CommBank Variable Rate Personal Loan

CommBank offers same-day funding and lets you make additional payments without penalty with its Variable Rate Personal Loan.

This personal loan from CommBank 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.

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From 11.50% (variable)

Interest Rate (p.a.)

12.38%

Comparison Rate (p.a.)

$4,000

Min Loan Amount

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Details

Product NameCommBank 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 CommBank 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 CommBank 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 CommBank 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 CommBank offers a number of competitive features. Compare personal loans from CommonBank with other providers to find what suits you and your financial situation.

Compare other personal loans

$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
⭐Special Offer: Earn up to 50,000 Qantas Points with a personal loan from Symple.
Borrow up to $50,000 with interest rate from 5.75% p.a. to 25.99% p.a. and earn 1 Qantas Point for every $1 borrowed.
Plenti Personal Loan

From 5.43% (fixed)
5.43%
$2,001
3 to 7 years
$0 to $999
$0
You'll receive a fixed rate between 5.43% p.a. and 17.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.

⭐ Finder Exclusive: Eligible applicants with excellent credit will receive rates starting from 5.43% p.a. (comparison rate 5.43% p.a.). Offer ends 30 June 2021. T&Cs apply.

Citi Personal Loan Plus
8.90% (variable)
9.18%
$5,000
3 to 5 years
$199
$0
You'll receive a guaranteed rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved. Note: This rate may vary during the loan term.
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 30 September 2021. The interest rate doesn’t change based on your risk profile, so you know your rate before you apply.
Harmoney Unsecured Personal Loan

From 5.35% (fixed)
6.14%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 5.35% p.a. and 19.09% 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.
SocietyOne Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 5.95% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

⭐ Finder Exclusive: Get a $200 cashback if your loan is approved by June 30 2021. T&Cs apply.
Alex Personal Loan

From 5.45% (fixed)
5.45%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
You'll receive a fixed interest rate from 5.45% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 30 June 2021.
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
NOW Finance No Fee Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
No Establishment Fee
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.
OurMoneyMarket Personal Loan

From 6.29% (fixed)
6.54%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 6.29% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.

⭐Special Offer: If your loan is approved before June 30th, you will get a discounted rate of 5.35% p.a. (comparison rate: 6.31% p.a.) for the first 12 months regardless of your credit score.
ANZ Fixed Rate Personal Loan
8.99% (fixed)
9.88%
$5,000
1 to 7 years
$150
$10
You'll receive a guaranteed rate of 8.99% p.a. with a comparison rate of 9.88% p.a. if you're approved.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
Wisr Personal Loan

From 6.49% (fixed)
6.76%
$5,000
3 to 7 years
$195
$0
You'll receive a fixed rate between 6.49% p.a. and 20.95% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.

⭐Special Offer: Wisr's standard establishment fee $595 will be reduced to $195 for applications submitted through Finder. T&Cs apply.
ANZ Variable Rate Personal Loan
10.50% (variable)
11.38%
$5,000
1 to 7 years
$150
$10
You'll receive a guaranteed rate of 10.50% p.a. with a comparison rate of 11.38% p.a. if you're approved. Note: This rate may vary during the loan term.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.
Heritage Bank Fixed Personal Loan
7.99% (fixed)
8.62%
$5,000
1 to 7 years
$200
$5
Choose a fixed rate loan and receive a comparison rate of 8.62% p.a.
Fixed rate loans are available up to $100,000 on terms from 1 to 7 years.
MoneyMe Personal Loans

From 6.25% (fixed)
7.64%
$2,100
1 to 5 years
from $295 to $495
$10
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
Borrow up to $50,000 with no hidden fees or costs. Application process usually takes 5 minutes to complete and is done fully online.
Plenti Variable Rate Personal Loan

From 5.43% (variable)
5.43%
$2,001
1 to 3 years
$0 to $999
$0
You'll receive a variable rate from 5.43% p.a and 17.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.

⭐ Finder Exclusive: Eligible applicants with excellent credit will receive rates starting from 5.43% p.a. (comparison rate 5.43% p.a.). Offer ends 30 June 2021. T&Cs apply.
Pepper Money No Fee Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
$0
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $50,000 and use for a range of purposes. Pay no upfront, early repayment or ongoing fees.
NAB Personal Loan Unsecured Variable Rate

From 6.99% (variable)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
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Personal Loan Offers

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

You'll receive a fixed rate between 5.35% p.a. and 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 ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 8.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

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

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% 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 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

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14 Comments

    Default Gravatar
    jazz
    June 15, 2018

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

      Default Gravatar
      Joel
      June 16, 2018

      Hi Jazz,

      Thanks for leaving a question on Finder.

      Commonwealth Bank accepts parenting payments, DSP, and carer’s pension as income. You can apply for their loan if your minimum income is at $14,000 p.a. and meet the eligibility criteria above. When you are ready, simply head to Commonwealth Bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      There are a few more lenders that can grant you a Centrelink loan. You may refer to our table to each lender’s condition. You can click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Cheers,
      Joel

    Default Gravatar
    Line
    December 5, 2016

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

      Avatarfinder Customer Care
      May
      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.

      Cheers,
      May

    Default Gravatar
    jason
    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
      Elizabeth
      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,

      Elizabeth

    Default Gravatar
    Kylie
    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
      Elizabeth
      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.

      Thanks,

      Elizabeth

    Default Gravatar
    Lee
    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
      Elizabeth
      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.

      Thanks,

      Elizabeth

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