Commonwealth Bank Personal Loans

Rates and Fees verified correct on December 6th, 2016

With many different options to choose from, Commonwealth Bank may have a personal loan that suits your needs.

Australia’s Commonwealth Bank is a leading provider of financial services. It offers personal and business banking, funds management and insurance, and has a growing presence worldwide. The bank has been in operation since 1912 and has developed into a network of more than 800,000 shareholders and 52,000 employees.

A prominent service that Commonwealth Bank offers is a selection of personal loans, including Fixed Rate Loans, Variable Rate Loans, Secured Car Loans and Personal Overdrafts to suit each individual’s needs.

How do Commonwealth Bank loans compare?

Rates last updated December 6th, 2016
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
Commonwealth Bank Fixed Rate Personal Loan
Fixed interest rate and repayments for the life of the loan. Make extra repayments up to an additional $1,000
From 12.4% (fixed) 13.28% $5,000 1 to 7 years $150 More
Commonwealth Bank Variable Rate Personal Loan
A variable rate personal loan with flexible loan features.
From 13.9% (variable) 14.77% $5,000 1 to 7 years $150 More
Commonwealth Bank Secured Car Loan
A low rate secured car loan with low ongoing fees.
From 8.49% (fixed) 9.54% $10,000 1 to 5 years $250 More

Personal loans available from Commonwealth Bank

  • Fixed Rate Personal Loan. Borrow $5,000 to $50,000 for a fixed interest rate, keeping your repayments the same for the whole loan term. Commonwealth Bank can provide same-day funding for borrowers so that they can receive money when they need it most.
  • Variable Rate Personal Loan. Like the Fixed Rate Loan, you can borrow between $5,000 and $50,000 with the Variable Rate Loan. You can receive your approved funds on the same day you apply. The variable interest rate and payment schedule make this a good option for people who require flexibility. Borrowers may also redraw repayments that have already been made.
  • Personal Overdrafts. These loans allow you to rest easy knowing that funds will be available should they need them. Customers can avoid declined transactions and no fees are charged if the overdraft is not in use.
  • Secured Car Loan. This loan allows borrowers to take out money for the purpose of purchasing a new or used car that is less than five years old. Customers may borrow amounts from $10,000 with a fixed interest rate and repayment schedule for the duration of the loan. Interest rates on this type of loan are lower than those of Personal Loans because the car is used as security.

Features and benefits of a Commonwealth Bank personal loan

  • Same-day funding. Applicants who apply for a loan before midday Monday to Friday can receive access to funds the same day if they are approved. This option is not available for loans that are secured, which require a guarantor, or for those applications that are received incomplete.
  • Ability to redraw funds that have been repaid. Borrowers who have made payments on their Variable Rate Personal Loans have the option to redraw funds as needed.
  • Flexible payment schedules. Borrowers have the option to choose between weekly, fortnightly or monthly repayments as it suits them. Those with Variable Rate Personal Loans also have the option to make extra payments to repay their loans sooner without paying a fee.
  • Competitive interest rates. Whether a Fixed Rate or Variable Rate Personal Loan is chosen, borrowers can enjoy the competitive rates that Commonwealth Bank has to offer its customers. Those with a Secured Car Loan also receive a lower interest rate because the car is used as security for the loan. Fixed Rate Personal Loans are protected from interest rate rises.

What other products does Commonwealth Bank offer?

  • Bank accounts. Commonwealth Bank offers a number of different bank accounts for personal and business use. Customers can choose from transaction accounts which are used regularly, saving accounts which have higher variable interest and term deposit accounts which have a fixed rate of return.
  • Home loans. In addition to its selection of personal loans, Commonwealth Bank also offers different options for home buyers and property investors.
  • Credit cards. Whether customers are looking for low interest rates, low annual fees, high rewards or something to suit a small business, Commonwealth Bank has several different credit cards to choose from.
  • Youth and student services. Savings accounts for kids, loans for students and first credit cards for young adults are some of the many options that Commonwealth Bank has to offer its younger customers.

How to apply for a personal loan from Commonwealth Bank

If you're ready to apply for one of Commonwealth Bank's personal loans you can submit your application online. Take the first step by clicking "Go to Site".

In order to apply, you need to meet the minimum criteria, which includes that you:

  • Be over the age of 18
  • Have a good credit rating
  • Hold Australian citizenship or permanent residency or be a New Zealand citizen or hold a 457 visa
  • Not be an undischarged bankrupt or be unemployed
  • Live in Australia
  • Meet the minimum income requirements

If you are an existing customer you may not need all of the following on hand as you can apply through Netbank. If you aren't an existing customer, you'll need:

  • Proof of your income with two receive payslips, or if you're self-employed two years' tax returns and a Tax Assessment Notice
  • Details of your savings, loans and credit cards from other institutions
  • Proof of ID such as your passport, drivers or firearms licence or proof of age card
  • Details of the car you're purchasing if applying for the car loan

The application process is very simple. To begin, click "Go to site" and then choose your type of loan, customise it and provide the information needed to complete the application. Once you have submitted your application, you will receive a response from Commonwealth Bank within 60 seconds.

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This page was last modified on 16 November 2016 at 16:25.

