Commonwealth Bank Variable Rate Personal Loan

Rates and Fees verified correct on December 8th, 2016

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 NameCommonwealth Bank Variable Rate Personal Loan
Interest Rate (p.a.)From 13.9% (variable)
Comparison Rate (p.a.)14.77%
Interest Rate TypeVariable
Minimum Loan Term1 year
Maximum Loan Term7 years
Min Loan Amount$5,000
Max. Loan Amount$50,000
Application Fee$150
Monthly Service Fee$10

Pros

  • Competitive interest rate of 13.90%p.a.
  • Quick and easy application
  • Flexible repayments for your account

Cons

  • 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.

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This page was last modified on 9 October 2015 at 14:02.

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12 Responses to Commonwealth Bank Variable Rate Personal Loan

  1. Default Gravatar
    Line | December 5, 2016

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

    • Staff
      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

  2. 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.

    • Staff
      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

  3. 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 ?

    • Staff
      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

  4. 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?

    • Staff
      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

  5. Default Gravatar
    Tracey | 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.

    • Staff
      Matt | January 9, 2015

      Hi Tracey,

      Thanks for your comment, but you’ve come through to finder.com.au – 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.

      Cheers
      Matt

  6. Default Gravatar
    patricia | October 12, 2014

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

    • Staff
      Shirley | 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.

      Cheers,
      Shirley

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