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CommBank has rolled out an optimised digital functionality that will ease the stress points of refinancing, allowing borrowers to accomplish majority of the process online.

The newly optimised digital refinancing process allows borrowers to not only apply online but also complete additional steps such as identification verification, consent, serviceability, and credit assessment.

With the revamped digital functions of the CommBank platform, borrowers will also be able to connect with a home lending specialist to finalise their application.

CommBank executive general manager for home buying Dr Michael Baumann said the enhanced functionality helps to make the process of refinancing simpler and faster for the bank’s customers.

“The improved self-service functionality means that when a customer is connected with one of our home lending specialists, we are able to progress applications more quickly because we have most of the required information to assess a customer’s suitability for refinancing,” he said.

Dr Baumann said retaining the role of lending specialists is crucial in adding value to the bank’s clients.

“Our research found that close to one in five Australian homeowners would consider refinancing if they could talk to a lending specialist for support along the process,” he said.

Convenience to encourage more Aussies to refinance

CommBank’s move to optimise their digital refinancing process builds on its recent study, which found that one in three Australian homeowners would consider refinancing if the process was simple and fast.

Features such as the ability to pay of loan sooner and make changes to repayments are also some additional features that would make more Australian homeowners consider refinancing.

Meanwhile, three in four borrowers are looking for more flexibility in their home loan.

Specifically, around half of all borrowers wished to reduce interest by having multiple offset accounts, while over a third preferred the option to adjust their repayment date to coincide with their paydays.

Additionally, around 30% of borrowers expressed interest in the convenience of being able to modify their home loan repayment frequency and amount through online platforms or mobile apps.

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

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LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
 Featured Online ExclusiveUp to $4k cashback
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
  • Find out your loan eligibility in 2 minutes or less
  • Complete your application in less than 20 minutes
  • Low fees and fast approval times
5.95% p.a.
5.95% p.a.
$2,385
Principal & Interest
Variable
$0
$0
90%
5.94% p.a.
5.95% p.a.
$2,383
Principal & Interest
Variable
$0
$0
90%
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .

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