Your selected 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.
Borrow between $4,000 and $50,000
Competitive fixed interest rates starting at 8.00% p.a.
Additional repayments allowed
Quick and easy same day application process
$250 application fee (No establishment fee for applications funded Nov 5, 2024 - Feb 25, 2025)
$15 monthly service fee
Early repayment fees
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% 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% p.a.) 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 $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. The usual establishment fee of $250 is waived on applications between Nov 5, 2024 - Feb 25, 2025.
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 9.04% p.a. to 20.89% p.a., based on $30,000 over 5 years.
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.
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.
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.
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.
Your selected personal loans
Commonwealth bank has easy to apply for loans with great rates and very easy to get..excellent five star bank for all types of loans
I think the com bank is a great bank good rates and friendly staff
Overall I'm not too happy with the banks in general. I think they are greedy and don't offer much incentives
App is great - makes things easier. Problem when you have to talk to a person.
I liked this bank very quick with my application
I find when in financial hardship you have to jump through hoops to advise this, they take while to get back to you, and when they do; they use their own calculator which I don't believe takes into account all debts and debits. I have been a customer since I was 5 through the school dollarmites account, and am now 31. For 26 years holding an account with only them, I would of thought their customer service would be a bit better, and more understanding of peoples hardships.
Commonwealth bank being the largest bank has the comfort of being reliable and was also willing to provide a loan when other banks were not. Customer service is easy to get in contact with. I wouldn't say the fees are the best in the market though.
It's been pretty easy to deal with and good customer service
Poor customer service. Not clear with fees. Increased fees. Not flexible with repayments.
Customer service is excellent if I have a query they are always helpful and can point me in the right direction.
* 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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