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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.

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.

question icon
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 25 January 2021. 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 25 January 2021. 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

Thumbnail icon for 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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