Commonwealth Bank personal loans

Commonwealth Bank
Commonwealth Bank's overall rating for personal loans

(as rated by the Mozo community)

6.8 / 10

based on 2046 reviews

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 19 May, 2019. Other information correct at the time of writing.

Product Interest rate from Comparison rate from* Upfront fee
Secured Car Loan (Fixed)
Commonwealth Bank

8.49% 10.49% p.a.

9.54% 11.53% p.a.based on $30,000
over 5 years


8.49% 10.49% p.a.

9.18% 11.16% p.a.based on $30,000
over 5 years


13.70% 17.40% p.a.

13.64% 18.01% p.a.based on $30,000
over 5 years


13.90% 18.90% p.a.

14.54% 19.5% p.a.based on $30,000
over 5 years


13.70% 18.90% p.a.

13.86% 19.74% p.a.based on $30,000
over 5 years


13.90% 18.90% p.a.

14.77% 19.74% p.a.based on $30,000
over 5 years


*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. WARNING: 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.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

What personal loans do the Commonwealth Bank offer?

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

Repayment flexibility: While each CommBank loan differs when it comes to the features offered one thing they all have in common is they allow you to choose your repayment cycle. So whether you get paid on a weekly, fortnightly or monthly basis, you’ll have the flexibility to set up your repayments to match.

Extra repayments facility: CommBank’s personal loans come with the flexibility of an extra repayments facility, allowing you to pay off your loan earlier and save big bucks in interest through additional payments. However keep in mind, the loan’s with a fixed interest rate have an extra repayment cap of $1,000 each year and you may be charged a small cost for the service.

No application fee for students: While CommBank’s personal loans come with an application, ongoing and late payment fee, if you’re a student the application fee is wiped.

How are Commonwealth Bank personal loan products rated?

We’ve got a customer review section, where everyday Aussies come to share their experience of taking out a loan through CommBank. See what they had to say here.

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:

More helpful personal loan quick links