based on 45919 Commonwealth Bank banking product reviews as rated by Mozo community

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 29 September, 2021. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Secured Personal 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.

12.38% p.a.to 19.34% 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)

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

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

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
Price
Features
Customer service
Convenience
Trust

2138 Reviews

Recent Commonwealth Bank personal loan reviews

Commonwealth Bank Unsecured Personal Loan
Overall 3/10
Commonwealth Bank of Australia are great at tricki

Commonwealth Bank of Australia are great at tricking you into consolidating you personal loans into you mortgage loan convincing you of the benefits when in fact its just a scam to keep you from getting ahead.. Not good.

Read full review

Commonwealth Bank of Australia are great at tricking you into consolidating you personal loans into you mortgage loan convincing you of the benefits when in fact its just a scam to keep you from getting ahead.. Not good.

Price
3/10
Features
2/10
Customer service
6/10
Convenience
4/10
Trust
1/10
Less
Brendon, New South Wales, reviewed about 21 hours ago
Commonwealth Bank Unsecured Personal Loan
Overall 1/10
Baaaaaad

N/A

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
John, New South Wales, reviewed 5 months ago
Commonwealth Bank Unsecured Personal Loan
Overall 5/10
Interest rates too high

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 review

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.

Price
3/10
Features
4/10
Customer service
8/10
Convenience
9/10
Trust
8/10
Less
Samantha, Queensland, reviewed 7 months ago
Commonwealth Bank Secured Personal Loan (Fixed)
Overall 8/10
Quick and Reliable!

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 review

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!

Price
8/10
Features
7/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Taylor, New South Wales, reviewed 7 months ago

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