Took out a $10,000 personal loan for a medical procedure. I’ve been a lifelong customer of Commonwealth Bank and thought they’d offered me a good package as this is the first and only loan I’ve had. Was unknowingly sold junk insurance and am now part of a class-action suit for a refund of the insurance and interest they charged. Here’s hoping they do the right thing!
I walked in the door and asked to open an account. I had not dealt with Comm Bank for 20 years. The person who greeted me is the manager. Was given immediate service, and being a very very small customer it was exciting. Each time the manager sees me he comes over to personally greet me - that’s in the branch or even in the street. One day I walked in wishing to make a small deposit of $750,000, no problem he said and arranged it all. Then one day I walked in, again to be greeted by the manager, and asked for a small personal loan to make repairs on my vehicle as well as undertake training to open my own business. He found the right person to talk with and the loan was arranged with the money available in a day after all the paperwork was completed. As someone living in a remote rural area and my account usually at zero, the service I am getting is very very good.
I paid out my personal loan and had a balance of $0. I had overpaid the repayment and had $239 in credit. I was told this would be refunded to me only to be refunded $9.99. W hen I enquired about this I was told that they had charged interest on the day after my loan was paid out. They are just greedy and its all about taking your money. I have banked with them for 27 years, not anymore!
I was conditionally approved and then got declined, been with bank for 35 years, paid a home loan, never had bad credit or anything, first time asking for a personal loan waste of time, went from call centre personal loan to cba branch personal loans, they kept on passing this back and forth to each other. I just wanted a loan I even had to reduce it multiple times to see if I can borrow less very bad service for CBA.
Corporate robots, don't lend to singles the two percent deposit scheme is rubbish, I tick all boxes and can afford the loan but cannot get because of unrealistic lending criteria. All banks.
Commonwealth Bank of Australia are great at tricking you into consolidating you personal loans into you mortgage loan convincing you of the benefits when in fact its just a scam to keep you from getting ahead.. Not good.
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.
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Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.
Repayment terms from 1 year to 7 years. Representative example: a 3 year $10,000 loan at 6.89% would cost $11,097.66 including fees.
Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,832.61 including fees.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $34,840.18 including fees.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 5.85% would cost $34,923.63 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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