Commonwealth Bank

 cancellations – how to easily cancel your subscription or service

You can cancel most CommBank services at any time – here’s the breakdown:

• Bank accounts: Close any time once the balance is $0 and no pending payments remain. Joint accounts need all account holders to agree.
  
  
• Credit cards: Must be fully paid off before closure. No refund on annual fees. Cancel unused rewards before closing.
  
  
• Personal loans: Can be closed after payout. Variable loans = no fee. Fixed loans = may trigger Early Repayment Adjustment (ERA).
  
  
• Home loans: Requires formal discharge and may involve break costs on fixed loans + $350 discharge admin fee.
  
  
• Insurance: Cancel any time. Full refund within 21-day cooling-off period. After that, pro-rata refund applies. No refund if claim paid.
  

Here’s how to cancel by service:

• Accounts: Use the CommBank app (type “close account” in chat with Ceba), call 13 2221, or visit a branch.
  
  
• Credit Cards: Use NetBank/App → “Manage Account” → “Close credit card”. Or call 13 2221. Ensure $0 balance.
  
  
• Personal Loans: Call 13 2224 for payout figure, repay in full, confirm closure once balance is $0.
  
  
• Home Loans: Submit Discharge Authority form, schedule settlement, pay out loan. Break costs may apply.
  
  
• Insurance: Call the relevant support line (e.g. 13 2423 for home/car). Request email confirmation and check refund terms.
  
  

Before cancelling, stop auto-payments, download any statements, and redeem rewards.

• Bank accounts: Usually close instantly once eligible. Plan around interest credit if closing savings account.
  
  
• Credit cards: Immediate request, but final closure may take a billing cycle (check again after next statement).
  
  
• Personal loans: Closure happens a few days after payment clears. Payout figure is only valid for a short window.
  
  
• Home loans: Allow 2–3 weeks from Discharge Authority form submission.
  
  
• Insurance: Takes effect immediately or on specified future date. Refunds processed in 5–15 business days.
  
  

To avoid extra charges, cancel before your next billing cycle or fee date.

• Accounts: No closure fee. But monthly fees for the current month are not refunded.
  
  
• Credit Cards: No cancellation fee, but annual fees are non-refundable. Ensure no trailing interest or pending charges.
  
  
• Personal Loans:
  
  
  • Variable = no fee
    
    
  • Fixed = possible ERA (break cost)
• Home Loans:
  
  
  • $350 discharge fee
  • Break costs if ending fixed term early
    
    
• Insurance:
  
  
  • No “cancellation fee”
    
    
  • Pro-rata refunds minus $30 admin fee (for general insurance)
    
    

Ask CommBank to confirm any fees before you cancel – especially on fixed loans or annual policies.