Commonwealth Bank Personal Loans

Commonwealth Bank provides personal loans as well as car loans, home loans, savings accounts, credit cards, insurance and investment products.

Compare Commonwealth Bank personal loans and rates

The table below displays a snapshot of Commonwealth Bank’s secured personal loan products and rates on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in NSW.

Compare Personal Loans

What personal loans does Commonwealth Bank offer?

Commonwealth Bank currently offers two different types of personal loans at the time of writing, they include:

Fixed rate personal loan
Variable rate personal loan

Commonwealth Bank fixed rate personal loan

This loan’s features include:

Loan term between 1 and 7 years
Loan amount between $4,000 and $50,000
Flexible repayments of either weekly, fortnightly or monthly
Additional repayments allowed (up to $1,000 per year)
Redraw available funds

Commonwealth Bank variable rate personal loan

This loan’s features include:

Loan term between 1 and 7 years
Loan amount between $4,000 and $50,000
Loan protection insurance
Additional repayments allowed
Free redraw facility available
Flexible repayments of either weekly, fortnightly or monthly

Compare Personal Loans

What can you use Commonwealth Bank’s personal loans for?

A personal loan with Commonwealth Bank can be used for purposes such as:

Buying a car
Debt consolidation
Holidays
Home renovations
Weddings

Personal loans can be a relatively straightforward way of borrowing money with a structured repayment program. A personal loan with Commonwealth Bank could give you access to more money to pay for these major life events.

Check the product disclosure statement (PDS) from Commonwealth Bank to see what you can and can’t take out a personal loan for.

Compare Personal Loans

Commonwealth Bank FAQs

Both the fixed and variable rate personal loan options from Commonwealth Bank have a loan term between 1 and 7 years depending on the loan amount.

There are a number of fees to be aware of when taking out a personal loan with Commonwealth Bank:

Application fee – $150
Loan Service fee – $10
Default fee – $20

See this article for look at the average fees currently charged by personal loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017) to see if Commonwealth Bank’s fees are more or less what the average customer is paying.

You can apply for a Commonwealth Bank personal loan online after visiting Canstar’s comparison tables. When applying for a personal loan with Commonwealth Bank (or most providers in Australia for that matter), you generally need to meet the following criteria:

You must be 18 years or old
You must live in Australia
You must be an Australian or New Zealand citizen or a non-resident holding a Temporary Residency VIsa
Hold a regular income and good credit rating (see here for more info on how to get a good credit rating)
Show an ability to afford your loan repayments
Take out a loan of at least $4,000

If completed online, the application process can take as little as 10 minutes, according to Commonwealth Bank, provided you have everything on hand. You may need to provide documents and ID such as:

A current driver’s license
Details of your current and previous (if applicable) employer
Details of your income, assets, expenses and liabilities
Previous tax returns if you are self-employed

You may also require your current account number for Commonwealth Bank if you’re an existing member.

In addition to personal loans, Commonwealth Bank also offers a secured car loan. The table below displays a snapshot of Commonwealth Bank’s car loan products, sorted by Star Rating (highest to lowest). The results shown are based on a 5-year loan for $20,000 in NSW.

Compare Car Loans