CommBank Variable Rate Personal Loan
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- Interest Rate (p.a.)
- 7.75% to 22.75%
- Comparison rate (p.a.)
- 9.15% to 24.03%
- Min Loan Amount
- $4,000
Summary
Secure a loan with a competitive interest rate and no ongoing feesCoastline Bank's Secured Personal Loan features a competitive interest rate that places it in the top half of lower rates in our database. It also stands out by charging no ongoing monthly fees and offering a high maximum borrowing amount.
You should weigh these benefits against the $300 application fee which is in the top half of higher fees we track. This loan also lacks the flexibility to make extra repayments without incurring a penalty.
Pros
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Same-day funding available
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Additional repayments without penalty
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Access payments via a redraw facility
Cons
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Monthly fee of $15
Details
Product details
| Product Name | CommBank Variable Rate Personal Loan |
| Interest Rate (p.a.) | 7.75% to 22.75% |
| Comparison rate (p.a.) | 9.15% to 24.03% |
| Interest Rate Type | Variable |
| Min Loan Amount | $4,000 |
| Max. Loan Amount | $50,000 |
| Loan Security | Unsecured |
How does CommBank Variable Rate Personal Loan compare?
- Competitive interest rate. With rates starting from 7.50% p.a. this loan is more competitive than many other car loans on the market helping it achieve a high Finder Score.
- No ongoing monthly fees. You can save money as this loan has no ongoing monthly or account-keeping fees unlike many other lenders.
- High borrowing limits. You can finance a more expensive vehicle as this loan offers a higher maximum borrowing amount than some other lenders.
- Your final rate may be higher. The advertised minimum rate of 7.50% p.a. is competitive but not the lowest on the market and your personalised rate will depend on your credit score
- Other fees could add to the cost. While this loan is advertised with no ongoing monthly fees, you should check for other charges like establishment or early repayment fees which some lenders waive
- May not be the top-rated option. Although this loan has some competitive features, its Finder Score suggests that other loans may offer a better combination of rates fees and flexibility.
How does the CommBank Variable Rate Personal Loan work?
This loan comes with a variable rate between 7.75% p.a. and 22.75% p.a. (comparison rate from 9.15% p.a. to 24.03% p.a.) based on your risk profile and loan terms of between 1 to 7 years. The loan comes with an application fee of $250 and a monthly fee of $15. 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.
How to apply
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.
Features of this loan
- Variable interest rate. The loan comes with a variable interest rate of 7.75% p.a. and a comparison rate of 9.15% 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. An establishment fee of $250 and a monthly fee of $15. Late payment or settlement check fees may also apply.
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