wanting to ride a motorcycle , moped or scooter on their holiday. Some exclusions apply, including if you have an accident and you’re not wearing a helmet or holding a valid license.
• Vehicle rental excess insurance cover: while this package is already included under CBA’s comprehensive international policy, you can add it to other policies, such as the domestic or non-medical policy, for a higher premium.

What exclusions should I be aware of when buying travel insurance through Commonwealth Bank?

Some of the general exclusions on CBA’s policies include:

• Theft of your belongings left in a car or unattended
• Breaking the law
• Travelling against the advice of your doctor
• Intentionally harming yourself or attempting suicide
• Not obtaining relevant travel documents, such as a visa, ESTA or a valid passport
• Travelling to a country or region against government warnings
• Treatment for unapproved pre-existing medical conditions, such as types of diabetes

If you’ve found a travel insurance policy that draws your eye, make sure you review the Product Disclosure Statement (PDS) before you set your decision in stone.

What we think of Commonwealth Bank travel insurance

What we like, complimentary with credit cards.

If you’ve got a Low Fee Gold, Low Rate Gold, Gold Awards, Platinum, Diamond Awards or Ultimate Awards credit or Visa debit card, you can get international travel insurance for free by using your card to book some pre-paid expenses.

Plenty of options

CBA gives you plenty of options when it comes to policies, with about six standalone options and a handful of optional extras to choose from.

Overseas rent cover

One of the rarer benefits CBA offers is overseas rent. This comprehensive travel insurance benefit allows you to claim up to $5, 000 if you can't return to work due to disabling injury, illness or disease.

What we don't like

Limited covid-19-related coverage.

Commonwealth Bank is one of the few travel insurance providers who don’t offer coverage cancellation or additional expenses due to COVID-19.

Reduced personal liability

CBA’s personal liability insurance is less comprehensive than some of its rivals. They offer between $1. 5 million and $2. 5 million, but other insurers offer between $5 million and $10 million.

Shorter cooling-off periods

While a 14-day cooling-off period may be ample, many other travel insurance providers offer up to 25 days if you need to cancel for any reason.

Types of travel insurance

International.

International travel insurance can offer cover for a range of events, including medical expenses, lost luggage or items, cancellation fees and more when you're overseas and a long way from home.

If you're journeying within Australia, domestic policies are designed to offer many of the same protections as international travel insurance (with the exception of medical expenses).

Single trip

The most standard and common type of travel insurance, this policy can cover you for one trip starting and ending in Australia (and is available for both international and domestic travel).

Annual multi-trip

As the name suggests, this type of travel insurance covers multiple trips over a 12-month period. Depending on your insurer, you may be able to take an unlimited number of trips up to 90 days each.

You don't have to have a return ticket booked to take out cover while you're overseas. One-way travel insurance enables you to access cover without a set end date, such as if you're moving temporarily.

You may need to take out specialist coverage if you're setting sail on a cruise. Fortunately, cruise insurance can cover emergency evacuation, cabin confinement and more.

Just because you're older doesn't mean travel insurance isn't still important. If you qualify for cover, seniors' travel insurance can offer greater peace of mind for included events while you're travelling.

Adding winter sports or ski cover to your policy can add protection against damage to your equipment, piste closure due to bad weather and activities such as back-country skiing, heliskiing and more.

Adventure sports

Looking to enjoy some adventure sports on holiday? An adventure sports pack can grant you cover for a range of activities, such as hiking, scuba diving and motorcycle or scooter riding.

Jetsetting with the whole clan in tow? Some insurers offer family travel insurance, which enables you to include yourself, your partner and your dependent children under one policy to help you save.

If you're travelling interstate or overseas with your partner (or simply another friend or family member), you may be able to access a discount by taking out a joint or duo travel insurance policy.

Why compare travel insurance with Savvy?

Reputable insurance partners, fast and convenient online process.

You can complete the quote, comparison and purchase process online through Savvy quickly and easily.

Competitive quote costs

Regardless of the type of insurance you’re looking for, we can help you compare between competitive quotes.

Frequently asked questions about Commonwealth Bank travel insurance

Making a claim through CBA is relatively straightforward as the bank allows you to do it online. If you need to make a claim, follow these steps:

• Phone your insurance agent as soon as possible
• Provide ample details about the claimable incident
• Gather your supporting documents, including receipts, medical reports, valuations or proof of purchase documents
• Submit your claim

  It can take up to ten working days for CBA to process your claim. That’s why if you’re asked to clarify certain parts of your claim, it’s best to respond promptly so it doesn’t hold up the process.

There’s no one ballpark price of travel insurance , as there are several factors which affect how much you’ll pay for a policy, including:

• Destination
• Level of coverage
• Optional extras you choose
• Pre-existing medical conditions
• Chosen policy excess
• Type of insurer and insurance policy you purchase

If you get injured or fall sick while travelling and give birth, CBA will provide coverage up until the 24th week of your pregnancy. However, pregnant travellers who have had prior pregnancies with problems, are travelling for fertility treatment, or must pay for their new baby's care do not have coverage.

