CommBank ending a sub-5 per cent Big Four home loan special offer does not mean every competitive loan has disappeared, but it does make the cheap end of the major bank market harder to find. Borrowers should treat the headline rate as only the first filter, then compare the comparison rate, fees, offset or redraw access, LVR rules and any fixed-rate break costs. As of June 2026, rates change frequently, so verify current terms with a licensed lender or mortgage broker before deciding.

What happened?

CommBank has withdrawn a sub-5 per cent special offer, removing one of the most eye-catching major bank rates in the Australian home loan market. That matters because the Big Four banks often set the tone for borrower expectations, even when smaller lenders may still price more sharply.

On CommBank’s current home loan rates page, the bank separates products by owner-occupier or investor use, principal and interest or interest-only repayments, fixed and variable rates, and loan-to-value ratio conditions. It also highlights that comparison rates combine the interest rate with certain fees and charges, so borrowers should not compare advertised rates alone (CommBank, 2026).

Why sub-5 per cent rates are harder to find

The RBA cash rate is a major funding and pricing signal for lenders. The Reserve Bank of Australia recorded the cash rate target at 4.35 per cent on 17 June 2026, after increases earlier in 2026 (RBA, 2026). When wholesale funding costs and deposit competition are elevated, lenders have less room to keep very low special offers open for long.

This is why a sub-5 per cent advertised rate can be short lived. It may apply only to new customers, certain LVR bands, principal and interest repayments, owner-occupier loans, digital applications, or loans without broker access. It may also come with feature limits, such as fewer offset accounts or less flexibility than a standard variable package.

What borrowers should check now

Start with the comparison rate, not the headline rate. ASIC MoneySmart’s home loan guidance encourages borrowers to understand the loan structure, repayment type, fees and features before choosing a loan (MoneySmart, 2026). A lower advertised rate can be less attractive if the loan has high upfront fees, a monthly package fee, limited offset access, or restrictive eligibility rules.

Then compare outside the Big Four. Finder’s Australian home loan comparison page, checked on 29 June 2026, shows that the wider market includes many providers and publishes both interest rates and comparison rates for side-by-side comparison (Finder, 2026). That does not mean the lowest listed loan is right for you, but it shows why borrowers should compare banks, customer-owned banks, online lenders and non-bank lenders.

Read also: RBA June 2026 Board Meeting: Post-Decision Home Loan Strategy for Australian Borrowers

If you are refinancing from a fixed loan, ask about break costs before applying. If you are on a variable loan, check discharge fees, settlement fees, valuation requirements and whether a new lender will require lenders mortgage insurance because your LVR has changed. Stamp duty is usually not payable just because you refinance the same property, but state and territory rules differ for related property transactions, so get advice where needed.

Should you refinance because this offer has ended?

Not automatically. If you already have a competitive rate, a useful offset account, low fees and no near-term plan to sell, the saving from switching may be modest once costs are included. If your rate has drifted well above market, or your loan no longer suits your cash flow, refinancing may still be worth modelling.

A practical test is to compare the monthly repayment saving against switching costs and any lost features. For example, a lower rate without an offset account may be worse for a borrower holding a large cash buffer. A cashback offer may look attractive, but it should not distract from the ongoing comparison rate and product fit.

Bottom line

CommBank’s withdrawal of a sub-5 per cent special offer is a signal to move carefully, not panic. Ask your current lender for a sharper rate, compare the wider market using comparison rates, and check whether the loan features match how you actually manage money.

General advice warning: this information is general in nature only and does not consider your objectives, financial situation or needs. It is not personalised financial, lending, tax or legal advice. Consider obtaining personal advice from a licensed professional before acting. Eligibility, rates, fees, LMI, product features and availability vary by lender, product and your circumstances. As of June 2026, rates and loan terms change frequently, so confirm current terms with a licensed lender or mortgage broker before deciding.