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Frequently asked questions

opening accounts | transferring money | home loans | financial planning

opening accounts

How do I open an account?

To open an account if you are migrating permanently to Australia or New Zealand, simply complete the application form in our New Account Packs and return it to us with your identification documentation. We will process it immediately, set up your account and return confirmation to you in approximately five working days. To download a New Account Pack for Australia as a pdf, please click here. To download a New Account Pack for New Zealand as a pdf, please click here.

Can I get a credit card?

You will need to apply for a credit card once you arrive in Australia or New Zealand. The process involves completing an application form and providing evidence of income. The branch will provide any assistance required.

Can I see someone about opening an account?

Accounts can be opened by post. However if you would like to see one of our consultants simply phone us to make an appointment on +44 (0)20 7710 3990 or send us an email. Please note that to activate your account once you have arrived in Australia or New Zealand, you will need to present two forms of identification, including your passport.

What does it cost to open an account?

There is no cost to open an account. However, fees are applied to monetary transfers and a minimum opening balance may be required.

transferring money

How do I transfer money to my account?

Money can be transferred to your account via three methods. 1. You can send funds to us by cheque, which can be either a personal cheque or a Bank or Building Society cheque. Please note that there is a time delay for clearing Stirling cheques of up to five working days. Cheques in other currencies can take up to six weeks to clear. 2. You can send funds electronically from your United Kingdom bank to us by the CHAPS system. 3. Or, you can use the standard bank clearing system called BACS. We can accept all major currencies such as Sterling (GBP), Euros (EUR) and American Dollars (USD) and convert them to Australian (AUD) or New Zealand Dollars (NZD). Please note that we do not accept cash payments to your account.

What are the charges for transferring money to my account in Australia?

We charge no fee for transfers in excess of £30,000. For amounts less than £30,000 a remittance charge of £15 will apply.

Who do I make the cheque out to?

The cheque or transfer should be made payable to the name of the account holder, not the Commonwealth Bank or ASB Bank. For example, if the account is held in the name of Mr and Mrs Smith then the cheque or transfer should be made out in their name.

What exchange rates do you use?

We offer exchange rates that are market led and highly competitive. Unlike Retail Banks our rates are not set at the start of the days trading, but reflect the market at the precise moment your payment is processed.

home loans

How long do I have to wait to get a loan as a new resident?

There is no set period for a loan application and decisions are based on the complete application, not just one factor.

Will the Bank consider my loan application to buy a house if I have a temporary visa?

Yes, the Bank will consider your application as all applications will be assessed on a case-by-case basis.  However, the amount that can be lent may be less (as a percentage of the property's value) than for a permanent resident.

Can I use equity in a UK property as security?

We can only take a mortgage over property in the specific country that you are seeking to migrate to.

How do I get a home loan if I am self-employed/setting up a new business?

Although it can be more difficult to have a home loan approved if you are self-employed, your application will still be considered. If you are experienced in your line of business, have prepared a business plan and cashflow forecasts, and have researched the market/competition and legal requirements properly, then you will be in a good starting position.

How much can I borrow?

There is no simple, one-size-fits-all answer for this. It will depend on the price of the property and how much you are contributing, what you can afford, current interest rates, loan structure and term. Click here to access our home loan calculators.

What costs are involved with buying a house?

Bank costs may include a Loan Processing (or Application/Establishment) Fee and, if you are borrowing a high percentage of the property's price (generally over 80%), you could pay a risk weighted low equity (or 'mortgage insurance') fee. Other costs to consider include solicitor's fees and possibly valuation and building inspection fees.

Can I get a home loan before I get a job offer or a regular income, if I can lodge a big deposit?

The Bank will consider all applications. Consideration of the loan application will be based on factors such as your ability to repay the loan, your employment prospects and the deposit provided.

financial planning

Does the Commonwealth Bank have financial planners?

Yes, if you would like to get in touch with a financial planner, in Australia, please email or call the London office on commbankuk@cba.com.au or +44 (0) 207 710 3990. If you are already in Australia – call 1800 241 996 or enquire at your local Commonwealth Bank branch. Important Information: Commonwealth Financial Planners are representatives of Commonwealth Financial Planning Limited ABN 65 003 900169 AFSL number 231139. For UK or European related matters you should seek the assistance of a financial planner authorised by the relevent Regulator.

Does the ASB have Investment Advisers?

Yes, if you would like to get in touch with an Investment Adviser, in New Zealand, please email or call the London representative office on commbankuk@cba.com.au or +44 (0) 2077 103 990. If you are already in New Zealand - call 0800 ASB Funds (0800 272 386) or enquire at your local ASB branch. For UK or European related matters you should seek the assistance of a financial planner authorised by the relevent Regulator.

