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Commonwealth Bank personal loans

Originally launched as a savings and general trading bank, the Commonwealth Bank has roots in Australia dating back to 1912. Today CommBank claims the title of Australia’s largest bank, offering a full suite of banking products from home loans through to credit cards.

Of course, in this guide what we are interested in is its personal loan deals. You may be pleasantly surprised to discover that CommBank offers a great range of loans to suit everyone from the buyer looking for a new car to the student after a bit of extra cash. Read on for more info about the loan offerings from this major player:

Commonwealth Bank offers the following personal loans

Rates and fees verified as correct at 24 November, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Secured Car Loan (Fixed)

6.99% p.a.to 9.99% p.a.

8.05% p.a.to 11.03% p.a.based on $30,000
over 5 years

$250

Student Car Loan (Fixed, Secured)

6.99% p.a.to 9.99% p.a.

7.69% p.a.to 10.66% p.a.based on $30,000
over 5 years

$0

Student Unsecured Personal Loan (Fixed)

11.50% p.a.to 18.50% p.a.

12.16% p.a.to 19.11% p.a.based on $30,000
over 5 years

$0

Student Unsecured Personal Loan (Variable)

11.50% p.a.to 18.50% p.a.

12.16% p.a.to 19.11% p.a.based on $30,000
over 5 years

$0

Unsecured Personal Loan (Fixed)

9.50% p.a.to 16.50% p.a.

10.40% p.a.to 17.35% p.a.based on $30,000
over 5 years

$150

Unsecured Personal Loan (Variable)

11.50% p.a.to 18.50% p.a.

12.38% p.a.to 19.34% p.a.based on $30,000
over 5 years

$150

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

Overview of Commonwealth Bank personal loans

Unsecured loans

CommBank’s unsecured personal loan is available with either a fixed interest rate, which ultimately means your rate will be unchanged for the entire loan’s term or a variable interest rate leaving your rate dependent on whether the provider lifts or reduces rates. One of the reasons you might choose the variable option is due to the flexible feature of a redraw facility, which allows you to draw upon any additional payments you have made on the loan. Other than the redraw facility that comes with the variable rate option, the two rate options provide you with similar features including the ability to borrow between $5k-$50k for a period of 1-7 years and come with the same upfront, ongoing and late payment fee. While both options allow you to make extra repayments on your loan, keep in mind with the fixed rate option there is a cap of $1,000 per annum.

Student loans

It’s not always easy getting approved for a personal loan when you’re studying but thankfully CommBank has a loan specifically tailored to students. Its student loan is unsecured, meaning you don’t need to supply an asset to take out the loan and comes with no application fee making the initial upfront period more budget friendly. However keep in mind you will need to budget for a small ongoing fee each month and if you get behind on your repayments you’ll also incur a late payment fee. With borrowing amounts between $5,000 and $50,000, applying for a loan through CommBank should more than pay for that European Contiki tour. Plus you can take out the loan for a period of 1-7 years.

Car loans

If your purchase of choice is a new car, then CommBank’s secured car loan could be your borrowing match. Because it’s a “secured” loan you’ll need to put up some security in the form of the car you’re purchasing. Loans are available for amounts over $10,000 and you can set the term over a period of 1 to 5 years. The car loan comes with an extra repayments facility which allows you to put any extra cash into your loan on top of your regular repayments up to a limit of $1,000 per year. Just like many fixed rate loans on the market, the secured car loan comes with no redraw facility. If you’re a student then it could make your day to hear the application fee with the Commonwealth Bank’s car loan is wiped for students, however the same ongoing and late payment fees apply.

Commonwealth Bank personal loan features at a glance


How do you apply for a Commonwealth Bank personal loan?

To apply for a personal loan through CommBank you’ll need to be an Australian citizen or permanent resident.

Are you a student? If you’re applying for one of CommBank’s student loans you’ll also need to be a full time tertiary student.

Some of the docs you may need to provide to the Commonwealth Bank include:

For those looking to apply for the secured car loan, you’ll also need to provide:

How are Commonwealth Bank personal loans rated?

Mozo users have rated Commonwealth Bank personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
Commonwealth Bank personal loans
Overall
6.8/10
Price
Features
Customer service
Convenience
Trust

2115 Reviews

Recent Commonwealth Bank personal loan reviews

Commonwealth Bank Unsecured Personal Loan review
Overall 6/10
Great experience.

I had a great experience using Commonwealth Bank for my personal loan. From my application through to the final payment they were accessible and helpful.

Read full review

I had a great experience using Commonwealth Bank for my personal loan. From my application through to the final payment they were accessible and helpful.

Price
5/10
Features
5/10
Customer service
7/10
Convenience
7/10
Trust
7/10
Less
Samantha, Queensland reviewed 10 days ago
Commonwealth Bank Personal Loan review
Overall 10/10
Commonwealth has great customer service!

I love Commonwealth because of their great customer service. I have always been with Commonwealth and they are constantly kind and give you great advice. I got my personal loan with them as well which was the first loan I had. I was very stressed as I was consolidating loans and they helped me so much and reassured me that it would all be fine. If anyone is looking for a bank that will constantly support you this is the bank! Thank you commonwealth for all of the help you have given me, I will always be a loyal customer.

Read full review

I love Commonwealth because of their great customer service. I have always been with Commonwealth and they are constantly kind and give you great advice. I got my personal loan with them as well which was the first loan I had. I was very stressed as I was consolidating loans and they helped me so much and reassured me that it would all be fine. If anyone is looking for a bank that will constantly support you this is the bank! Thank you commonwealth for all of the help you have given me, I will always be a loyal customer.

Price
8/10
Features
8/10
Customer service
9/10
Convenience
10/10
Trust
10/10
Less
Jess, New South Wales reviewed 11 days ago
Commonwealth Bank Student Unsecured Personal Loan review
Overall 9/10
Trustworthy.

I like the Commonwealth Bank, they’re very trustworthy. The interest rate is not too competitive but they will lend you money.

Read full review

I like the Commonwealth Bank, they’re very trustworthy. The interest rate is not too competitive but they will lend you money.

Price
8/10
Features
4/10
Customer service
9/10
Trust
10/10
Less
Lisa, Queensland reviewed 17 days ago
Commonwealth Bank Personal Loan review
Overall 7/10
Typical large bank.

Interest rates aren't very competitive but used as I have had a personal loan from them before so it was easier.

Read full review

Interest rates aren't very competitive but used as I have had a personal loan from them before so it was easier.

Price
5/10
Features
5/10
Customer service
8/10
Convenience
8/10
Trust
7/10
Less
Cameron, Western Australia reviewed 22 days ago

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