With many different options to choose from, Commonwealth Bank may have a personal loan that suits your needs.
Commonwealth Bank is one of Australia's leading providers 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.
Commonwealth Bank also offers 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 personal loans compare?
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. 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 $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.
- 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 Commonwealth Bank personal loan
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.