Unlike annual multi-trip policies, which cover many travels throughout the year, single-trip insurance only covers one trip. When it is covered by an annual multi-trip policy, like those offered by CBA, a trip can last up to 45 days. On the other hand, vacations taken without a confirmed return flight are covered by one-way travel insurance plans. These policies often allow you to select to extend your coverage for an additional year.

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Disclaimer: We do not compare all travel insurance brands currently operating in the market. Any advice presented above or on other pages is general in nature and does not consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

Savvy earns a commission from our partners each time a customer buys a travel insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via their websites.

Before purchasing your policy, we recommend you refer to the provider’s PDS for any further information on the terms, inclusions and exclusions.

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Prepare, pack & go

Travel money card.

• Load up to 13 foreign currencies for instant access to your cash
• Use it to withdraw cash at ATMs or over-the-counter, or to pay in-store, online or over the phone

Foreign cash

• Order Foreign Cash in branch. 9 currencies available on the spot in selected branches
• Lock in your exchange rate when you order cash so you've got money ready when you arrive

Travel Insurance

• For eligible credit cards

To receive cover, including Overseas Medical cover # , before you leave Australia you must:

1. Spend at least $500 in a single transaction on your prepaid travel costs using your eligible credit card; and

2. Activate your travel insurance

You will also qualify if the $500 worth of prepaid travel costs is redeemed using CommBank Awards points. You will need to provide a copy of the letter/statement/email confirming the redemption.

• For World Debit Mastercard TM

You need to activate your insurance to receive comprehensive cover. 

Overseas Medical cover, which includes overseas emergency medical assistance and hospital expenses and personal liability cover is automatically included.  

• Cover for the unexpected if things don't go to plan
• Note: There is no cover for cancellation claims related to COVID-19.

Travel further with a Travel Money Card

Lock in your exchange rate today, with up to 13 currencies on one card.

Order online

Before you leave

• Start saving by creating a budget then set a savings goal in NetBank
• Check exchange rates, order a Travel Money Card , order Foreign Cash
• Organise travel insurance  & pack your policy documents
• Need some extra holiday money? Explore our range of personal loans
• Check that the phone/device you’re taking overseas can receive SMS and has the CommBank app installed with notifications allowed
• Make sure your home and contents insurance cover is up-to-date
• Check all your card's expiry dates, withdrawal limits or credit limits
• Tell us before you go  and we’ll keep an eye out for any suspicious activity on your accounts
• Register with Smartraveller  for travel advice and emergency assistance

While you're away

• Keep your cards (plus back-up cards), cash and travel documents somewhere safe
• $0 reload fees when you  reload your Travel Money Card  in NetBank and the CommBank app
• Manage your Travel Money Card including setting a currency order
• Stick to daily transaction and credit card limits
• Pay bills online in NetBank or the CommBank app
• Schedule payments and transfer money in NetBank or the CommBank app

When you get home

• Got leftover currency? Exchange it for another currency, donate it to UNICEF , or  sell it back to us at selected CommBank branches
• Consider topping up your card if you’re travelling overseas again - it’s valid for up to two years
• Use your Travel Money Card for online overseas purchases

In an emergency

• Lock a lost or stolen card  in the CommBank app or NetBank. Unlock your card if you find it or cancel and then request a new one
• Call +61 2 9999 3283 at anytime   if you need to talk to us. When calling from overseas using your mobile, standard roaming charges may apply. To avoid roaming charges, call the international operator in the country you’re in from a land line and provide them our reverse charges number +61 2 9999 3283.
• Call Cover-More 24/7 on  +61 2 8907 5641 if you’ve got travel insurance included with your card or have purchased a CBA Travel Insurance policy and want to make a claim
• What to do if your wallet is lost or stolen

Tools & support

• Tell us before you travel
• Check foreign exchange rates
• Try our savings calculator
• Make a CBA Building or Contents insurance claim
• See overseas support
• Travelling overseas: 10 step money checklist
• How to use a Travel Money Card
• Beginner’s guide to exchange rates
• Tips for travelling with a credit card

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Things you should know

Travel Money Card: If ordering online, allow at least five days for delivery. Delivery may take longer outside metropolitan areas, or due to postal delays.

If you activate an international travel insurance policy included with an eligible card or purchase a CBA Travel Insurance Policy, the insurance is provided by Zurich Australian Insurance Limited, ABN 13 000 296 640, AFS Licence Number 232507 through its agent Cover-More Insurance Services Pty Ltd ABN 95 003 114 145, AFSL 241713 (Cover-More) for Commonwealth Bank of Australia. 