This website is produced by the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 ("The Bank"). This report is published, approved and distributed by the Bank. The Bank is incorporated in Australia with limited liability. Please view our website at www.research.commbank.com.au. The Bank and its subsidiaries, including CommSec, Commonwealth Australia Securities LLC, CBA Europe Ltd and Commonwealth Research, are domestic or foreign entities or business areas of the Commonwealth Bank Group of Companies (CBGOC). CBGOC and their directors, employees and representatives are referred to in this disclaimer as "the Group". This report (including this website where ?this report? is used henceforth) is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy any securities or financial instruments. This report has been prepared without taking account of the objectives, financial situation and capacity to bear loss, knowledge, experience or needs of any specific person who may receive this report. No member of the Group does, or is required to, assess the appropriateness or suitability of the report for recipients who therefore do not benefit from any regulatory protections in this regard. All recipients should, before acting on the information in this report, consider the appropriateness and suitability of the information, having regard to their own objectives, financial situation and needs, and, if necessary seek the appropriate professional, foreign exchange or financial advice regarding the content of this report. We believe that the information in this report is correct and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its compilation, but no representation or warranty, either expressed or implied, is made or provided as to accuracy, reliability or completeness of any statement made in this report. Any opinions, conclusions or recommendations set forth in this report are subject to change without notice and may differ or be contrary to the opinions, conclusions or recommendations expressed elsewhere by the Group. We are under no obligation to, and do not, update or keep current the information contained in this report. The Group does not accept any liability for any loss or damage arising out of the use of all or any part of this report. Any valuations, projections and forecasts contained in this report are based on a number of assumptions and estimates and are subject to contingencies and uncertainties. Different assumptions and estimates could result in materially different results. The Group does not represent or warrant that any of these valuations, projections or forecasts, or any of the underlying assumptions or estimates, will be met. Past performance is not a reliable indicator of future performance. The Group has provided, provides, or seeks to provide, investment banking, capital markets and/or other services, including financial services, to the companies described in the report and their associates. This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject any entity within the Group to any registration or licensing requirement within such jurisdiction. All material presented in this report, unless specifically indicated otherwise, is under copyright to the Group. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior written permission of the appropriate entity within the Group. In the case of certain products, the Bank or one of its related bodies corporate is or may be the only market maker. The Group, its agents, associates and clients have or have had long or short positions in the securities or other financial instruments referred to herein, and may at any time make purchases and/or sales in such interests or securities as principal or agent, including selling to or buying from clients on a principal basis and may engage in transactions in a manner inconsistent with this report.

European Investors: The Bank is registered in England (No. BR250) and authorised and regulated in the UK by the Financial Services Authority ("FSA"). This report does not purport to be a complete statement or summary. The products and services referred to in this report may put your capital at risk. Investments, persons, matters and services referred to in this report may not be regulated by the FSA. The Bank can clarify where FSA regulations apply.

All investors - Analyst Certification and Disclaimer: Each research analyst, primarily responsible for the content of this research report, in whole or in part, certifies that with respect to each security or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about those securities or issuers; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in the report. The analyst(s) responsible for the preparation of this report may interact with trading desk personnel, sales personnel and other constituencies for the purpose of gathering, synthesizing, and interpreting market information. Directors or employees of the Group may serve or may have served as officers or directors of the subject company of this report. The compensation of analysts who prepared this report is determined exclusively by research management and senior management (not including investment banking). No inducement has been or will be received by the Group from the subject of this report or its associates to undertake the research or make the recommendations. The research staff responsible for this report receive a salary and a bonus that is dependent on a number of factors including their performance and the overall financial performance of the Group, including its profits derived from investment banking, sales and trading revenue.

The Commonwealth Bank of Australia is a member of the Financial Services Compensation Scheme (FSCS) established under the Financial Services and Markets Act 2000. In respect of deposits with an office of the bank in the UK, payments under the scheme are limited to 100% of the first £35,000* per person (for claims against firms declared in default).

* The actual level of compensation you receive will depend on the basis of your claim. FSCS can only pay compensation for financial loss. Compensation limits are per person (per firm and type of claim).

Most depositors, including individuals and small firms, are covered and deposits denominated in all currencies are treated alike. Please note that the scheme does not apply to deposits held in Australian dollars, which are held with a branch of the bank in Australia. Deposits made with Commonwealth Bank offices overseas or with ASB Bank are not covered by the Financial Services Compensation Scheme. Commonwealth Bank complies with the Banking Code, a copy of which is available from the British Bankers Association.

Further details of the UK compensation scheme are available on request.

It should also be noted that in the unlikely event of the Bank's insolvency, assets available are first used to meet deposit liabilities in Australia in preference to meeting deposit liabilities held elsewhere, including the UK, where depositors may receive a lower pay-out.

We do not charge any fee for any reports provided. You may be charged fees in relation to the financial products the Bank provides. These are set out in the relevant Product Disclosure Statement. Our employees receive a salary and do not receive any commissions or fees. However, they may be eligible for a bonus payment from us based on a number of factors relating to their overall performance during the year. Our employees may also receive benefits such as tickets to sporting and cultural events, corporate promotional merchandise and other similar benefits. If you have a complaint, the Bank's dispute resolution process can be accessed on +44 (0)20 7710 3990.

Where relevant, unless otherwise noted, all data is sourced from Australian Bureau of Statistics material. The ABS material used in this report includes ABS catalogue number, name of publication, date of publication. www.abs.gov.au