Commonwealth Bank Personal Loans

Commonwealth Bank Super

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 2 different types of personal loans at the time of writing, they include:

  1. Fixed rate personal loan
  2. Variable rate personal loan

Commonwealth Bank fixed rate personal loan

This loan has the following features:

  • Rates starting from12.99% with comparison rates starting from 13.86% p.a.
  • 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 has the following features:

  • Rate starting from 90% with  comparison rates starting from  14.77% p.a.
  • 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 many important life events, such as:

  • Buying a car
  • Debt consolidation
  • Holidays
  • Home renovations
  • Weddings

Personal loans are 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.

Applying for a Commonwealth Bank personal loan is straightforward; you can do it 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 done online, the application process can take as little as 10 minutes, 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

The Commonwealth Bank of Australia (CommBank) was founded in 1911 as the government bank for our young nation, and they are still Australia’s largest provider of financial services.

If you’re interested in insuring your new home with the same institution, CommInsure offers a discount for buying an insurance policy online (at the time of writing). They offer home insurance, landlord insurance, and loan and credit repayment protection insurance.

CommBank’s Property Guide mobile app makes it easy to search for your next home anywhere and anytime. Using the app you can now search for properties, assess the estimated market price, work out how affordable a mortgage on that property would be, and apply for a home loan from CommBank. Co-created with Realestate.com.au and RP Data, this app is available for Apple and Android devices.

First home buyers will enjoy CommBank’s series of videos on buying a home.

How Commonwealth Bank supports the community:

  • Children’s health:CommBank sponsors the Clown Doctors to help kids in hospital forget they’re sick.
  • Community grantsMore than $2 million in grants are distributed every year. Watch the story of how a grant helped Starz Dancehold a special recital for their special needs children’s class.
  • Financial education: CommBank has been running Start Smarteducational workshops for kids and youth since 2007, with 1.9 million students having done a workshop as at 2016. Their Dollarmites Club, which started in 1928, is one of the oldest and most well-known school banking programs for under 12s.
  • Charitable giving:Commonwealth Bank Staff Community Fund was formed in 1917 and contributes over $2 million per year focused on improving the health and well-being of young people.
  • Sponsorship:Sponsoring the Australian of the Year since the 1970s, Women in Focus, and the annual Commonwealth Bank Teaching Awards (60 teachers recognised as at 2016).
  • Human rightsCommBank requires all of its suppliers to comply with the UN’s Guiding Principles for protecting human rights.
  • Sports:Sponsoring Australian cricket at local and national club levels for the past 29 years.

Variable Personal Loan - Unsecured

Canstar Research
Rating:
Award: Personal Loans 3-Star Rating

Written by: Regina Collins | Last updated: August 21, 2018