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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 type Name Min loan amount Max loan amount
Variable Unsecured Personal Loan (Variable) $4,000 $50,000
Fixed Unsecured Personal Loan (Fixed) $4,000 $50,000
  • Loan: $4,000 $50,000
  • Loan: $4,000 $50,000
Interest rate from
8.50% p.a.to 20.50% p.a.
Comparison rate from
9.89% p.a.to 21.79% p.a.based on $30,000
over 5 years
Upfront fee
$250.00
Interest rate from
8.50% p.a.to 20.50% p.a.
Comparison rate from
9.53% p.a.to 21.39% p.a.based on $30,000
over 5 years
Upfront fee
$0.00

Mozo editorial review Commonwealth Bank Unsecured Personal Loan - last updated: 27 March 2024

binocular icon
What's hot
  • Free extra repayments
  • Redraw facility
  • Same day funding available
What's not
  • $15 monthly service 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. Not to mention, If you have a transaction account and make 5+ outbound transactions each month via an eligible transaction account or credit card you could score $250 cashback on a new personal loan (applications made before 30th April 2024).

  

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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 8.50% (9.53% comparison rate*) however, bear in mind this can get up to 20.50% (21.39% 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.

snapshot
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.

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Any catches

While this loan comes with some great features there are some fees to watch out for: a $15 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 29 March 2024. 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

8.50% p.a.variable

9.89% p.a.to 21.79% p.a.based on $30,000
over 5 years

Fees

$250.00

$15.00

$20.00

$0.00

$0.00

Other financial bits

$4,000.00

$50,000.00

1 Year

7 Years

Unsecured

Features

Car, Debt consolidation, Travel

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 29 March 2024. 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

8.50% p.a.to 20.50% p.a. fixed

9.53% p.a.to 21.39% p.a.based on $30,000
over 5 years

Fees

$0.00

$15.00

$20.00

$0.00

May be payable at cost

Other financial bits

$4,000.00

$50,000.00

1 Year

7 Years

Unsecured

Features

Car, Debt consolidation, Travel

Weekly, Fortnightly, Monthly

yes

no

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

$0 application fee when you apply the loan and are funded by 30th April.

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
Price
Features
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Latest reviews of Commonwealth Bank Unsecured Personal Loan

About Commonwealth Bank

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Express Personal Loan

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Debt Consolidation

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6.75% p.a.to 26.95% p.a.

6.75% p.a.to 26.95% p.a.based on $30,000
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Harmoney

Unsecured Personal Loan

5.76% p.a.to 24.03% p.a.

6.55% p.a.to 24.98% p.a.based on $30,000
over 5 years

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Harmoney

Debt Consolidation

5.76% p.a.to 24.03% p.a.

6.57% p.a.to 24.99% p.a.based on $30,000
over 5 years

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OurMoneyMarket

Low Rate Personal Loan

6.57% p.a.to 8.48% p.a.

7.19% p.a.to 8.84% p.a.based on $30,000
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Express Personal Loan

14.95% p.a.to 27.95% p.a.

29.30% p.a.to 42.8% p.a.based on $10,000
over 3 years

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Unsecured Personal Loan

6.75% p.a.to 26.95% p.a.

6.75% p.a.to 26.95% p.a.based on $30,000
over 5 years

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Harmoney

Debt Consolidation

5.76% p.a.to 24.03% p.a.

6.57% p.a.to 24.99% p.a.based on $30,000
over 5 years

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6.75% p.a.to 26.95% p.a.

6.75% p.a.to 26.95% p.a.based on $30,000
over 5 years

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Harmoney

Unsecured Personal Loan

5.76% p.a.to 24.03% p.a.

6.55% p.a.to 24.98% p.a.based on $30,000
over 5 years

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OurMoneyMarket

Low Rate Personal Loan

6.57% p.a.to 8.48% p.a.

7.19% p.a.to 8.84% p.a.based on $30,000
over 5 years

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Debt Consolidation

5.76% p.a.to 24.03% p.a.

6.57% p.a.to 24.99% p.a.based on $30,000
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6.75% p.a.to 26.95% p.a.

6.75% p.a.

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Unsecured Personal Loan

5.76% p.a.to 24.03% p.a.

6.55% p.a.

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7.19% p.a.

$0.00

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6.57% p.a.

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