# For eligible credit cards, you will need spend at least $500 in a single transaction on your prepaid travel costs (e.g. the cost of your return overseas travel ticket, prepaid accommodation, cruise, travel or tour) by charging the cost for that trip on your eligible card account before leaving Australia and activate to receive any cover, including Overseas Medical cover. You will also qualify if the $500 worth of prepaid travel costs is redeemed using CommBank Awards points.  You will need to provide a copy of the letter/statement/email confirming the redemption.

Restrictions, exclusions (including for pre-existing medical conditions and persons aged 80 years or over (for international travel insurance policy included with an eligible card) or persons aged 74 years or over (for CBA Travel Insurance), limits and excesses may apply to all insurances.

Before activating the international travel insurance included in your CommBank credit card please read the  Credit Card Insurances Product Disclosure Statement and Information Booklet  for more information.

Before activating the international travel insurance included in your World Debit Mastercard, please read the  World Debit Mastercard insurances Product Disclosure Statement and Information Booklet (PDF)  for more information.

Before making a decision on CBA Travel Insurance, refer to the relevant CBA Travel Insurance Product Disclosure Statement for full conditions. We (CBA) do not provide any advice on this insurance based on any consideration of your objectives, financial situation or needs. If you purchase a policy, we (CBA) receive a commission which is a percentage of your premium.

The target market for this product will be found within the product’s Target Market Determination,  available here .

Commonwealth Bank Standard Variable Rate (Wealth Package)

Choose the version of this loan that suits you best

• Owner Occupier (Principal & Interest) LVR < 60% Loan: $150,000
• Owner Occupier (Principal & Interest) LVR 60%-70% Loan: $150,000
• Owner Occupier (Principal & Interest) LVR 70%-80% Loan: $150,000
• Owner Occupier (Principal & Interest) LVR 80%-90% Loan: $150,000
• Owner Occupier (Principal & Interest) LVR 90%-95% Loan: $150,000
• Owner Occupier (Interest Only) LVR < 60% Loan: $150,000
• Owner Occupier (Interest Only) LVR 60%-70% Loan: $150,000
• Owner Occupier (Interest Only) LVR 70%-80% Loan: $150,000
• Investor (Principal & Interest) LVR < 60% Loan: $150,000
• Investor (Principal & Interest) LVR 60%-70% Loan: $150,000
• Investor (Principal & Interest) LVR 80%-90% Loan: $150,000
• Investor (Principal & Interest) LVR 70%-80% Loan: $150,000
• Investor (Principal & Interest) LVR 90%-95% Loan: $150,000
• Investor (Interest Only) LVR < 60% Loan: $150,000
• Investor (Interest Only) LVR 60%-70% Loan: $150,000
• Investor (Interest Only) LVR 70%-80% Loan: $150,000
• Investor (Interest Only) LVR 80%-90% Loan: $150,000

Mozo editorial review Commonwealth Bank Standard Variable Rate (Wealth Package) - last updated: 17 November 2023

• Options for borrowers with low deposits
• Flexible features - offset account, extra repayments, redraw
• High variable rates
• $395 annual package fee

Mozo snapshot

Complete with all the bells and whistles, the Commonwealth Bank’s Standard Variable Rate (Wealth Package) is built for owner occupiers or investors wanting access to a home loan with everything from an offset account to extra repayments and a redraw facility. And with a maximum loan-to-value ratio (LVR) requirement of <95%, it could also be an option for first home buyers with lower deposits.

Key features

The Standard Variable Rate (Wealth Package) is a packaged home loan offer from the Commonwealth Bank which is available to both owner occupiers and investors who are looking to borrow at least $150,000. 

There are a few different variable rates on offer, which depend on factors such as the type of repayments you’re looking to make (principal and interest or interest-only) and your loan-to-value ratio (LVR). Some of the rates currently available are: 

6.69% p.a. (7.06% p.a. comparison rate*): For owner occupiers willing to make principal and interest repayments on their loan with an LVR of 70-80%

6.94% p.a. (7.31% p.a. comparison rate*): For  owner occupiers  willing to make principal and interest repayments on their loan with an LVR of 80-90%

7.74% p.a. (8.10% p.a. comparison rate*): For  owner occupiers  willing to make principal and interest repayments on their loan with an LVR of 90-95%

Aside from the interest rate there are a few other loan costs involved. The largest of these is the $395 annual package fee, but there are also one-off legal (charged at cost), settlement ($200) and discharge ($350) fees. 

On the upside of costs, eligible Commbank Yello customers may receive a monthly cashback on the package fee (T&Cs apply). The loan isn't lacking when it comes to features either. Borrowers will have access to a full offset account , the ability to make uncapped extra repayments towards their loan and the ability to tap into additional funds via a redraw facility. There’s even an option to split the loan into variable and fixed rate portions. Repayments can be made on a weekly, fortnightly or monthly basis (you can choose the best fit for your schedule) and CBA will also let borrowers take a repayment holiday. 

