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CommBank Personal Loans

Personal loans for every need. Interest rates, fees and borrowing amounts depend on the type of loan you apply for.

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CommBank offers a selection of personal loans, including Fixed Rate Loans, Variable Rate Loans, Secured Car Loans and Personal Overdrafts. The maximum loan amount for both fixed and personal rate loans are $50,000, with interest rates. The interest rate for both fixed and variable rate loans is usually 7.50% p.a. to 20.50% p.a. Interest rates for car loans are usually lower than for a personal loan, as the car will be used as security. There will also be additional fees and charges, including establishment fees and a recurring monthly loan service fee ($250 and $15 respectively for personal loans).

How do CommBank personal loans compare?

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Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
CommBank Fixed Rate Personal Loan
Fixed1 - 7 Years $4,000 - $50,000
Interest Rate (p.a.)
to 20.50%
Comp. Rate (p.a.)
to 21.39%
Application Fee
Monthly Fee
Monthly Repayment
More Info
CommBank Variable Rate Personal Loan
Variable1 - 7 Years $4,000 - $50,000
Interest Rate (p.a.)
to 20.50%
Comp. Rate (p.a.)
to 21.79%
Application Fee
Monthly Fee
Monthly Repayment
More Info
Showing 2 of 2 results
Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
CommBank Secured Car Loan
Fixed1 - 5 Years $4,000 - $100,000
Interest Rate (p.a.)
to 13.49%
Comp. Rate (p.a.)
to 14.83%
Application Fee
Monthly Fee
Monthly Repayment
More Info
You'll receive a fixed interest rate from 6.99% p.a. and a comparison rate from 8.4% p.a.
A low rate secured car loan with low ongoing fees. Structured repayment schedule and option to make additional repayments up to $1,000 p.a.
Showing 1 of 1 results

The various CommBank personal loans available

  • Fixed Rate Personal Loan. Borrow $4,000 to $50,000 for a fixed interest rate, keeping your repayments the same for the whole loan term. CommBank 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 $4,000 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. The representative rate of interest is 13.50% p.a. with a comparison rate of 14.37% p.a.
  • 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 $4,000 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.

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.

What other products does CommBank offer?

  • Bank accounts. CommBank 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, CommBank 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, CommBank 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 CommBank has to offer its younger customers.

How to apply for a CommBank personal loan

If you're ready to apply for one of CommBank'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 CommBank within 60 seconds.

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28 Responses

    Default Gravatar
    NolaMay 20, 2019

    Who will lend a person on Centrelink only payments?

      JeniMay 21, 2019Finder

      Hi Nola,

      Thank you for getting in touch with Finder.

      Commonwealth Bank is one of the banks offering Centrelink loans. To be eligible, you must have a minimum income of $14,000 p.a.. They accepts parenting payments, DSP, and carer’s pension as income.

      You may go through our comparison table of the said page to know banks/lenders that you may apply for a loan with. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      I hope this helps.

      Thank you and have a wonderful day!


    Default Gravatar
    MeysamDecember 13, 2018

    How should be back the money

    When you can give me money please

      JohnDecember 18, 2018Finder

      Hi Meysam,

      Thank you for reaching out to finder.

      If you have already made an application with Commonwealth on a personal loan, you may need to direct this query over to them to be sure as to when the money would be disbursed. If you have not applied yet and still checking on the timeline for disbursement, the company will inform you once the application is processed and approved. Hope this helps!


    Default Gravatar
    maselusiOctober 12, 2018

    I am Centrelink newstart allowance recipient looking for the best unsecured personal loan as I find it hard to get approved because I don’t have a job. I own my own home, I don’t owe any money to anybody, and I don’t have credit cards with very good credit rating. Can someone please give me an answer to where I can get a loan?

      JoshuaOctober 17, 2018Finder

      Hi Maselusi,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      I’m sorry to hear that you are having trouble in finding a lender who can help you. Generally, the more documents you can show that you can make repayments, the higher your chance of getting approved. However, in your case, your only source of income is Centrelink and not all lenders could consider that as enough proof of your ability to make repayments.

      Thankfully, there are lenders offering Centrelink loans. Please refer to the table to compare your option. On that page, you will also read our guide on how to improve your chance of getting a loan.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


    Default Gravatar
    MuskaanJune 26, 2018

    Im a commonwealth Bank Employee and looking for student loans. can I have some more details

      Default Gravatar
      JoelJune 26, 2018

      Hi Muskaan,

      Thanks for leaving a question on Finder.

      If you are looking to compare student loans, you can use our comparison table to help you find the lender that suit you. Once you have decided on a suitable loan for your needs, you may click on the green ‘Go to site’ button to submit your application or know more about the loan offer.


    Default Gravatar
    JackFebruary 22, 2018

    How do i apply

      CarloMarch 11, 2018Finder

      Hi Jack,

      Thank you for contacting finder.

      I understand that you are inquiring about applying for a loan.

      Here are the details for you to apply.

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

      -Be over the age of 18
      -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

      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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