CommBank Personal Loans

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 8.50% 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 ($0 and $15 respectively for personal loans).

How do CommBank personal loans compare?

• CommBank Personal Loans
• CommBank Car Loans

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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.) 8.50% to 20.50%	Comp. Rate (p.a.) 9.53% to 21.39%	Application Fee $0	Monthly Fee $15	Monthly Repayment $962.03	More Info Compare	Special Offer: $0 establishment fee on an Unsecured Fixed Rate Personal Loan submitted before 10 October 2024
CommBank Variable Rate Personal Loan Variable1 - 7 Years $4,000 - $50,000	Interest Rate (p.a.) 8.50% to 20.50%	Comp. Rate (p.a.) 9.53% to 21.39%	Application Fee $0	Monthly Fee $15	Monthly Repayment $962.03	More Info Compare	Special Offer: $0 establishment fee on an Unsecured Variable Rate Personal Loan submitted before 10 October 2024

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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.) 6.99% to 13.49%	Comp. Rate (p.a.) 8.4% to 14.83%	Application Fee $250	Monthly Fee $15	Monthly Repayment	More Info Compare	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.

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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.

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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