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2 of the 4 big banks are offering discounts on their personal loans


Both Westpac and CommBank have offers available now until June.

May must be the month for personal loans because half of the Big Four banks are offering some sort of discount on their unsecured personal loans. If you are in the market for a personal loan, take a look at what Westpac and CommBank are offering below to see if they are an option for you.

Westpac's Unsecured Personal Loan

  • Special offer: Pay $0 establishment fee on new Unsecured Personal Loans (usually ). This offer ends 14 June 2018 and is available to single applicants only.

Loan details:

You can apply for between $4,000 and $50,000 with this loan and have between 1 year and a maximum of 7 years to repay. The loan comes with a fixed rate of 7.99% p.a..

To be eligible for this loan you need to meet the following criteria:

  • Be over the age of 18.
  • Have a regular income.
  • Be a permanent Australian resident or a non-resident with an acceptable visa and confirmed employment in Australia.

Find out more about Westpac Personal Loans

CommBank Unsecured Fixed Rate Personal Loan

  • Special offer: Save 1% p.a. on your approved interest rate if you apply and are funded by 17 June 2018.

Loan details:

CommBank allows you to apply for between $4,000 and $50,000. You'll have up to 7 years to repay your loan.

When you apply you will be given an approved interest rate and you will receive the 1% p.a. rate discount from your approved rate. Your discounted interest rate will be from 8.49% p.a. (based on a 5-year loan). Your interest rate will be based on a number of factors and your actual rate will be confirmed in your loan offer.

To be eligible for this loan you need to:

  • Be over 18.
  • Be eligible to work in Australia.
  • Be employed or receive a regular income.
  • Have a good credit rating.
  • Not be currently going through the process of bankruptcy.

Find out more about CommBank personal loans

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