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 |
$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 |
$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 |
$150 |
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.
2143 Reviews
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 reviewTook 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!
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 reviewI 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.
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 reviewI 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!
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 reviewI 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.
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