Commonwealth Bank personal loans

3.4
Based on 2,177 Commonwealth Bank personal loan product reviews.
Fact Checked

About CommBank personal loans

Commonwealth Bank or ‘CommBank’ is one of the Big Four banks in Australia and is also the country’s most profitable, earning $10 billion in the 2024 financial year. 

The bank focuses on retail and commercial banking services and offers the full range of personal finance products to its customers, including both secured and unsecured personal loans, both with fixed and variable rate interest options, as well as green personal loans.  

Provided your credit is in order, you have a regular income and a good savings record, a personal loan can help with a range of costs to the purchase of a new car to consolidating your debts or emergency expenses. 

Mozo may receive payment if you click products on our site. We don’t compare the entire market.

Featured review: CommBank’s Unsecured Personal Loan (Fixed)

Unsecured Personal Loan

  • Fixed
Interest rate from
8.00 % p.a.
to
20.00 % p.a.
Comparison rate from
9.04 % p.a.
to
20.89 % p.a.
Based on $30,000 over 5 years
Upfront fee
$0
Link not supplied
  • Borrow between $4,000 and $50,000

  • Competitive fixed interest rates starting at 8.0% p.a

  • Additional repayments allowed

  • Quick and easy same day application process

  • $250 application fee

  • $15 monthly service fee

  • Early repayment fees

Our verdict

CommBank’s Unsecured Personal Loan is available to borrowers from $4,000 to $50,000, and starts at a competitive 8% p.a. fixed interest rate on the lower end, up to 20.50% p.a. at the higher end.*

Your interest rate will be based on a number of factors, including your credit history, the information you provide and the bank’s assessment of your application. So, if you're able to secure a rate at the lower end of the spectrum (closer to 8.0%) you'll reduce the overall cost of your loan. 

Locking in a fixed rate with CommBank personal loan can be done for 1 to 7 years, though fixing the rate does mean there are some fees to consider: a $250 application fee, a $15 monthly service fee and a $20 late payment fee. These sorts of fees can be pretty standard for a personal loan, though CommBank's monthly and late fees might be a bit higher than other loans currently on the market. 

It’s also worth noting that CommBank allows you to make additional repayments on its Fixed Rate Loan but the money is not available to redrawn. Budgeting for extra repayments or using any extra money you come into (like a pay rise or tax refund) may help you knock over the balance faster.

All up, CommBank's loan offers a middle of the pack fixed rate (minimum 8% p.a based on a 3-year rate, as per the Mozo Database) but also the security and reputation of one the country's biggest banks.

*This equates to comparison rates of 9.40% p.a.to 21.79% p.a., based on $30,000 over 5 years.

CommBank personal loan FAQs

How long does CommBank take to approve a personal loan?

After your application is submitted, CommBank says it will give you a response in 60 seconds. If approved, they’ll send you a contract. Accept it if you’re happy with the terms, though they may ask you for some additional documents.

Is it easy to get a $5,000 personal loan?

If you have a good credit score, a steady income and minimal debts and even some money saved, getting a $5,000 loan should be within your reach.

How much would a $15,000 loan cost per month?

According to the Mozo personal loans calculator, a $15,000 with an interest rate of 10.35% p.a. paid over three years would cost you $436 per month.

The total interest paid on this loan would amount to $2,513.

Which bank is best for a personal loan?

There are a number of top personal loans on the market, including Mozo Experts Choice Awards winners, which are chosen based on their attractive interest rates, low fees and flexibility. Your decision of which is best for your needs, should factor in these important aspects of the loan.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more personal loans here.
Last updated 5 November 2024 Important disclosures and comparison rate warning*

Commonwealth Bank personal loans

  • Unsecured Personal Loan

    • Fixed
    Interest rate from
    8.00 % p.a.
    to
    20.00 % p.a.
    Comparison rate from
    9.04 % p.a.
    to
    20.89 % p.a.
    Based on $30,000 over 5 years
    Upfront fee
    $0
    Link not supplied

  • Secured Personal Loan

    • Fixed
    Interest rate from
    6.49 % p.a.
    to
    10.49 % p.a.
    Comparison rate from
    7.90 % p.a.
    to
    11.86 % p.a.
    Based on $30,000 over 5 years
    Upfront fee
    $250
    Link not supplied

  • Unsecured Personal Loan

    • Variable
    Interest rate from
    8.50 % p.a.
    to
    20.50 % p.a.
    Comparison rate from
    9.53 % p.a.
    to
    21.39 % p.a.
    Based on $30,000 over 5 years
    Upfront fee
    $0
    Link not supplied

  • Unsecured Green Personal Loan

    Interest rate from
    7.00 % p.a.
    to
    8.49 % p.a.
    Comparison rate from
    8.05 % p.a.
    to
    9.52 % p.a.
    Based on $30,000 over 5 years
    Upfront fee
    $0
    Link not supplied

  • Secured Green Personal Loan

    Interest rate from
    6.19 % p.a.
    Comparison rate from
    7.61 % p.a.
    Based on $30,000 over 5 years
    Upfront fee
    $250
    Link not supplied

  • Unsecured Green Personal Loan

    Interest rate from
    7.50 % p.a.
    to
    8.99 % p.a.
    Comparison rate from
    8.54 % p.a.
    to
    10.01 % p.a.
    Based on $30,000 over 5 years
    Upfront fee
    $0
    Link not supplied

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Commonwealth Bank personal loan ratings

Overall customer rating for Commonwealth Bank personal loans

3.4
Based on 2,177 product reviews.

Customer reviews

Important disclosures

Commonwealth Bank products

Personal loan quick links


* 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.

^See information about the Mozo Experts Choice Personal Loan Awards

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While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.