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 ($250 and $15 respectively for personal loans).
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.
Thank you for your inquiry and for contacting finder.com.au – 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.
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!
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.
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
You’ve come through to finder.com.au, an online financial comparison site and not a financial institution. You’ll need to contact Commonwealth Bank directly if you have a complaint.
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.
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.
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 ?
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.
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How much are the fortnightly payments
Hi Leslie,
Thank you for your inquiry and for contacting finder.com.au – 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.
Cheers,
May
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!
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.
Cheers,
May
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
Hi John,
You’ve come through to finder.com.au, an online financial comparison site and not a financial institution. You’ll need to contact Commonwealth Bank directly if you have a complaint.
Thanks,
Elizabeth
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.
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,
Elizabeth
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 ?
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,
Elizabeth