Product | Interest rate from | Comparison rate from | Upfront fee |
---|---|---|---|
Secured Green Personal Loan (Fixed) |
6.49% p.a. |
7.90% p.a.based on $30,000 |
$250.00 |
Secured Personal Loan (Fixed) |
6.99% p.a.to 13.49% p.a. |
8.40% p.a.to 14.83% p.a.based on $30,000 |
$250.00 |
Unsecured Green Personal Loan (Fixed) |
7.50% p.a. |
8.90% p.a.based on $30,000 |
$250.00 |
Unsecured Green Personal Loan (Variable) |
7.50% p.a. |
8.90% p.a.based on $30,000 |
$250.00 |
Unsecured Personal Loan (Fixed) |
8.50% p.a.to 20.50% p.a. |
9.53% p.a.to 21.39% p.a.based on $30,000 |
$0.00 |
Unsecured Personal Loan (Variable) |
8.50% p.a.to 20.50% p.a. |
9.89% p.a.to 21.79% p.a.based on $30,000 |
$250.00 |
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 and $ 50k for 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 that the fixed rate option has 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 it comes with no application fee, making the initial upfront period more budget-friendly. However, remember 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 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 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 for 1 to 5 years. The car loan comes with an extra repayment facility, which allows you to put any spare cash into your loan on top of your regular repayments up to a limit of $1,000 per year. Like many fixed-rate loans, this secured car loan has 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 must 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 the 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 the 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.
2170 Reviews
Poor customer service. Not clear with fees. Increased fees. Not flexible with repayments.
Read full reviewPoor customer service. Not clear with fees. Increased fees. Not flexible with repayments.
It's been pretty easy to deal with and good customer service
Read full reviewIt's been pretty easy to deal with and good customer service
Commbank has a great reputation, good customer service and app is excellent, very convenient experience.
Read full reviewCommbank has a great reputation, good customer service and app is excellent, very convenient experience.
I find securing an unsecured personal loan is easy, but that's because the interest rate is alot higher and the more desperate you are for fast cash, the unsecured loan is the option due to urgency I feel banks play on this factor. With secured personal loans they don't give you a great option as your car has to be 5 years or less old to snatch a great secured loan rate. It sets us middle class people strapped for cash vulnerable and limited which plays in the banks favour.
Read full reviewI find securing an unsecured personal loan is easy, but that's because the interest rate is alot higher and the more desperate you are for fast cash, the unsecured loan is the option due to urgency I feel banks play on this factor. With secured personal loans they don't give you a great option as your car has to be 5 years or less old to snatch a great secured loan rate. It sets us middle class people strapped for cash vulnerable and limited which plays in the banks favour.