Rates and fees verified as correct at 09 May, 2021. 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 | $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 | $0 |
| Student Unsecured Personal Loan (Fixed) | 9.00% p.a.to 18.50% p.a. | 9.68% p.a.to 19.11% p.a.based on $30,000 | $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 | $0 |
| Unsecured Personal Loan (Fixed) | 9.00% p.a.to 18.50% p.a. | 9.90% p.a.to 19.34% p.a.based on $30,000 | $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 | $150 |
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.
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:
Proof of income in the form of your two most recent payslips. For those self employed borrowers out there you’ll need your last two years’ tax returns.
One month of bank statements.
Photo ID like your passport, Australian driver’s licence or proof of age card. If you’re a student you will need to show your student card in branch at the beginning of each year.
For those looking to apply for the secured car loan, you’ll also need to provide:
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.
2135 Reviews
Great service and internet banking is so simple and easy to use. However the interest rates are quite high for personal loans and I'm a long time customer and still don't receive a lower interest rate.
Read full reviewGreat service and internet banking is so simple and easy to use. However the interest rates are quite high for personal loans and I'm a long time customer and still don't receive a lower interest rate.
Commonwealth bank are quick and easy to secure a personal loan with, not only did I get my application approved within 24hours, I also got my money the next day. It was super convenient and reliable! Wish the interest rates were abit lower but apart from that it was a great experience lending off them!
Read full reviewCommonwealth bank are quick and easy to secure a personal loan with, not only did I get my application approved within 24hours, I also got my money the next day. It was super convenient and reliable! Wish the interest rates were abit lower but apart from that it was a great experience lending off them!
I have liked Commonwealth Bank since kindergarten and I can remember using my account for savings, I have been an ongoing customer since aged 5 and I am now 63. They are a good bank, honest, trustworthy and fight for your rights when something goes wrong.
Read full reviewI have liked Commonwealth Bank since kindergarten and I can remember using my account for savings, I have been an ongoing customer since aged 5 and I am now 63. They are a good bank, honest, trustworthy and fight for your rights when something goes wrong.
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