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 | $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) | 11.50% p.a.to 18.50% p.a. | 12.16% 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) | 9.50% p.a.to 16.50% p.a. | 10.40% p.a.to 17.35% 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 |
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.
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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.
2115 Reviews
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 reviewI had a great experience using Commonwealth Bank for my personal loan. From my application through to the final payment they were accessible and helpful.
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 reviewI 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.
I like the Commonwealth Bank, they’re very trustworthy. The interest rate is not too competitive but they will lend you money.
Read full reviewI like the Commonwealth Bank, they’re very trustworthy. The interest rate is not too competitive but they will lend you money.
Interest rates aren't very competitive but used as I have had a personal loan from them before so it was easier.
Read full reviewInterest rates aren't very competitive but used as I have had a personal loan from them before so it was easier.
