Loan Switching Request (May 2020)
i) Before completing this request you should read the Switching Terms and Conditions accompanying this form and refer
to the table on page 2 showing the allowable Switch and Split loan combinations.
ii) You may also choose to return the completed form to a CBA staff member or your broker. If you require assistance
outside business hours call 13 2224, 8am – 8pm, 7 days.
Section 1 – Your current loan details
Borrower 1 name(s) (as per loan account) Borrower 2 name(s) (as per loan account)
Borrower 3 name(s) (as per loan account) Borrower 4 name(s) (as per loan account)
Loan account number Loan type
How to complete this form
Tick (✔) and complete the following if you wish to:
Switch your loan
1, 2 and 6
Split your loan 1, 3 and 6
Change your loan repayments 1, 4 and 6
Switch your loan and change your repayments 1, 2, 4 and 6
Split your loan and change your repayments 1, 3, 4 and 6
• You (the customer) must sign and complete Section 6
• Staff/Broker must complete Section 7
• If you have a guarantor loan either the guarantor and/
or the staff member/broker must complete Section 5
Important Information for Borrower(s)
Switching to Fixed Rate
If you switch to a Fixed Rate loan, you will not have access to
Repayment Redraw and any accumulated Special Repayments
during the Fixed Rate period.
If you currently have a MISA
and you switch to a Fixed
Rate loan, partial offset will apply. Partial offset means that
a reduced interest rate (currently 1.5% p.a. less than your
contracted Fixed Rate) is charged on that part of the Home
Loan equal to the balance of the MISA
If you later switch from, or make a prepayment to a Fixed Rate
loan (that is, prepay more than $10,000 in a year or repay the
loan in full) you may need to pay an Administration Fee. You
may also need to pay an Early Repayment Adjustment and
depending on market conditions at the time, this could cost
many thousands of dollars. You should refer to your Consumer
Mortgage Lending Products Terms and Conditions clause HL11
“Prepayment of a Fixed Interest Rate loan” for more information
before deciding to switch to a Fixed Rate loan.
Note: As an Early Repayment Adjustment may need to be
paid,please ask us for a quote before deciding to switch.
On and from the 16 March 2019, MISA is no longer available
for sale or activation, for any loan. Refer to page 7 of the
Switching Terms and Conditions for further detail.
* The ERA applied will be the ERA current on the day the switch
Switching to Interest Only payments on Base Variable Rate
If you switch from a Base Variable Rate (Economiser/Rate
Saver) with Principal and Interest repayments to Interest Only
payments, you will not have access toRepayment Redraw for
the life of the loan.
Switching to Interest Only Period
Switching to Interest Only is only permitted where we are
satisﬁed you can afford the increased principal and interest
repayments at the expiry of the interest only period without
undue hardship. This may require you to provide us with
evidence of things like your current income, liabilities and
expenses. Any request for Interest Only is subject to our credit
policy and approval at the time of the request (such as, but
not limited to, maximum Interest Only periods, funding status,
loan to valuation ratio and remaining loan term after the Interest
At the end of the Interest Only period, repayments on the loan
will increase to cover both interest and principal reductions. The
repayments will be higher than before as the principal does not
reduce during the Interest Only period.
Applying for a new Interest In Advance period
You can only apply for a new Interest In Advance period if
the new term commences at the end of the existing ﬁxed rate
period, or at the end of the existing Interest In Advance period.
Note: Interest In Advance loans are only available on Interest
Only Fixed Rate Investment Home Loans.
Low Doc Loans
Customers with a Low Doc loan option can only switch if the
requested Loan Type or Repayment Type is available with the
Low Doc option. A credit assessment and approval is required
before being processed.
Switching from a Standard Variable Rate Home Loan
If you switch from a Standard Variable Rate Home Loan linked
to any eligible transaction account, the Everyday Offset feature
(allowing interest offset) will no longer apply. Any Everyday Offset
feature linked to your Home Loan willautomatically cease to apply.
Extra Home Loans
Customers with an Extra Home Loan switching to a different
loan type will not retain their existing discount. Customers
splitting an Extra Variable Rate into multipleExtra Variable
Rates will retain their existing discount.
This form cannot be used for switching to an Extra Home Loan.
Please contact a CBA staff member or your broker to request
converting your existing loan type to an Extra Home Loan.
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