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Commonwealth Bank 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*
12.38% p.a.to 19.34% p.a.based on $30,000
over 5 years
Upfront fee
$150
Interest rate from
11.50% p.a.to 18.50% p.a.
Comparison rate from*
12.38% p.a.to 19.34% p.a.based on $30,000
over 5 years
Upfront fee
$150

Mozo editorial review Commonwealth Bank Unsecured Personal Loan

Last updated: 4 June 2020.

binocular icon
What's hot
  • Free extra repayments
  • Redraw facility
  • Same day funding available
What's not
  • $150 application fee
Mozo snapshot

If you need a flexible personal loan to do a small home reno or buy a car the Commonwealth Bank Unsecured Personal Loan might be worth considering. Not only can borrowers take out a loan anywhere between $4,000 and $50,000, they can choose from loan terms from one year to seven years. Plus, there’s the option of weekly, fortnightly or monthly payments, free extra repayments and a redraw facility.

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Key features

Commonwealth Bank’s Unsecured Personal Loan comes with a solid interest rate and a range of handy features that allow borrowers to pay down the loan in a way that suits them. 

The variable interest rate starts at 11.50% (12.38% comparison rate*)however, bear in mind this can get up to 18.50% (19.34% comparison rate*) depending on your credit history. 

Need a little flexibility when it comes to making repayments on your loan? Well the Unsecured Personal Loan from CommBank gives you that. There’s the option to borrow between $4,000 and $50,000, on a range of terms from one year to seven years. Borrowers can make weekly, fortnightly or monthly repayments on their loan, as well as make free extra repayments when they want to. But that’s not all, this loan also comes with a redraw facility, meaning borrowers can access their additional payments later down the track if they need to. 

Another great feature of the Commonwealth Bank Unsecured Loan, is that if you apply and are approved before midday Monday to Friday, you can receive same day funding - meaning you’ll see the money in your account that day.

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Who is it good for

This loan could be a good option for a borrower looking for flexibility when it comes to making repayments and can take advantage of the loan features such as free extra repayments and a redraw facility. 

Plus, this is an unsecured loan, so would suit borrowers that don’t want to put up an asset as security.

snapshot
Any catches

While this loan comes with some great features there are some fees to watch out for: $150 upfront application fee and a $10 monthly service fee (which can really add up if you opt for a longer loan term).

There is also a $20 late payment fee so it’s best to set up an automatic direct debit from your bank account so that you avoid this fee.

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

  • 12.38% p.a.to 19.34% p.a.based on $30,000
    over 5 years

Fees
  • $150.00

  • $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

  • none

  • 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

  • 12.38% p.a.to 19.34% p.a.based on $30,000
    over 5 years

Fees
  • $150.00

  • $10.00

  • $20.00

  • $0.00

  • May be payable at cost

Other financial bits
  • $4,000.00

  • $50,000.00

  • 1 Year

  • 7 Years

  • Unsecured

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • none

  • 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 Unsecured Personal Loan

  • Overall 6/10
    High interest rates, good customer service.

    Customer service was great when I needed to contact them about an issue I had with payment. Interest rates being variable are a bit high, but that's the way the loan is. Could shop around for lower rates at another bank. It's Commonwealth, so being a big bank you can trust them.

    Read full review

    Customer service was great when I needed to contact them about an issue I had with payment. Interest rates being variable are a bit high, but that's the way the loan is. Could shop around for lower rates at another bank. It's Commonwealth, so being a big bank you can trust them.

    Price
    4/10
    Features
    7/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    8/10
    Less
    Shaun, Victoria reviewed 9 days ago
  • Overall 5/10
    Great customer service, but tech issues

    They're customer service always resolve any issues quickly; however they regularly have technical issues and their phone app is down for maintenance every few nights.

    Read full review

    They're customer service always resolve any issues quickly; however they regularly have technical issues and their phone app is down for maintenance every few nights.

    Price
    5/10
    Features
    6/10
    Customer service
    7/10
    Convenience
    6/10
    Trust
    4/10
    Less
    Alysha, Queensland reviewed 20 days ago
  • Overall 3/10
    Much better interest rates can be found.

    Much better interest rates can be found. The process is long and frustrating. Trying to contact the branch directly resulted in about a dozen calls going through to the answering machine and none being returned.

    Read full review

    Much better interest rates can be found. The process is long and frustrating. Trying to contact the branch directly resulted in about a dozen calls going through to the answering machine and none being returned.

    Price
    3/10
    Features
    3/10
    Customer service
    3/10
    Convenience
    1/10
    Trust
    3/10
    Less
    Robbie, Queensland reviewed about 1 month ago
  • Overall 8/10
    Great products.

    CBA has always been my bank, I have trust in the bank and its products and they are fair and reputable.

    Read full review

    CBA has always been my bank, I have trust in the bank and its products and they are fair and reputable.

    Price
    7/10
    Features
    5/10
    Customer service
    6/10
    Convenience
    10/10
    Trust
    8/10
    Less
    Natalie, New South Wales reviewed about 2 months ago
  • Overall 9/10
    Great loans and rewards not enough info on fees

    Fast easy personal loan possess. Can sign up online which is a plus. Rewards with travel insurance which has come in handy! Cons are if your young and don't really know how a loan works you have to do a lot of digging rather then the information being there! E.g. what happens if you miss a payment, monthly fees etc

    Read full review

    Fast easy personal loan possess. Can sign up online which is a plus. Rewards with travel insurance which has come in handy! Cons are if your young and don't really know how a loan works you have to do a lot of digging rather then the information being there! E.g. what happens if you miss a payment, monthly fees etc

    Price
    10/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    3/10
    Trust
    8/10
    Less
    Keria, New South Wales reviewed 2 months 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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