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14 Responses to Commonwealth Bank Personal Loans

  1. Default Gravatar
    John | September 27, 2016

    Your bank was suppose to go yo court regarding Wells Fargo Bank not honoring a deposit for me. I lost 600.00 and I have to cover what Wells Fargo didn’t honor for total of 1200.00

    • Staff
      Elizabeth | September 27, 2016

      Hi John,

      You’ve come through to finder.com.au, an online financial comparison site and not a financial institution. You’ll need to contact Commonwealth Bank directly if you have a complaint.

      Thanks,

      Elizabeth

  2. Default Gravatar
    Tegan | August 25, 2016

    Hi I am only on a Centrelink income I have 3 children and I am a carer to my partner who is on dsp I am desperately wanting to apply for a loan of $4-$5000 dollars asap which bank or company am I best applying with i don’t have a bad credit history that I know of but both of us are only receiving Centrelink payments thanks.

    • Staff
      Elizabeth | August 25, 2016

      Hi Tegan,

      CommBank does consider Centrelink applicants for personal loans, you just need to be earning $14,000 p.a. and show that you have the capacity to repay the loan. You can get in touch with CommBank directly to discuss your eligibility.

      If you want to find out some of your other options you can see this page. It lists lenders that consider Centrelink applicants as well as the criteria you need to meet.

      Hope this helps,

      Elizabeth

  3. Default Gravatar
    HB | August 10, 2016

    Good day , my 457 visa is in progress and will be granted in the next few weeks , how do i go about getting a loan to buy a car ? Please sent me the information i need and the minimum requirements. And how do i go about getting such a loan and how fast will i be able to apply ?

    • Staff
      Elizabeth | August 11, 2016

      Hi HB,

      Once your 457 Visa has been approved you can submit your CommBank personal loan application online, or in a CommBank branch. To be eligible for a loan with CommBank you need to be 18 years old, earn a minimum income of $14,000 p.a. and reside in Australia. You’ll only be approved for a loan term that’s less than the term of your Visa. You can find out about the documents needed to apply on this page.

      I hope this has helped,

      Elizabeth

  4. Default Gravatar
    Vina | February 18, 2016

    Hi, we have an existing home loan which is up to date. But just last year, we had to go into a debt fix agreement to settle some of our unsecured debts. This was due to partner losing work, coz the company have closed down and struggled to find a stable job after 10 months. Luckily we still managed to keep the house but we lost our car. Just wondering if there’s any chance for us to apply for a (home) loan refinance and use this fund to close and pay off our debt agreement. We are desperate to get a car loan and at this point in time, we know that we will not get approve for any type of loan. Please help and give your advice.
    Thank you kindly Vina

    • Staff
      Belinda | February 23, 2016

      Hi Vina,

      Thanks for getting in touch.

      I’ve sent you an email to follow up with this enquiry.

      Thanks,
      Belinda

  5. Default Gravatar
    dana | May 14, 2015

    Hi I would like to take out a loan for a new car for my small business but I have only been running it for 1.5yrs I do however have someone that can go guarantor for me. Am I able to get a loan this way with commonwealth bank?

    • Default Gravatar
      Lea | August 31, 2015

      Hello i was wondering as around 4 years ago.The commonwealth who i have banked with for over 30 years sent me an offer saying i was able to borrow up to 5000 for a personal loan.Is it possible on a pension,For $1.000 if so how much will i have to pay back and how long.My friend just got a 600$ loan online on pension and has to payback 740.over 6 months.with fortnightly payments.I would appreciate an answer on how much i can borrow if eligible.Thankyou kindly Lea Andrew.

    • Staff
      Elizabeth | August 31, 2015

      Hi Lea,

      Thanks for your question.

      The minimum amount you can borrow with a Commonwealth Bank Personal Loan is $5,000, unless you want a personal overdraft (which is an ongoing line of credit attached to your account) where you can borrow as little as $100. Commonwealth Bank do consider pensioners for loans depending on your financial circumstances and your ability to repay. You’ll need to get in contact with Commonwealth Bank to discuss eligibility. You can see a list of lenders that will consider you for a smaller loan while receiving Centrelink payments on this page.

      I hope this has helped.

      Thanks,

      Elizabeth

    • Staff
      Elizabeth | May 15, 2015

      Hi Dana,

      Thanks for your question.

      Your eligibility for a car loan depends on your individual financial situation, the car you’re looking at purchasing, among other things. You can take a look at Commonwealth Bank’s car loans on this page, and if you click on the title of the loan you’ll be able to see the eligibility criteria. When you’re ready to apply, just click ‘Go to Site’.

      I hope this has helped.

      Thanks,

      Elizabeth

  6. Default Gravatar
    Brendan | October 24, 2014

    I have a $5000 fixed personal loan with commonwealth bank and im wondering how much extra id pay if i paid it off early?

    Thanks

    • Staff
      Shirley | October 27, 2014

      Hi Brendan,

      Thanks for your question.

      Unfortunately this fee is undeterminable until the time you request the payout figure, as rates change daily. In this case it’s best to contact CBA directly to enquire about this.

      However, please note you are able to make an additional of $5K in repayments on a fixed rate loan, so if your loan is only for $5K, you may not even pay these fees.

      Cheers,
      Shirley

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