In this guide

  • Review
  • Details
    • Product details
  • How does the CommBank Fixed Rate Personal Loan work?
  • How to apply
  • Features of this Loan
  • Compare other personal loans
  • Your reviews
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CommBank Fixed Rate Personal Loan

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Interest Rate (p.a.)
8.49% to 20.49%
Comp. Rate (p.a.)
9.88% to 21.78%
Min Loan Amount
$4,000

Summary

Borrow up to $50,000 with this fixed rate personal loan. Interest rates are from 8.49% p.a., monthly and establishment fees also apply.

Special offer: Eligible Commbank Yello customers can get a $250 cashback when taking out an unsecured personal loan of $20,000 or more. You must apply by 29 February 2024.

CommBank offers a fixed rate personal loan with a fast approval process. Personal loans can be used for a variety of purposes, such as buying a new car or going on a holiday. With fixed interest rates, your repayments will remain the same for the entirety of the loan. Loan amounts range from $4,000 up to $50,000 with terms between 1 to 7 years. You can make extra repayments and pay off your loan early, but it is limited to $1,000 a year. Your interest rate is fixed at 8.49% p.a., with a comparison rate of 9.88% p.a.

Pros

  • Competitive interest rate
  • Quick and easy online application

Cons

  • There is a monthly fee of $15

In this guide

  • Review
  • Details
    • Product details
  • How does the CommBank Fixed Rate Personal Loan work?
  • How to apply
  • Features of this Loan
  • Compare other personal loans
  • Your reviews

Details

Product details

Product Name CommBank Fixed Rate Personal Loan
Interest Rate (p.a.) 8.49% to 20.49%
Comp. Rate (p.a.) 9.88% to 21.78%
Interest Rate Type Fixed
Min Loan Amount $4,000
Max. Loan Amount $50,000
Loan Security Unsecured

How does the CommBank Fixed Rate Personal Loan work?

Having a fixed interest rate means your repayments will remain the same and not fluctuate with the rise and fall of market interest rates. The fixed rate starts from 8.49% p.a.

With the opportunity for same-day access to funds, this loan is a viable option if you need money quickly. If you don't like the sound of a fixed interest rate, CommBank also offers a Variable Rate Loan.

How to apply

If this sounds like the right loan for you and you have all your documentation in order, you can begin the application process. You can also apply through your NetBank account if you are already a CommBank customer.

To be eligible for this loan you will need to:

  • Have a source of regular income
  • Have an Australian residential address
  • Be over 18 years of age

You will need to provide documentation such as:

  • Proof of income
  • Personal information
  • Financial information (bank statements, payslips, debts and credit cards)
  • Details of your assets (you will only need to provide this if you choose a secured loan)

Features of this Loan

  • Fixed interest rate. The interest rate and repayment amounts are fixed at a competitive 8.49% p.a. for the life of the loan. If market interest rates rise, your repayments will remain the same, which may help you save you money in the long run.
  • Fast response. There's no need to stress while you wait for approval, as the CommBank guarantees a response within 60 seconds of submitting your application.
  • Same-day funding. As long as you submit your application before midday on a business day you could have access to your funds on the same day.
  • Flexible repayment options. You are able to choose between weekly, fortnightly or monthly repayments. CommBank also lets you repay the loan over a period of between 1 to 7 years.
  • Option to make extra repayments. This loan gives you the ability to make extra repayments up to a total of $1,000 per year, helping to shorten the life of the loan and save you money on interest repayments.
  • Fees and charges. This loan has an establishment fee of $250 and a monthly fee of $15. As with most loans, late payments fees may also apply.

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Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
NOW Finance No Fee Unsecured Personal Loan
Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000
Interest Rate (p.a.)
6.75%
to 26.95%
Comp. Rate (p.a.)
6.75%
to 26.95%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$922.89
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OurMoneyMarket Personal Loan
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$934.23
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Harmoney Unsecured Personal Loan
Finder award winnerFixed3 - 7 Years $2,000 - $70,000
Interest Rate (p.a.)
5.76%
to 24.03%
Comp. Rate (p.a.)
6.55%
to 24.98%
Application Fee
$275 - $575
Monthly Fee
$0
Monthly Repayment
$926.83
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Citi Personal Loan Plus
Variable3 - 5 Years $2,000 - $55,000
Interest Rate (p.a.)
10.90%
Comp. Rate (p.a.)
11.19%
Application Fee
$199
Monthly Fee
$10
Monthly Repayment
$997.25
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Special Offer: Monthly Fee of $10 waived for applications submitted before 30 June 2024.
Latitude Variable Rate Personal Loan
Variable2 - 7 Years $5,000 - $70,000
Interest Rate (p.a.)
9.49%
to 29.99%
Comp. Rate (p.a.)
10.37%
to 30.69%
Application Fee
$0
Monthly Fee
$13
Monthly Repayment
$973.85
Go to siteMore Info
Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.
ING Personal Loan
Finder award winnerFixed2 - 7 Years $5,000 - $60,000
Interest Rate (p.a.)
6.89%
to 18.99%
Comp. Rate (p.a.)
7.10%
to 19.23%
Application Fee
$150
Monthly Fee
$0
Monthly Repayment
$929.43
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