based on 46000 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 18 May 2022. 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

Unsecured Personal Loan (Fixed)

9.00% p.a.to 16.00% p.a.

9.90% p.a.to 16.86% p.a.based on $30,000
over 5 years

$150

Unsecured Personal Loan (Variable)

9.00% p.a.to 16.00% p.a.

9.90% p.a.to 16.86% 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

2143 Reviews

Recent Commonwealth Bank personal loan reviews

Commonwealth Bank Personal Loan
Overall 4/10
Beware: They sold me Junk Insurance

Took out a $10,000 personal loan for a medical procedure. I’ve been a lifelong customer of Commonwealth Bank and thought they’d offered me a good package as this is the first and only loan I’ve had. Was unknowingly sold junk insurance and am now part of a class-action suit for a refund of the insurance and interest they charged. Here’s hoping they do the right thing!

Read full review

Took out a $10,000 personal loan for a medical procedure. I’ve been a lifelong customer of Commonwealth Bank and thought they’d offered me a good package as this is the first and only loan I’ve had. Was unknowingly sold junk insurance and am now part of a class-action suit for a refund of the insurance and interest they charged. Here’s hoping they do the right thing!

Price
4/10
Features
3/10
Customer service
7/10
Convenience
7/10
Trust
2/10
Less
Stephanie, New South Wales, reviewed 21 days ago
Commonwealth Bank Personal Loan
Overall 10/10
Great service

I walked in the door and asked to open an account. I had not dealt with Comm Bank for 20 years. The person who greeted me is the manager. Was given immediate service, and being a very very small customer it was exciting. Each time the manager sees me he comes over to personally greet me - that’s in the branch or even in the street. One day I walked in wishing to make a small deposit of $750,000, no problem he said and arranged it all. Then one day I walked in, again to be greeted by the manager, and asked for a small personal loan to make repairs on my vehicle as well as undertake training to open my own business. He found the right person to talk with and the loan was arranged with the money available in a day after all the paperwork was completed. As someone living in a remote rural area and my account usually at zero, the service I am getting is very very good.

Read full review

I walked in the door and asked to open an account. I had not dealt with Comm Bank for 20 years. The person who greeted me is the manager. Was given immediate service, and being a very very small customer it was exciting. Each time the manager sees me he comes over to personally greet me - that’s in the branch or even in the street. One day I walked in wishing to make a small deposit of $750,000, no problem he said and arranged it all. Then one day I walked in, again to be greeted by the manager, and asked for a small personal loan to make repairs on my vehicle as well as undertake training to open my own business. He found the right person to talk with and the loan was arranged with the money available in a day after all the paperwork was completed. As someone living in a remote rural area and my account usually at zero, the service I am getting is very very good.

Price
9/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Doug., Victoria, reviewed 5 months ago
Commonwealth Bank Personal Loan
Overall 1/10
Greedy bank

I paid out my personal loan and had a balance of $0. I had overpaid the repayment and had $239 in credit. I was told this would be refunded to me only to be refunded $9.99. W hen I enquired about this I was told that they had charged interest on the day after my loan was paid out. They are just greedy and its all about taking your money. I have banked with them for 27 years, not anymore!

Read full review

I paid out my personal loan and had a balance of $0. I had overpaid the repayment and had $239 in credit. I was told this would be refunded to me only to be refunded $9.99. W hen I enquired about this I was told that they had charged interest on the day after my loan was paid out. They are just greedy and its all about taking your money. I have banked with them for 27 years, not anymore!

Price
1/10
Features
1/10
Customer service
1/10
Convenience
3/10
Trust
1/10
Less
April, New South Wales, reviewed 5 months ago
Commonwealth Bank Unsecured Personal Loan
Overall 1/10
I was conditionally approved and then decline

I was conditionally approved and then got declined, been with bank for 35 years, paid a home loan, never had bad credit or anything, first time asking for a personal loan waste of time, went from call centre personal loan to cba branch personal loans, they kept on passing this back and forth to each other. I just wanted a loan I even had to reduce it multiple times to see if I can borrow less very bad service for CBA.

Read full review

I was conditionally approved and then got declined, been with bank for 35 years, paid a home loan, never had bad credit or anything, first time asking for a personal loan waste of time, went from call centre personal loan to cba branch personal loans, they kept on passing this back and forth to each other. I just wanted a loan I even had to reduce it multiple times to see if I can borrow less very bad service for CBA.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Carmelo, New South Wales, reviewed 5 months ago

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