Compare Commonwealth Bank Personal Loans |

Commonwealth Bank Personal Loans

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

Commonwealth Bank

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

  • COVID-19 Update

If you're struggling to repay your personal loan, you can get in touch with the bank directly or read our guide.

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?

Data updated regularly
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
CommBank Fixed Rate Personal Loan

From 11.50% (fixed)
1 to 7 years
You'll receive a fixed rate between 11.50% p.a. and 18.50% p.a. based on your risk profile
Fixed interest rate and repayments for the life of the loan. Make extra repayments up to an additional $1,000.
CommBank Variable Rate Personal Loan

From 11.50% (variable)
1 to 7 years
You'll receive a variable rate between 11.50% p.a. and 18.50% p.a. based on your risk profile
A variable rate personal loan with flexible loan features.

Compare up to 4 providers

Data updated regularly
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
CommBank Secured Car Loan
From 6.99% (fixed)
1 to 5 years
You'll receive a fixed interest rate from 6.99% p.a. and a comparison rate from 8.05% 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.

Compare up to 4 providers

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. 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 $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.

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 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.

More guides on Finder

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 24.79% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 10.5% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Ask an Expert

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

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

28 Responses

    Default Gravatar
    NolaMay 20, 2019

    Who will lend a person on Centrelink only payments?

      Avatarfinder Customer Care
      JeniMay 21, 2019Staff

      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

      Avatarfinder Customer Care
      JohnDecember 18, 2018Staff

      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?

      Avatarfinder Customer Care
      JoshuaOctober 17, 2018Staff

      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

      Avatarfinder Customer Care
      CarloMarch 11, 2018Staff

      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.



    Default Gravatar
    LeslieApril 27, 2017

    How much are the fortnightly payments

      Avatarfinder Customer Care
      MayApril 27, 2017Staff

      Hi Leslie,

      Thank you for your inquiry and for contacting – a financial comparison website and general information service designed to help consumers make better decisions. We do not represent Commonwealth bank and any other company we listed on our site.

      If you are pertaining to the personal loans offered by CBA, the fortnightly repayment would depend on the type of loan you take out, the interest, amount of loan and the fees it involves. To get the exact computation for the repayments, you’d be best to get in touch with CBA directly.


    Default Gravatar
    ChrisMarch 17, 2017

    My only income is full DSP and I applied for Variable rate personal loan for a new car. I had more than 50% cash to pay towards the car.

    After an initial knock-back, I spoke to loan people at CBA at some length. I did more accurate calculations of my income and expenses, and their online calculator said I would be able to get MORE than I actually needed with the new amounts.

    So I re-applied, actually for $1000 LESS, so expected no issues. It was initially accepted as “under review”, but 2 days later I logged into NetBank and found it too had been rejected. No reason. No phone call or email.

    I have been with CBA for decades, but received no preferential treatment at all. Loyalty seems to mean nothing to them, so why should I stay with them? I don’t think they really want pensioner loans at all!

      Avatarfinder Customer Care
      MayMarch 17, 2017Staff

      Hi Chris,

      Thanks for getting in touch and I am sorry to hear about your rejected personal loan application.

      You may not have met all the requirements set by CBA for their personal loan. Nevertheless, please give our list of lenders for Centrelink recipients a try. Open that page and find information on lenders that may offer loans to people on DSP. Please contact the lender directly to discuss your eligibility and options.

      Hope this helps.


    Default Gravatar
    JohnSeptember 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

      Avatarfinder Customer Care
      ElizabethSeptember 27, 2016Staff

      Hi John,

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



    Default Gravatar
    TeganAugust 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.

      Avatarfinder Customer Care
      ElizabethAugust 25, 2016Staff

      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 check Centrelink loans. Open that link to see a list of lenders that consider Centrelink applicants as well as the criteria you need to meet.

      Hope this helps,


    Default Gravatar
    HBAugust 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 ?

      Avatarfinder Customer Care
      ElizabethAugust 11, 2016Staff

      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 through our CommBank secured car loan review.

      I hope this has helped,


Go to site