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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 01 March, 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
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

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

2129 Reviews

Recent Commonwealth Bank personal loan reviews

Commonwealth Bank Personal Loan review
Overall 6/10
Mixed thoughts

Overall I have been happy with the Commonwealth bank. I did find it very impersonal being able to apply and secure a loan without even stepping foot in the bank. I would also recommend that you don’t use the site to do hypothetical loans as it then comes up on your credit history which I’m not at all happy about.

Read full review

Overall I have been happy with the Commonwealth bank. I did find it very impersonal being able to apply and secure a loan without even stepping foot in the bank. I would also recommend that you don’t use the site to do hypothetical loans as it then comes up on your credit history which I’m not at all happy about.

Price
7/10
Features
5/10
Customer service
5/10
Convenience
8/10
Trust
5/10
Less
Amber, Northern Territory, reviewed about 1 month ago
Commonwealth Bank Unsecured Personal Loan review
Overall 5/10
CommBank.

Very uncompetitive interest rates. 17% is way too high compared to other lenders.

Read full review

Very uncompetitive interest rates. 17% is way too high compared to other lenders.

Price
1/10
Features
5/10
Customer service
7/10
Convenience
8/10
Trust
5/10
Less
Jaime, New South Wales, reviewed about 1 month ago
Commonwealth Bank Unsecured Personal Loan review
Overall 9/10
Great customer service always.

We have always without fail, my husband and I, been treated with so much respect and exceptional customer service and this was when we opened the account to when we first got loans for our cars. The bank was so excited for us and asked us our goals and dreams. So personal and valued us.

Read full review

We have always without fail, my husband and I, been treated with so much respect and exceptional customer service and this was when we opened the account to when we first got loans for our cars. The bank was so excited for us and asked us our goals and dreams. So personal and valued us.

Price
8/10
Features
7/10
Customer service
10/10
Convenience
9/10
Trust
9/10
Less
Jorgie, Queensland, reviewed about 1 month ago
Commonwealth Bank Personal Loan review
Overall 10/10
The leader in all banking need

Ease of contact, all done online, fantastic service and ongoing back up if needed.

Read full review

Ease of contact, all done online, fantastic service and ongoing back up if needed.

Price
9/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
David, Tasmania, reviewed about 1 month ago

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