Who is it good for

The Commonwealth Bank’s Standard Variable Rate (Wealth Package) could be an option for owner occupiers or investors who are after a full suite of features with their home loan, or for low deposit borrowers who have a deposit below 20%. 

Any catches

The loan doesn’t come with the lowest rates around, so borrowers looking for a more competitive rate may want to check out the Commonwealth Bank’s Extra Home Loan or compare other variable rate mortgage options. 

Other financial bits

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Customer Reviews

How are commonwealth bank home loans rated by the mozo community, latest reviews of commonwealth bank standard variable rate (wealth package) home loan, extremely happy with our bank.

We have been with Commonwealth bank for 30years plus and must say when ever a problem has occurred they have professional sorted any problems that have been resolved

Australian, Competitive. Transparent, freedom

I wish to remain with Australian banks for all my money needs for so money reasons rejecting lower rates from international banks. The interest rate is competitive, online access give transparency, offset accounts give me freedom without sacrifice

Fantastic Bank.

After banking with another bank for over a decade, our home loan was approved by CommBank, and we couldn’t be happier with the service that we have received since almost 2 years later. If we have a question about something in our mortgage, it is explained in detail, and not in “bank speak”

Not bad for a big bank

The commonwealth bank loan is easy as it can be accessed through internet banking. There is the option to offset. Redraw and change payments. The rate may not be the lowest though but it's fairly compatible if you get a good rate EDP as we are self employed.

High fees but convenient and lots of features

We refinanced with Commbank and got a pretty competitive rate. The home loan came with a so called ‘wealth package’ which costs $395 annually. What you get for this annual fee is a slightly better rate, no loan establishment fees or monthly fees, no monthly account fees for you commbank accounts and a fee waiver on one eligible credit card. I feel like the wealth package is only really worth it if you take advantage of the ability to use a credit card without the annual fee. We have one of commbank’s top points earning cards which usually costs $350 per year for free. What you save on loan and account fees you pay back with the wealth package fee anyway, so I feel like you need to use the credit card to for it to be worth it. Despite all this $395 per year is still pretty steep, but where commbank is really good is it’s convenience and features. The online banking site and app is first rate, you can do so many things with it including tracking spending, making a budget, applying for loans and insurance, connecting a commsec investing account which all works seamlessly together. It’s very convenient to use, especially if you have other commbank products (insurance, commsec account etc.). So ultimately the trade off is higher fees and probably a slightly higher rate compared with some other banks, but much more convenient and easier to use overall.

About Commonwealth Bank

5.99% p.a. variable

Bendigo Bank

Express Home Loan

6.01% p.a. variable

Home Value Loan

6.09% p.a. variable

Basic Home Loan (Fixed)

6.49% p.a. fixed 3 years

6.29% p.a. variable

6.59% p.a. fixed 3 years

Offset Home Loan (Package)

6.50% p.a. variable

Mortgage Simplifier

6.14% p.a. variable

Flex Home Loan

6.24% p.a. variable

loans.com.au

SMSF Home Loan (Variable)

6.99% p.a. variable

Fixed Rate Loan (with Orange Advantage)

5.99% p.a. fixed 3 years

Express Home Loan (Fixed)

6.04% p.a. fixed 3 years

6.09% p.a. fixed 3 years

6.54% p.a. fixed 3 years

Flex Home Loan Fixed

$10.00 monthly

$250.00 yearly

G&C Mutual Bank

First Home Buyer Loan

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• United States
• United Kingdom

Commonwealth Bank home loans

The commonwealth bank has home loans for owner-occupiers and investors, and package loan options. rates start from 6.59%..

In this guide

Compare Commonwealth Bank home loans for April 2024

Commbank key facts, commonwealth bank mortgage features, how do i apply for a commonwealth bank mortgage, lenders like the commonwealth bank, more home loan questions.

Guides & Help

The Commonwealth Bank is the biggest of Australia's Big Four Banks. Check out the full table of Commonwealth Bank products below or read more about the lender and its loans .

Compare Commonwealth Bank home loan products in the table below. You can also find more information on each individual product by clicking "More info".

• The Commonwealth Bank is one of Australia's biggest lenders and has a very large range of home loan products, including package home loans with lots of extra features and simpler loans with just the basics.
• The lender has a nationwide network of physical branches plus phone support and an app to manage repayments, spending and saving.
• Beyond mortgages, Commonwealth Bank also offers savings accounts , transaction accounts and term deposits.

The Commonwealth Bank has a range of mortgages for many types of borrowers. It offers loans for first home buyers, investors, those looking to refinance, and those who want to access their existing home equity.

When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.

Eligibility

Each Commonwealth Bank product has specific eligibility criteria, but some will apply to all products. For example:

• Age. You must be over 18 years of age.
• Residency. You should be a resident of Australia.
• Employment. You should have a regular source of income.

