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
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.
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.
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.
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.
Variable
11.50% p.a.variable
12.38% p.a.to 19.34% p.a.based on $30,000
over 5 years
$150.00
$10.00
$20.00
$0.00
$0.00
$4,000.00
$50,000.00
1 Year
7 Years
Unsecured
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.
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
$150.00
$10.00
$20.00
$0.00
May be payable at cost
$4,000.00
$50,000.00
1 Year
7 Years
Unsecured
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.
Very uncompetitive interest rates. 17% is way too high compared to other lenders.
Read full reviewVery uncompetitive interest rates. 17% is way too high compared to other lenders.
We have always without fail, my husband and I, been treated with so much respect and exceptional customer service and this was when we opened the account to when we first got loans for our cars. The bank was so excited for us and asked us our goals and dreams. So personal and valued us.
Read full reviewWe have always without fail, my husband and I, been treated with so much respect and exceptional customer service and this was when we opened the account to when we first got loans for our cars. The bank was so excited for us and asked us our goals and dreams. So personal and valued us.
Good customer service. Done via email and internet banking. Answered any questions fast if anything come up. The rate wasn't as competitive as I thought but overall was easy enough to get the loan and pay off. Hassle free.
Read full reviewGood customer service. Done via email and internet banking. Answered any questions fast if anything come up. The rate wasn't as competitive as I thought but overall was easy enough to get the loan and pay off. Hassle free.
They've been very helpful during Covid when I've needed assistance.
Read full reviewThey've been very helpful during Covid when I've needed assistance.
Best loan ever, can take out money paid in, best in Australia. No problems all good!
Read full reviewBest loan ever, can take out money paid in, best in Australia. No problems all good!
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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7.99% p.a.
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over 5 years
