CommBank offers same-day funding and lets you make additional payments without penalty with its Variable Rate Personal Loan.
This personal loan from Commonwealth Bank comes with a variable rate and lets you apply for between $4,000 and $50,000. You can have up to 7 years to repay what you borrow. Find out all the costs and features in this review.
Main points to consider about the 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|
|Min Loan Amount||$4,000|
|Max. Loan Amount||$50,000|
- Same-day funding available
- Additional repayments without penalty
- Access payments via a redraw facility
- Application fee of $150
- Monthly fee of $10
The loan comes with an application fee of $150 and a monthly fee of $10. However, as the loan is unsecured you can use it for any purpose.
Features of the Commonwealth Bank Variable Rate Personal Loan
- Variable interest rate. The loan comes with a variable rate of 13.9% p.a. and a comparison rate of 14.77% p.a..
- How much you can apply for. You can choose to borrow an amount anywhere between $4,000 and $50,000.
- How long you have to repay. Terms of between 1 to 7 years are available. You will also need to select the frequency of your repayment terms: 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 like without being charged a fee.
- Redraw capabilities. You can redraw any additional repayments you make.
- Costs that apply. This loan comes with an establishment fee of $150 and a monthly fee of $10. Late payment fees or settlement cheque fees may also apply.
How to apply for the Commonwealth Bank Variable Rate Personal Loan
If this is the right loan for you, you can submit your loan application online. You need to meet the following criteria:
- Be over the age of 18
- Be an Australian citizen or permanent resident
- You don't require a guarantor
You will need the following documents on hand to complete your application:
- 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 CommonBank with other providers to find what suits you and your financial situation.