Documents required

When you apply for a mortgage with Commonwealth Bank, you are required to provide certain information, so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:

📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.

📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.

📄 Proof of income documents. Recent payslips can establish your income. If you bank with CommBank already, you may be able to prove your income digitally.

📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).

How to apply for a home loan

If you're interested in Australia's biggest banks, you can also compare loans from CommBank's Big Four rivals.

Looking for more mortgage options?

• Online lenders. Compare more mortgages from online lenders .
• Best home loans. Finder's top loan picks every month.
• Cheapest rates. Compare the lowest home loan rates on the market.
• Investors . Compare loans for property investors .
• Mortgage brokers. Find out how to get free, expert guidance from a mortgage broker .

How do I compare Commonwealth Bank home loans?

To make sure you find the right Commonwealth Bank loan, you need a clear idea of what you're looking for in a mortgage. These simple questions can help:

• Do you want help from an actual person? Because the Commonwealth Bank has a large network of physical branches, you can talk to staff in person when you need home loan help. This is something online lenders and smaller banks may not be able to do.
• What do you need the loan for? If you're buying a home to live in, you need an owner-occupier loan . Property investors need an investment loan rate . Commonwealth Bank has both.
• Fixed or variable? Do you want the flexibility of a variable rate loan that could rise or fall at any time? Or are you happy to lock in a fixed rate for a certain period so you can forget about rate changes? With CommBank, you can choose either or both with a split rate .
• What features do you need? You need to decide whether you need features like a 100% offset account, the ability to make extra repayments and the option to split your rate.

Does the Commonwealth Bank offer home loan pre-approval?

The Commonwealth Bank offers conditional pre-approval and you can apply online, by phone or via appointment with a lending specialist at a branch.

Home loan pre-approval is an optional step in the application process that some lenders offer. Pre-approval means a lender has examined your savings, income and spending habits and has a rough idea of how much it could lend you. It's not the same as full loan approval and it's no guarantee that the lender will ultimately approve a full application. But it does allow borrowers to start looking for a home with more confidence and a clearer idea of their borrowing power .

Are there any risks going with a smaller lender?

Most Australian borrowers bank with one of the Big Four (Commbank, Westpac, NAB and ANZ). They have physical branches and ATMs in most locations and strong customer support. These are big advantages.

But if you're worried that smaller lenders are unsafe or less reliable, you probably shouldn't. In Australia, most lenders are authorised deposit-taking institutions (ADIs) and are regulated by the Australian Prudential Regulation Authority (APRA). Almost every lender has a banking licence or partners with a bank.

There's an assumption that interest rates from the Big Four are less competitive than smaller lenders. And while this is broadly true, the gap has shrunk dramatically in recent years. You can get a very good deal from lenders large and small.

Should I go with a fixed or variable rate?

Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down. A variable rate usually offers more flexibility in how fast you can repay the loan and the cost of refinancing.

A fixed rate loan offers total certainty about your rate, for the fixed period. This means it won't rise, costing you more. But if your lender starts lowering rates you won't benefit either. Refinancing a fixed rate loan means breaking the loan, because you've agreed to a specific rate. This means you may have to pay a fixed rate break fee .

Do I need a mortgage broker?

Mortgage brokers are home loan professionals who can help you find a suitable loan. A broker typically charges you no fee, because they receive a commission from your lender. Brokers are great if you are short on time or find the whole process of researching and applying for a home loan confusing. But you can definitely do it yourself and find a good loan. You may even find a better deal. That's because brokers don't compare loans from every lender in the market. They have access to a panel of loans and often don't have smaller online lenders in their panel.

Richard Whitten

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.

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26 Responses

I CURRENTLY HAVE A PRINCIPAL AND INTEREST LOAN OF 400,000, CAN I REFINANCE WITH COMMONWEALTH BANK TO INTEREST ONLY

I suggest reaching out to the Commonwealth Bank directly if you want to refinance with this bank.

All the best, Richard

Hi my daughter (42) has a home loan with Westpac. Loan 300K over 30 yr. Current rate 5.5% variable. Has had issues with credit rating. If my wife an I act as guarantor $3m in assets would it help her lower the rate

Having a guarantor may be able to help your daughter secure a lower rate from some lenders. She can compare home loans with guarantor options here.

Consulting a mortgage broker is also advisable to help her find the right finance option.

All the best, Rebecca

How many NEW residential home mortgages are REGISTERED per annum per each of the four big banks, in particular the CBA?

How many residential home mortgages are DISCHARGED per annum per each of the four big banks, in particular the CBA?

Sorry, we don’t have that data available.

Im unable to find any information on Commbank about 2% single parent home loan? Can you provide information please or how I can make arrange a call? Do I just speak to Commbank loan expert?

