Commonwealth Bank Fixed Rate Personal Loan

Rates and Fees verified correct on October 27th, 2016

Buy a new car or pay for your next holiday with a Commonwealth Bank Fixed Rate Personal Loan.

Commonwealth Bank offers Fixed Rate Personal Loans with a fast approval process quick access to funds. This loan can be used for a variety of purposes, such as buying a new car or going on a holiday, and your repayments are ensured to remain the same for the entirety of the loan.

You can borrow anywhere between $5,000 and $50,000 and choose to pay it back weekly, fortnightly or monthly.

Things to consider about the Commonwealth Bank Fixed Rate Personal Loan

Having a fixed interest rate means your repayments will remain the same and not fluctuate with the rise and fall of market interest rates. The fixed rate starts from 12.4% p.a.

With the opportunity for same-day access to funds, this loan is a viable option if you need money fast. If you don’t like the sound of a fixed interest rate, Commonwealth Bank also offers a Variable Rate Loan.

Product NameCommonwealth Bank Fixed Rate Personal Loan
Interest Rate (p.a.)From 12.4% (fixed)
Comparison Rate (p.a.)13.28%
Interest Rate TypeFixed
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


  • Competitive interest rate
  • Quick and easy online application


  • There is a monthly fee of $10
  • There is an upfront cost of $150

Features of the Commonwealth Bank Fixed Rate Personal Loan

  • Fixed interest rate. The interest rate and repayment amounts are fixed at a competitive 12.4% p.a. for the life of the loan. If market interest rates rise, your repayments will remain the same, which may help you save you money in the long run.
  • Fast response. There’s no need to stress while you wait for approval, as the Commonwealth Bank guarantees a response within 60 seconds of submitting your application.
  • Same-day funding. As long as you submit your application before midday on a business day you could have access to your funds on the same day.
  • Flexible repayment options. You are able to choose between weekly, fortnightly or monthly repayments. Commonwealth Bank also lets you repay the loan over a period of between 1 year(s) and 7 year(s).
  • Option to make extra repayments. This loan gives you the ability to make extra repayments up to a total of $5,000 per year, helping to shorten the life of the loan and save you money on interest repayments.
  • Fees and charges. This loan has an establishment fee of $150 and a monthly fee of $10. As with most loans, late payments fees may also apply.

How to apply for the Commonwealth Bank Fixed Rate Personal Loan

If this sounds like the right loan for you and you have all your documentation in order, click ‘Go to Site’ to begin the application process. You can also apply through your NetBank account if you are already a Commonwealth Bank customer.

To be eligible for this loan you will need to:

  • Have a source of regular income
  • Have an Australian residential address
  • Be over 18 years of age

You will need to provide documentation such as:

  • Proof of income
  • Personal information
  • Financial information (bank statements, payslips, debts and credit cards)
  • Details of your assets (you will only need to provide this if you choose a secured loan)
Was this content helpful to you? No  Yes

This page was last modified on 16 May 2016 at 15:53.

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

8 Responses to Commonwealth Bank Fixed Rate Personal Loan

  1. Default Gravatar
    Michael | September 3, 2016

    I m looking for a personal loan of $10000
    I m a temporary resident with a 457 visa
    What documents do i have to supply in order to get the loan and how much time does it take between the reviewing of the documents and the approval of the loan?
    Thanks and have a good day

    • Staff
      Elizabeth | September 5, 2016

      Hi Michael,

      You have to supply the documents as listed on the page above and documents to show your residency details (i.e. how long you have left on your visa). You’ll need documents to prove you:
      Have confirmed employment in Australia
      Hold a salary credited Commonwealth Bank transaction account with a reasonable balance
      Hold a 457 visa
      The approval and funding process differs but you should be able to get a response soon after your you apply in Netbank. As you’re a current customer (you’ll need to be to apply) you can get funded on the same or next business day.

      I hope this helps,


  2. Default Gravatar
    del | August 16, 2016

    Hi i was wondering if i am eligible for the commonwealth bank fixed rate personal loan. So far on your website it said i am but am unsure?

    • Staff
      Elizabeth | August 16, 2016

      Hi Del,

      The minimum eligibility criteria is that you have a source of regular income, have an Australian residential address and are over 18 years of age. If you have the means to repay the loan you’re applying for you can submit your application on CommBank’s website.

      I hope this helps,


  3. Default Gravatar
    Jean | July 29, 2016

    I am 76 years old and get the pension. Can I still get a personal loan. I have a mortgage

    • Staff
      Elizabeth | July 29, 2016

      Hi Jean,

      Commbank considers people receiving the pension for personal loans, but you need to be receiving $14,000 p.a. t0 be eligible and show that you will be able to repay the loan you’re applying for.

      I hope this helps,


    • Default Gravatar
      Chrissie | October 14, 2016

      I been look for help abt apply online and I’m on pension and they not show up abt pension just say unemployment or employment need advice please

    • Staff
      Elizabeth | October 17, 2016

      Hi Chrissie,

      When you apply you can list your current income from benefits (the pension) and your income from employment. Here, you would list your pension income and $0 from other income (if that is accurate). You will then list unemployed unless you hold some form of employment.

      You also have the option of applying in-branch if you’re having trouble with the online application.

      Hope this helps,


Ask a question