If you’re in the market for a straightforward home loan without too many bells and whistles, you might have come across the Commbank Simple Home Loan. But what exactly is it, when did it launch, and who is it built for?
Let’s take a closer look.
What is the Commbank Simple Home Loan?
The Commbank Simple Home Loan looks like a no-frills, basic, variable rate home loan product offered by Commonwealth Bank. As the name suggests, it focuses on simplicity: a streamlined structure, fewer features, and low interest rate.
But one of the cool features of the Commbank Simple Home Loan is customers have the option to bolt on upto two multiple offsets to each Simple Home loan for $10 per month (per loan). Offsetting your home loan interest is a way to potentially help pay off your home loan early.
The Commbank Simple Home Loan lets borrowers keep things basic, but has the option to opt-in for the offset feature. Borrowers pay for what they need compared to a all-in Wealth Package that incurs annual fees whether or not you use the features.
When was the Commbank Simple Home Loan released?
Commbank launched the Simple Home Loan in June 2026 as after listening to borrower and broker feedback. When I started mortgage broking in 2008 most banks offerred their own version of a Home Loan Package. Home loan packages usually offer multiple loan types, offsets and usually a credit card for one annual fee.
Now we are seeing a growing number of digital lenders and fintech challengers offering competitive, no-frills home loan options. The Simple Home Loan offers leaner home loan that gives some borrowers all they need.
What the Commbank Simple Home Loan does well
Commbank Simple Home Loan cons
From my previous broker experience I understand there are many fees and features common to most home loans, so I have highlighted the ones that stand out to me. Full details can be found here: Commbank Simple Home Loan.
Heard of Commbank Yello? Commbank Yello is a CBA reward and benefits program that is increasingly being woven into home loan and other banking products. It is worth knowing about so I wrote a Commbank Yello summary here.
Is the Commbank Simple Home Loan worth it?
The Simple Home Loan could be a great fit for borrowers on variable rates who are not utilising all the features of a Wealth Package.
Borrowers who are focused on keeping costs and rates low can look at a Commbank Simple Home Loan if they like the idea of the additional offset option.
If you are not a borrower looking for a fixed rate or other Wealth Package features, like credit cards with fee waivers, then the Simple Home Loan can be a lower cost option.
Quick fee comparison of a variable CBA home loan using the Simple Home Loan versus Wealth Package:
In the first year a Simple loan can have between $360 and $540 in loan application and service fees – depending if you are eligible for Commbank Yello benefits.
On the Wealth Package you might see the application fee and $0 in monthly loan service fees, but will pay $395 per year – ongoing.
The Wealth Package can make sense if you need more than two offsets per home loan split, are accessing other Wealth Package benefits like fee waivers on credit cards or discounted insurance.
Otherwise you could be drawn more towards the Commbank Simple Home Loan.
talking with a broker is a great way to understand lending options for your situation.
My thoughts on the Commbank Simple Home Loan
The Commbank Simple Home Loan does what it says: it keeps things simple and you pay for what you use. But its biggest strength – simplicity – can also be a weakness if you later want in shifting to a fixed home loan.
In my view, it suits borrowers who want to negotiate a low variable rate and have the option of offsetting their home loan – and only want to pay for the home loan features they are using.
If you want to find out more see what Commbank has to say about their Simple Home Loan and if it might suit your circumstances.
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