Commonwealth Bank Variable Rate Personal Loan

Rates and fees last updated on

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 year(s) 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 NameCommonwealth Bank Variable Rate Personal Loan
Interest Rate (p.a.) From 13.9% (variable)
Comparison Rate (p.a.)14.77%
Interest Rate TypeVariable
Min Loan Amount$4,000
Max. Loan Amount$50,000

Pros

  • Same-day funding available
  • Additional repayments without penalty
  • Access payments via a redraw facility

Cons

  • Application fee of $150
  • Monthly fee of $

This loan comes with a variable rate of 13.9% p.a. and loan terms of between 1 and 7 years.

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 and 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.

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This page was last modified on 3 April 2017 at 3:28pm.

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12 Responses

  1. Default Gravatar
    LineDecember 5, 2016

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

    • Staff
      MayDecember 5, 2016Staff

      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
    jasonSeptember 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
      ElizabethSeptember 29, 2016Staff

      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
    KylieMarch 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
      ElizabethMarch 11, 2016Staff

      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
    LeeOctober 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
      ElizabethOctober 15, 2015Staff

      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
    TraceyJanuary 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
      MattJanuary 9, 2015Staff

      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
    patriciaOctober 12, 2014

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

    • Staff
      ShirleyOctober 13, 2014Staff

      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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