Get the flexibility and competitive interest rate you want with Commonwealth Bank’s Variable Rate Personal Loan.
With a fast approval process and same-day funding, the Variable Rate Personal Loan from Commonwealth Bank can help you get the money you need now. With a competitive variable interest rate, few fees and the ability to choose a loan term of 1 year(s) to 7 year(s), you can tailor the loan to your needs.
You can borrow between $5,000 and $50,000 giving you the freedom to use the loan for whatever you choose. You’ll get a response for conditional acceptance within 60 seconds of applying for the loan and you may qualify for same-day funding. You can make additional repayments at your leisure when you have any extra cash to put towards your loan, making it easy to pay off your balance faster.
Things to consider about a Commonwealth Bank Variable Rate Personal Loan
|Product Name||Commonwealth Bank Variable Rate Personal Loan|
|Interest Rate (p.a.)||From 13.9% (variable)|
|Comparison Rate (p.a.)||14.77%|
|Interest Rate Type||Variable|
|Minimum Loan Term||1 year|
|Maximum Loan Term||7 years|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$50,000|
|Monthly Service Fee||$10|
- Competitive interest rate of 13.90%p.a.
- Quick and easy application
- Flexible repayments for your account
- Minimum loan amount of $5000
- There is an application fee of $150
- There is service fee of $10 per month
This loan features a competitive variable rate of 13.9% p.a. on an amount of $30,000 over a term of five years. The variable rate on this loan means that the amount you will be charged in interest can vary over the life of your loan. The rate you sign up for may not be the rate you end up paying at the end of the loan term.
Since this loan is unsecured, you will not be required to put your personal assets up against the loan as a guarantee. The Variable Rate Personal Loan can be used for a multitude of personal reasons, from home renovations to buying a new car or paying for your dream holiday.
Features of the Commonwealth Bank Variable Rate Personal Loan
- Fees. The Variable Rate Personal Loan from Commonwealth Bank offers a one-time loan establishment fee of $150 and a monthly fee of $10. Late payment fees or settlement cheque fees may also apply.
- Competitive variable interest rate. The loan offers a competitive variable rate, so the amount of interest you are charged will change if the market does.
- Loan amount. You can choose to borrow an amount anywhere between $5,000 and $50,000.
- Loan terms. Terms of between 1 year(s) and 7 year(s) are available. You will also need to select the frequency of your repayment terms: choose to make repayments weekly, fortnightly or monthly.
- Same-day funding. You may be eligible to receive same-day funding if your application is submitted before noon on a regular business day. You will be notified of the approval of your request and you could qualify to get your funds that day.
- Fast approval. Typically, the approval process on the Variable Rate personal loan takes 60 seconds. This may vary depending on your situation.
- Additional repayments. You can make as many additional repayments as you’d like without worrying about being charged a fee.
- Redraw capabilities. You are able to redraw any additional repayments you make.
How to apply for the Commonwealth Bank Variable Rate personal loan
Compare your options before committing and make sure that this personal loan will work best* for what you need. Once you are ready to submit an application for the CBA Variable Rate Personal Loan, click ‘Go to Site’ to begin.
You must be over the age of 18 and a permanent Australian resident to be eligible for this loan. You will be asked for the following information when you are filling out the application form:
- Proof of ID. You should have a valid Australian driver’s licence, passport or Australian birth certificate. If you are an immigrant with permanent residency, certain immigration documents may be required.
- Employment details. You will be asked to provide your employer’s contact information and you may also be asked for details from recent paycheques.
- Financial details. Details of your current income, assets and expenses will be required.
The Variable Rate Personal Loan from Commonwealth Bank offers a number of competitive features. Compare personal loans from Commonwealth Bank and other providers to find what suits you and your financial situation.