Commonwealth Bank

Want to make your bank richer? Whether you have a credit card account with Commonwealth Bank (CBA) or any other lender, there are a few simple ways you can help to increase the profits of their million and billion dollar empires. Here's how.

Richer Banks Tip #1 - Always Pay the Minimum Amount
When it comes to your credit card, you can make CBA richer by paying just the minimum amount. This will just cover the interest component of your credit card debt, which will give CBA the opportunity to make more from you in the future.

When planning your home renovation, you need to find the right tiler, plumber, carpenter and other trade professionals to get the job done. Equally important is the need to find the right way to finance your home renovation.

Commonwealth Bank (CBA) offer a range of options for home owners who are planning home renovations. One way CBA home loan customers can finance their renovations is through drawing on their home loan. If your CBA home loan allows you to access a redraw facility, this means you can withdraw any extra repayments you have built up in your home loan account.

Credit cards, home loans, personal loans, car loans, buy-now-pay-later furnishings, we're a nation up to our ears in debt and it's not hard to see why. We've moved from a savings based society where generations ago, if you couldn't afford it, you simply couldn't have it to a society of credit where we seek instant gratification for practically every wish we can think of.

Contributing to the problem is the fact that the big banks love us to stay in debt. Proof of this is the number of credit cards, personal loans and overdraft facilities such as Commonwealth Bank's Streamline Overdraft that seem to be promoted everywhere we look.

Have you ever withdrawn a sum of money from an ATM only to find yourself back at the same ATM a couple of days later, wondering where your cash went? By the time you buy some groceries, pay for parking and pay your friend the money you owed them for that concert ticket or the So-and-So's wedding present, it is easy to find yourself cashless again within only a short space of time. Now imagine that you are spending money you have built up with your home loan repayments, with the money dissolving into an array of impulse buys and everyday expenses at high speed. It's a disturbing thought.

Having fuel discount vouchers can mean some drivers drive a kilometre or two out of their way to save on fuel. Special-offer coupons for supermarkets may mean some shoppers go out of their way to visit for their next shampoo purchase. In general, most people are willing to make small changes to their routine in order to save money. What extent would you go to in order to save thousands, and possibly years on your home loan? The good news is that with an offset account, you don't have to do much at all.

An offset account, such as Commonwealth Bank's Mortgage Interest Saver Account (MISA), allows you to save on interest and work towards clearing your home loan debt faster.

So, you have an idea of the area you would like to buy in. You have decided on the paint scheme for your bathroom and you know the product code for the laminate that you would like fitted on the bench in your dream kitchen. But do you know exactly how much you can afford when it comes to buying your first home?

Getting a home loan was once a matter of arranging a meeting with your local bank manager and going through the sums with them in person. Now, thanks to a wealth of technology and an ever-expanding mortgage industry, there are literally hundreds of home loan products available with the click of a mouse. You can also use online tools, such as the Commonwealth Bank's home loan calculator, to help you in working out how much you can afford.