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 |
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).
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.
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: 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.
Variable |
|
8.50% p.a.variable |
|
9.89% p.a.to 21.79% p.a.based on $30,000 |
$250.00 |
|
$15.00 |
|
$20.00 |
|
$0.00 |
|
$0.00 |
$4,000.00 |
|
$50,000.00 |
|
1 Year |
|
7 Years |
|
Unsecured |
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.
Fixed |
|
8.50% p.a.to 20.50% p.a. fixed |
|
9.53% p.a.to 21.39% p.a.based on $30,000 |
$0.00 |
|
$15.00 |
|
$20.00 |
|
$0.00 |
|
May be payable at cost |
$4,000.00 |
|
$50,000.00 |
|
1 Year |
|
7 Years |
|
Unsecured |
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.
It's been pretty easy to deal with and good customer service
Read full reviewIt's been pretty easy to deal with and good customer service
I find securing an unsecured personal loan is easy, but that's because the interest rate is alot higher and the more desperate you are for fast cash, the unsecured loan is the option due to urgency I feel banks play on this factor. With secured personal loans they don't give you a great option as your car has to be 5 years or less old to snatch a great secured loan rate. It sets us middle class people strapped for cash vulnerable and limited which plays in the banks favour.
Read full reviewI find securing an unsecured personal loan is easy, but that's because the interest rate is alot higher and the more desperate you are for fast cash, the unsecured loan is the option due to urgency I feel banks play on this factor. With secured personal loans they don't give you a great option as your car has to be 5 years or less old to snatch a great secured loan rate. It sets us middle class people strapped for cash vulnerable and limited which plays in the banks favour.
This bank is not very flexible or supporting to existing customers. Their rates are relatively competitive but not the best. The service is professional.
Read full reviewThis bank is not very flexible or supporting to existing customers. Their rates are relatively competitive but not the best. The service is professional.
Customer service is excellent if I have a query they are always helpful and can point me in the right direction.
Read full reviewCustomer service is excellent if I have a query they are always helpful and can point me in the right direction.
Very good online service. Easy to use and access. Account options are limited, and access for loans are ok
Read full reviewVery good online service. Easy to use and access. Account options are limited, and access for loans are ok
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
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
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
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
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
Debt Consolidation
6.57% p.a.to 18.99% p.a.
7.19% p.a.to 19.39% p.a.based on $30,000
over 5 years
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
Clean Green Car Loan
7.29% p.a.
8.41% p.a.based on $30,000
over 5 years
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
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
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
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
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
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
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
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
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
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
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
Clean Green Car Loan
7.29% p.a.
8.41% p.a.
$8.00