If you’re referring to CommBank’s new Family Home Guarantee where single parents looking to buy their first home or re-enter the property market with a deposit of as little as 2%, you can learn more about it by visiting their website. You can also message them via the CommBank app or call them on 13 2224 to gather more information. Their lines are open during these times:

Call about a new home loan: 8 am – 8 pm, 7 days

Enquire about your current home loan:

8 am – 7 pm, Monday – Friday 9 am – 2 pm, Saturday

Kind regards, Richard

Hi, I am just wanting to know if Commonwealth allow a split family pledge? I have found a property I wish to buy and my parents and my parents in law would like to share the guarantee against the property, rather than putting the full amount up on their own. Is this possible? I have no other loans or credit cards, stable employment and a good credit history. Thanks

Hi Violet, thanks for the question.

This will be decided on a case-by-case basis, so you might wish to contact CBA directly to find out if this would be something you would be able to do.

I hope this helps, Marc.

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• Credit Card
• Travel Insurance
• long running

Commonwealth Bank Credit Card Complimentary Travel Insurance Now Includes COVID-19 Cover

As of 10 August 2022, our International Travel Insurance included with eligible CommBank cards will include overseas emergency medical expenses cover related to COVID-19.

Note: There is no cover for cancellation claims related to COVID-19. For more information, including on exactly what’s covered by our COVID-19 travel insurance benefits, refer to the Credit Card Insurances Product Disclosure Statement and Information Booklet and international travel insurance available with our World Debit Mastercard (PDF), or contact Cover-More directly on 1300 467 951, 8am-5pm Mon - Fri and 9am-4pm Sat (Sydney/Melbourne time)

Related Stores

Which cards are eligible?

Are CBA VISA debit cards applicable?!

International travel insurance is included with Low Fee Gold, Low Rate Gold, Gold Awards^, Platinum Awards, Diamond Awards and Ultimate Awards CommBank credit cards and World Debit Mastercard when you activate your insurance in NetBank, the CommBank app or by contacting Cover-More.

https://www.commbank.com.au/travel/travel-insurance/travel-i…

So that's a no.

So does HSBC, got update this week.

"Note: There is no cover for cancellation claims related to COVID-19."

This is often the most expensive part of catching COVID. Catch COVID a day before heading off overseas and it will ruin your entire holiday.

This. Also cancellation while you're away. Eg missing flights, trips, events, etc.

The medical cover is important, but chances are you're going to need the cancellation/inconvenience cover a lot more.

Does any credit.cars cover this?

Not sure, but I'm more saying I'd want to get better cover if I was travelling - at least until you're not going to get locked out of flights etc if you have covid.

Does traditional travel insurance cover this though? Allianz or 1cover…

Does any card cover this?

American express explorer travel insurance does

At this rate this won't be a issue, pretty soon you probably can fly with covid.

Already heard of people doing this over the last few months…

Take your bullshit elsewhere.

We can already look back in time and see the 1 year plus (2 year plus?) decline of life expectancy in the USA. So says the CDC.

But they’re are in on it, right?

I rate this insurance (the general part, not necessarily the COVID part) - I had a bunch of claims on a recent trip (lost luggage, delays, tour operator insolvency), and this insurance picked up where the insurance I paid for ran out of steam very quickly.

And in terms of COVID cover, we had COVID cover under paid insurance, and it wasn't worth the paper it was written on.

If you get COVID while travelling, you've got to make the decision to cancel your plans and stay at your own cost, or keep travelling and spread COVID.

With rules the way they are, in most places, you can travel; there are no tests required in many destinations, you simply need to be vaccinated.

Given that, the way it is structured, given you're going to lose airfares, accommodation, etc. if you cancel bookings, you're going to travel. It sucks, but that's the way it is. Insurance won't cover you, and your insurer won't help you - even when you call them - so you decide to suck it up, get on that plane, and go to your next destination.

Did you claim with two policies (this one and the "paid for" one)?

Yes - see https://www.ozbargain.com.au/comment/12679966/redir

Do we have to spend /buy anything using eligible commbank card to activate the insurance or it will just activate automatically?

I have the same question..

No spend requirement. Just need to activate your travel insurance policy prior to your trip https://www.commbank.com.au/travel/travel-insurance/travel-i…

I've used this multiple times and I recommend activating as soon as you book. We have an upcoming overseas trip. One of the domestic airlines in our destination country went bankrupt. I activated well after booking, only when I saw the news they were in trouble and had suspended flights - but before they filed for bankruptcy. Booking was on the same ticket as our international flights with Qantas (something I always do now unless there are very significant cost savings for not doing so). Didn't need the cover in the end. Qantas cancelled the flight and said they would re-book us within 72 hours. I decided not to hang around and called Qantas straight away. A competitor airline had put on a flight at the same time so I changed our booking. Qantas didn't even have the new flight on their internal system yet - even though I could see it on their web booking page - but it started showing while we were talking.

