Great service and internet banking is so simple and easy to use. However the interest rates are quite high for personal loans and I'm a long time customer and still don't receive a lower interest rate.
Commonwealth bank are quick and easy to secure a personal loan with, not only did I get my application approved within 24hours, I also got my money the next day. It was super convenient and reliable! Wish the interest rates were abit lower but apart from that it was a great experience lending off them!
I have liked Commonwealth Bank since kindergarten and I can remember using my account for savings, I have been an ongoing customer since aged 5 and I am now 63. They are a good bank, honest, trustworthy and fight for your rights when something goes wrong.
I was treated very poorly for a customer of 40 years. Terrible customer relations. Had to stand to speak to a consultant with other customers within a few feet listening to all my private banking details.
I would not recommend using them in tge future purely due to the number of errors made by staff and their automated mailing system in my recent dealings with them. I received quite intimidating letters from the bank informing me that I had not made repayments as arranged, although I had, and when I called about this was I was quite dryly told that this was a mustake and a few had been sent out. Whilst waiting for the clearance of a foreign cheque, it was taking a ever-increasing length of time, but when I finally complained, it miraculously cleared in my account that day! - Cost me around 2000 in exchange rates!
Overall I have been happy with the Commonwealth bank. I did find it very impersonal being able to apply and secure a loan without even stepping foot in the bank. I would also recommend that you don’t use the site to do hypothetical loans as it then comes up on your credit history which I’m not at all happy about.
Very 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.
I only like this bank because I've been with them since childhood and haven't had the heart to leave. Pros the app is amazing. Con not a lot of physical banks around.
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.
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Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.29% would cost $35,192.28 including fees.
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $35,190.18 including fees.
Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 5.49% would cost $34,373.78 including fees.
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,405.64 including fees.
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.
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