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Commonwealth Bank Student Unsecured Personal Loan

The details shown below are for a variable loan between $4,000 and $50,000

The details shown below are for a fixed loan between $4,000 and $50,000

Choose the version of this loan that suits you best

  • Loan: $4,000 $50,000

  • Loan: $4,000 $50,000

Interest rate from
11.50% p.a.to 18.50% p.a.
Comparison rate from*
12.16% p.a.to 19.11% p.a.based on $30,000
over 5 years
Upfront fee
$0
Interest rate from
11.50% p.a.to 18.50% p.a.
Comparison rate from*
12.16% p.a.to 19.11% p.a.based on $30,000
over 5 years
Upfront fee
$0

Mozo editorial review Commonwealth Bank Student Unsecured Personal Loan

Last updated: 9 March 2020.

binocular icon
What's hot
  • $0 application fee (conditions apply)
  • Loans available from $4,000 to $50,000
  • No exit fees or penalties for early repayment
What's not
  • $10 monthly service fee
  • Need to be a domestic student to apply
Mozo snapshot

The Commonwealth Bank’s Unsecured Personal Loan for domestic students offers loans up to $50,000 with variable interest rates starting from 11.50% p.a (comparison rate 12.16%). As this is an unsecured loan you won’t have to provide any collateral, plus you can choose to make repayments weekly, fortnightly or monthly.

key icon
Key features

With the Commonwealth Bank’s Unsecured Personal Loan, students can apply for a loan from as small as $4,000 to as big as $50,000, as long as you’ve got the income to support your loan repayments. The loan can be payable over as short a time as 1 year to as long as 7 years. 

As a domestic student, you also won’t have to pay the $150 application fee that comes with the Commonwealth Bank’s standard unsecured personal loan, as long as you apply for the loan in branch and bring your student ID.

Plus you’ll be happy to hear that with this personal loan you won’t be penalised for making early repayments if you want to pay out your loan early. There’s also a redraw facility in case you do make extra repayments and then want that cash down the track.

As a busy student on the go, you might also be pleased to hear that you can easily manage your loan online using NetBank or the CommBank app. On top of that, if you apply and are approved before midday, you might even be able to receive funding the same day.

snapshot
Who is it good for

This loan is good for domestic students looking to receive a lump sum of money quickly, to cover the costs of moving out of home, studies or even the purchase of a car. It’s also great if you’re keen to make extra repayments and get rid of your debt quicker!

snapshot
Any catches

Only domestic students can apply for this loan and you will have to apply in branch and provide a valid student ID. There is also a $10 monthly service fee payable with this loan.

Details

Rates and fees information correct as at 8 July 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Variable

  • 11.50% p.a.variable

  • 12.16% p.a.to 19.11% p.a.based on $30,000
    over 5 years

Fees
  • $0.00

  • $10.00

  • $20.00

  • $0.00

  • $0.00

Other financial bits
  • $4,000.00

  • $50,000.00

  • 1 Year

  • 7 Years

  • Unsecured

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • Establishment fee waiver apply to in branch applications only.

  • none

*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.

Details

Rates and fees information correct as at 8 July 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Fixed

  • 11.50% p.a.to 18.50% p.a. fixed

  • 12.16% p.a.to 19.11% p.a.based on $30,000
    over 5 years

Fees
  • $0.00

  • $10.00

  • $20.00

  • $0.00

  • May be payable

Other financial bits
  • $4,000.00

  • $50,000.00

  • 1 Year

  • 7 Years

  • Unsecured

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • Establishment fee waiver apply to in branch applications only. Special rate with a discount of 2.00% available until 20 December 2019.

  • Can make extra repayments up to $1,000 per year without penalty.

*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.

Customer Reviews

How are Commonwealth Bank personal loans rated by the Mozo community?

Overall customer rating
6.9/10
Price
6.1/10
Features
5.9/10
Customer service
7.3/10
Convenience
7.8/10
Trust
7.0/10

Latest reviews of Commonwealth Bank Student Unsecured Personal Loan

  • Overall 8/10
    Great service.

    Had to get a student loan to pay for school and they were amazing at helping me.

    Read full review

    Had to get a student loan to pay for school and they were amazing at helping me.

    Price
    9/10
    Features
    10/10
    Customer service
    8/10
    Convenience
    10/10
    Trust
    8/10
    Less
    Zyerra, New South Wales reviewed 7 months ago
  • Overall 6/10
    Pretty good

    I need a loan for my family and college and CBA has been helpful.

    Read full review

    I need a loan for my family and college and CBA has been helpful.

    Price
    9/10
    Features
    7/10
    Customer service
    8/10
    Convenience
    5/10
    Trust
    7/10
    Less
    Rl, New South Wales reviewed over 1 year ago
  • Overall 6/10
    Nice

    The rates are fairly priced but could be better.

    Read full review

    The rates are fairly priced but could be better.

    Price
    6/10
    Features
    6/10
    Customer service
    8/10
    Convenience
    8/10
    Trust
    7/10
    Less
    Rlratikah, New South Wales reviewed over 1 year ago
  • Overall 8/10
    Good customer service to hide the terrible product

    Like - very accessible - no waiting times during phonecalls, plenty of staff on in the bank and will always do what they can to help you out Dislike - Hidden fees. 'Summarising' your loan requirements because your young, and trapping people who are not familiar with loans.

    Read full review

    Like - very accessible - no waiting times during phonecalls, plenty of staff on in the bank and will always do what they can to help you out Dislike - Hidden fees. 'Summarising' your loan requirements because your young, and trapping people who are not familiar with loans.

    Price
    4/10
    Features
    8/10
    Customer service
    5/10
    Convenience
    10/10
    Trust
    7/10
    Less
    Abby, Queensland reviewed over 4 years ago
  • Overall 10/10
    Great service.

    Commonwealth have been amazing in finding the right loan for me.

    Read full review

    Commonwealth have been amazing in finding the right loan for me.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Letitia, Queensland reviewed over 4 years ago
Commonwealth Bank

About Commonwealth Bank

The Commonwealth Bank might be one of Australia's oldest and largest banks, but lately it's determined to do things differently. The Commonwealth Bank reckons it's focusing more on customer service and earning your business rather than counting on it. If you like the sound of that, then check out the Commonwealth Bank's wide range of personal banking products, including term deposits, savings accounts, credit cards, home loans and personal loans.

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