The insurance will activate when you register your upcoming trip on the Comm Bank website. ( https://www.my.commbank.com.au/netbank/Fss/STP/TravelOversea… )

As already stated, no need to purchase tickets with this card, just activate the insurance.

Back at the start of COVID, they paid out on a cancelled flight I purchased with another card (it was Virgin, so didn't claim because of COVID cancellation but because they went into administration)

Anyone recommend a good travel card? Have a 28 degrees, but anything else?

ING Orange Everyday debit card. No international transaction fees. Fee-free cash withdrawal from overseas ATMs. They'll also refund the ATM fee that overseas banks charge when you use their ATMs.

No monthly fees, but there are a couple of hoops to jump through each month to get the above benefits - make 5 transactions using your card and deposit $1k into the account. This $1k can be transferred in and straight out though, no need to keep it in the account

https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra…

I suggest you get a debit card with no international transaction fees to pair with the 28 degrees one, for free ATM withdrawals.

I use the Wise debit card and find it to be very good. Good exchange rates (much better than the banks) and can be used to make CC purchases, either in the currency local to where you are or in AUD. I also use it for CC payments in other currencies (like US and UK subscriptions) and it has the capability to receive payments in foreign currencies, without having to use Swift or IBAN numbers.

The Maquarie daily transaction 'platinum' debit card was great for me when in Canada, no ATM withdrawal fees (except from the Canadian banks ~$4), no currency conversion rates or charges, it was literally just put AUD into the account and it sorts out the rest at no cost. Also a great interest rate at 2.75% now.

CBA Ultimate if you meet the minimum spend ($2,500 per month) to avoid the monthly fee ($35 per month) - no transaction / conversion fees, and wholesale rate.

Also UBank (was 86 400) debit card.

I like the Bankwest Zero Platinum. No annual fees, no fees on currency conversion/international purchases. Also has free travel insurance, so very handy when wanting to combine no fees for airfares in foreign currency, with free travel insurance that requires using the CC to buy the airfare. I used to have 28 degrees but cancelled it when they started charging for cash withdrawals.

Too slow CBA, many people had already applied for ANZ etc.

I’ve made a few claims over the years. The underwriter has changed a few times - I believe it’s now Cover-more. The claims have been settled very quickly with very little back and forth. Go online and register your trip to activate the full cover insurance, my understanding is that there is a still limited insurance if you forget to activate before your trip. Very happy with it. Covid cover makes it even better obviously.

Covid still a thing?

No it's like santa or god

Apparently in Chyna it still is.

For cowards and low intelligence subhuman Dan Andrews supporters, it'll ALWAYS be a thing.

Can you book double complimentary insurance with 2 different cards? I have registered a complimentary insurance with BOM Amplify Signature card. Can I book this as well?

Are there any advantages and/or disadvantages of doing this?

Yeah keen to know as i got some options too, i think as long as the insurance companies are different would be fine, im not sure tho

You can have multiple policies but can only claim on one.

You can't claim insurance for something where you have cover from some other party - airline or other insurer.

But, you can claim insurance where that cover runs out.

Example: Airline pays USD$100 for delayed luggage. Travel Insurance A pays AUD$250 for delayed luggage with certain conditions and exclusions. Travel Insurance B pays AUD$500 for delayed luggage but with different conditions and exclusions. Total cost are $1,000. You can claim on all three, as long as you don't claim the same items on all three.

When the insurances companies start offering cover, this is when you know COVID is not longer a serious issue!

Yeah old/obese/existing conditions ppl don’t deserve to be safe or live.

Can you hear yourself?

Yes, can you?

@1st-Amendment: Calling it a ‘nothing burger’ denies the millions of ppl who have died.

It is disrespecting their memory and the sorrow of their families.

Calling it a ‘nothing burger’ denies the millions of ppl who have died.

Cool story. Over a million people die each week what has changed? Why is it ok to treat them differently?

@1st-Amendment: Enjoy your delusion.

Enjoy your delusion.

Couldn't answer a simple question? Noted.

@Eeples: Millions? Yet no one seems to have first hand knowledge of a single person who was even hospitalised. It's all repeated second hand accounts. Fabricated news stories, exaggerated garbage. Stop talking nonsense.

This post made me check if Bankwest was the same and yes, it seems that since August 24th, the Platinum card has (limited) COVID cover.

