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Commonwealth Bank Unsecured Personal Loan

Advertiser disclosure

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
9.50% p.a.to 16.50% p.a.
Comparison rate from
10.40% p.a.to 17.35% 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 24 November 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

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.

Details

Rates and fees information correct as at 24 November 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

  • 9.50% p.a.to 16.50% p.a. fixed

  • 10.40% p.a.to 17.35% 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

  • 2% Discount applied to Unsecured Fixed Rate Personal Loans until 20 December 2020. Can make extra repayments up to $1,000 per year without penalty.

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.

Customer Reviews

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

Overall
6.8/10
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
    Great experience.

    I had a great experience using Commonwealth Bank for my personal loan. From my application through to the final payment they were accessible and helpful.

    Read full review

    I had a great experience using Commonwealth Bank for my personal loan. From my application through to the final payment they were accessible and helpful.

    Price
    5/10
    Features
    5/10
    Customer service
    7/10
    Convenience
    7/10
    Trust
    7/10
    Less
    Samantha, Queensland reviewed 10 days ago
  • Overall 6/10
    Fair value, good for a basic loan provider.

    Pretty basic personal loan options, but are usually willing to adjust interest rates for returning customers. Were willing to negotiate repayments when covid started.

    Read full review

    Pretty basic personal loan options, but are usually willing to adjust interest rates for returning customers. Were willing to negotiate repayments when covid started.

    Price
    7/10
    Features
    3/10
    Customer service
    5/10
    Convenience
    7/10
    Trust
    7/10
    Less
    Geoff, New South Wales reviewed 25 days ago
  • Overall 3/10
    Would never bank with them again.

    I applied for a personal loan of $10,000. I was approved and received the loan pretty quickly. Then the next day I found that they'd transferred another $10,000 into my account. When I spoke to customer service they were rude and didn't understand that they'd given me $20,000 instead of $10,000. I kept on telling them that I'd only been approved for $10,000 and they kept on telling me that they'd only transferred $10,000. They ended up saying that they would look into it. Luckily the next day they had taken out the extra money. Over all, ATM locations are great. Bank locations not so much since they moved away from my suburb. Customer service, interest rates, products not worth it. I had my home loan and personal account with them and ended up closing both.

    Read full review

    I applied for a personal loan of $10,000. I was approved and received the loan pretty quickly. Then the next day I found that they'd transferred another $10,000 into my account. When I spoke to customer service they were rude and didn't understand that they'd given me $20,000 instead of $10,000. I kept on telling them that I'd only been approved for $10,000 and they kept on telling me that they'd only transferred $10,000. They ended up saying that they would look into it. Luckily the next day they had taken out the extra money. Over all, ATM locations are great. Bank locations not so much since they moved away from my suburb. Customer service, interest rates, products not worth it. I had my home loan and personal account with them and ended up closing both.

    Price
    3/10
    Features
    5/10
    Customer service
    3/10
    Convenience
    6/10
    Trust
    1/10
    Less
    Ingrid, New South Wales reviewed about 1 month ago
  • Overall 5/10
    Personal loan

    Convenient loan. Was in account next day however has high interest.

    Read full review

    Convenient loan. Was in account next day however has high interest.

    Price
    5/10
    Features
    4/10
    Customer service
    7/10
    Convenience
    9/10
    Trust
    8/10
    Less
    Katina, Queensland reviewed about 2 months ago
  • Overall 1/10
    Better customer service.

    Customer service is poor and relationship with customer is not valued.

    Read full review

    Customer service is poor and relationship with customer is not valued.

    Price
    3/10
    Features
    3/10
    Customer service
    1/10
    Convenience
    2/10
    Trust
    1/10
    Less
    Jason, South Australia reviewed 4 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.

See Commonwealth Bank personal loans

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9.39% p.a.

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5.75% p.a.to 21.99% p.a.

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6.95% p.a.to 17.95% p.a.

6.95% p.a.

$0.00

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6.49% p.a.to 8.99% p.a.

6.84% p.a.

$0.00

OurMoneyMarket

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6.75% p.a.to 8.48% p.a.

6.96% p.a.

$0.00

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6.99% p.a.to 9.49% p.a.

6.99% p.a.

$0.00

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6.45% p.a.to 26.99% p.a.

6.45% p.a.

$0.00

Alex

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6.95% p.a.

$0.00

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9.39% p.a.

9.64% p.a.

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5.75% p.a.to 21.99% p.a.

6.47% p.a.

$10.00