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Commonwealth Bank Variable Rate Personal Loan

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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.

From 11.50% (variable)

Interest Rate (p.a.)


Comparison Rate (p.a.)


Min Loan Amount


Product NameCommonwealth Bank Variable Rate Personal Loan
Interest Rate (p.a.)
From 11.50% (variable)
Comparison Rate (p.a.)12.38%
Interest Rate TypeVariable
Min Loan Amount$4,000
Max. Loan Amount$50,000

Main points to consider about the Commonwealth Bank Variable Rate Personal Loan

This loan comes with a variable rate between 11.50% p.a. and 18.50% p.a. (comparison rate from 12.38% p.a. to 19.34% p.a.) based on your risk profile and loan terms of between 1 to 7 years. The representative rate of interest is 13.50% p.a. with a comparison rate of 14.37% p.a.

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.

Note: At least half of the customers receive the representative rate or lower. However, it may not be the actual rate you receive. The representative rate is the standard variable rate or the reference rate. Your interest rate may be different and is based on a number of factors like the information you provide and the assessment of your application. Your interest rate will be confirmed in your loan offer document.

Features of the Commonwealth Bank Variable Rate Personal Loan

  • Variable interest rate. The loan comes with a variable interest rate of 11.50% p.a. and a comparison rate of 12.38% 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.

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 7.5% p.a. and 20.49% p.a. based on your risk profile
A loan from $10,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 7.45% p.a. and 16.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.

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  1. Default Gravatar
    June 15, 2018

    hi i was wondering if i can use my dsp, careers allowance and family benefits payments as my income

    • Default Gravatar
      June 16, 2018

      Hi Jazz,

      Thanks for leaving a question on finder.

      You may be eligible for a loan if you receive over $14,000 p.a. I suggest that you contact CommBank directly for more information regarding your eligibility. However, if you would like to compare providers who can help you with a loan as a pensioner, please click HERE.


  2. Default Gravatar
    December 5, 2016

    Hi, please what are the things that i need to provide if i got approved a variable loan ?

    • Avatarfinder Customer Care
      December 5, 2016

      Hi Line,

      Thanks for your question.

      Generally, you will need to provide proof of your identification as well as financial and employment documents as listed above. I suggest that you contact CBA to get the complete list of specific requirements that you need to submit.


  3. Default Gravatar
    September 29, 2016

    Is it true I can get a loan of your being on the DSP pension if so, I would like to hear from you soon.

    • Avatarfinder Customer Care
      September 29, 2016

      Hi Jason,

      You may be eligible for a loan if you receive over $14,000 p.a.. You can contact CommBank directly for more information regarding your eligibility.

      Hope this helps,


  4. Default Gravatar
    March 11, 2016

    Hi i just wanted to ask because im on centerlink payment i just wanted to no if I could borrow 17,000 dollars to pay for my car and on weather if I’m eligible for a loan that will be 10000 to 17000 ?

    • Avatarfinder Customer Care
      March 11, 2016

      Hi Kylie,

      Commbank considers applicants who receive Centrelink applicants as long as their income is over $14,000 p.a. However, your ability to afford the loan will be taken into account. Commbank have a loan affordability calculator on their website that you may want to make use of before applying, and you can also talk to them directly if you’re concerned about your eligibility.

      I hope this information has been of use.



  5. Default Gravatar
    October 14, 2015

    If applied for a 30,000 personal loan for funeral expenses. Would a customer be eligible to apply for a top up of another 20,000 or a credit card?

    • Avatarfinder Customer Care
      October 15, 2015

      Hi Lee,

      Thanks for your question.

      You’re able to apply for an additional personal loan and you can also apply for a top-up of your Fixed Rate Personal Loan at any time. You are also able to apply for a Commbank Credit card. Keep in mind any applications you make for new products or to top up your loan are treated as new credit applications, so you will need to meet criteria in order to be approved.

      I hope this has helped.



  6. Default Gravatar
    January 9, 2015

    Hi, I’m on a disability pension(only source of income) and I’m just wondering if I am able to get a personal loan for $3000.00? Thank you.

    • Avatarfinder Customer Care
      January 9, 2015

      Hi Tracey,

      Thanks for your comment, but you’ve come through to – an online comparison service. We don’t actually lend you the money.

      If you’d like to read our guide to pensioner loans, you’ll find out more information on how you might be able to get a loan.


  7. Default Gravatar
    October 12, 2014

    can you change your variable loan to a fixed loaN at anytime

    • Avatarfinder Customer Care
      October 13, 2014

      Hi Patricia,

      Thanks for your question.

      Once you have taken out a variable loan it will remain as variable. If you’re looking to fix the loan, you’ll need to refinance the loan with the same amount you have left owing to make it a fixed rate.

      Please note there may be fees of the establishment of a new loan which will be added on the total balance of your loan.


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