I'll have to check out this also

No COVID cover on cruises with this insurance .. it's in the fine print .. 🙄 .. there's something fundamentally wrong with insurance when the insurer can exclude areas of risk IMHO .. surely this is what insurance is for .. 😱 .. ??!!

https://www.commbank.com.au/content/dam/commbank-assets/impo…

'there's something fundamentally wrong with insurance when the insurer can exclude areas of risk IMHO .. surely this is what insurance is for .. 😱 .. ??!!'

that's beautiful - I was enjoying a belly chuckle at your irony - until ? I wondered … if you were serious ?

if so, an ex-insurance actuary (risk calculator) once told me that insurance will happily cover you for anything unless it was actually likely to happen to you, in which case it will be carefully excluded in the fine print.

nab cards with travel insurance include cruises

Read the print - not even fine. No cover for any pre existing

This close to cancelling com bank - 110 annual fee worth it for free insurance

Anyone having any trouble signing up to this? Once I’ve completed the details in NetBank, the next step to finalise it on the Covermore side of things is not working. Getting an error.

Would this cover the mandatory minimum travel insurance required by some countries for ALL medical & hospital, repatriation including medical evacuation? If so, how could this be proven? Assuming one could obtain a letter from the credid card / insurance company?

According to the insurance PDS, medical coverage is unlimited

I imagine that your certificate of insurance plus the PDS would suffice as proof at airport immigration

If I pay for my overseas trip by PayPal, which draws money out of my CBA credit card, then I assume that I am entitled to normal travel insurance covers associated with the latter. Is this correct?

Yes , as you don't even need to purchase with CBA card to activate insurance.

Thanks Bamzero. Just to clarify for certainty: With my "Diamonds Awards" CBA credit card (which includes travel insurance), I can activate travel insurance for me and my partner - no matter how I pay for the trip?

Well I haven't used it since 2020 but I activated and claimed not having purchased tickets with the card then and I still don't see any reference to needing to in the T&Cs. You should just be able to activate in Netbank or app.

Big thumbs up for this cover. IMO, it is better than other paid for cover, once i compared it.

Recently had a claim for delayed baggage expenses which totalled around $800 that Covermore paid up the $500 maximum very quickly without even asking/checking if the Airlines have reimbursed me. After 2 months the airline yet to even respond to my expenses claim.

On going through the process to get ready to claim for lost baggage, I realised that the "per item" limit on this Free insurance is $5000 for lost stuff. This is much higher than any other credit card cover as welll us paid for travel insurance, even with covermore. Most polices limit per item to around $1500. As it turns out, i got all my stuff back after 2 months, but this $5000 limit is very important to me, replacement cost on my golf clubs was in fact more than $5k.

footnote: i have the higher level of the credit card complimemtary insurance for the premium card. big difference between basic cover.

just helped my parents to save, due to their age the travel insurance would cost them high $500, thanks Op

just holding a World Debit Mastercard you are covered if you register trip? how does one get a World Debit Mastercard or is it only by invite?

I know this is an old deal, but for those who still have the card open - have you been recently charged with an $8.00 monthly fee? I have been charged this month.

Which card? They're all different.

May have made changes, I just noticed the Ultimate Awards now needs $4000 spend to avoid the monthly fee. Haven't got that card but pretty sure it was $2500 before.

Should have gotten notification of any changes though.

CBA fast losing value for me. First took away the rewards program (or added extra requirements), then changed the travel insurance requirements. If they increase my annual fee that'll probably be it for them

Didn't realise this post didn't specify the card.

I have the Low Fee Mastercard Gold which was a deal a while back. Just checked again and it has an annual fee that was covered for the initial year. I have to spend $2k per statement to waive the monthly fee.

But other benefits that seem to have been culled are: "Pay no international transaction fees for purchases you make overseas or online". Now they charge 3.5%.

Talked to them online where they stated on the 25th of July 23 they underwent a simplification on their products, and that monthly charges were updated on the 7th Feb 2024 and communications have been sent out (I received nothing).

I'll probably hold this card till end of year as its still cheaper than buying travel insurance with simple activation.

CommBank Standard Variable Rate Home Loan (Wealth Package)

The CommBank Standard Variable Rate Home Loan (Wealth Package) offers variable rates from 6.49% p.a. (6.87% p.a. comparison rate*). Low deposit home loans.

Updated 23 April 2024

See what your bank will offer you to stay

* See details below

If you're after a fully featured home loan with package benefits, then the CommBank Standard Variable Rate Home Loan (Wealth Package) is worth considering. As part of a broader home lending package and one of CommBank's most comprehensive home loan offerings, it features variable interest rates across the Owner Occupier and Investor categories, and the ability to split your loan with CommBank's fixed rates. CommBank also offers a basic home loan option, so it is prudent to consider what's most important to you before applying. Further details about the CommBank Standard Variable Rate Home Loan (Wealth Package) options and benefits are outlined below.

Package overview, Owner Occupied and Investor loans:

Specifically for owner occupier loans, under the package:, specifically for investor loans, under the package:.

$0 establishment fee

$395 ongoing annual fee

Other fees may apply.

Split your loan into fixed and variable rate portions

Save interest with an offset account

Make extra repayments

Redraw extra repayments that you have made

Package discounts and benefits

Before applying for this product, you should read the Target Market Determination (TMD) available here on the CommBank website.