The new home loan, which boasts an interest rate of 7.24 per cent, does not charge customers any bank fees for the life of the loan.
CBA group executive retail banking Ross McEwan said the loan would be available via the direct and broker channels.
“Commonwealth Bank’s no fee home loan adds additional competition to an already competitive mortgage market. We have seen some moves in recent weeks that show our competitors are trying to catch up to our leading position and we welcome the challenge, because competition is good for customers.
“Our no fee home loan is the very first of its kind in the Australian market, with no annual fees, no monthly fees, no exit fees – no bank fees at all.
“We are committed to developing market leading products that provide full flexibility and value to our customers. This is only one of the reasons why more Australians have their home loans with us.”