Commonwealth Bank Personal Loan Rates & Fees, Review & Compare - Best Find

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Commonwealth Bank Personal Loans

Fixed Rate Personal Loan

Comparison based on an unsecured $30,000 loan over five years. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Overview

Minimum loan amount$4,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Advertised rate12.99%

Comparison rate13.86%

Monthly repayments (approx)$342

Total repayments (approx)$12,322

Total interest repayments (approx)$2,322

Rate typeFixed

Secured or unsecuredUnsecured

Security required No

Encumberance/REVVS check fee$0

Application / establishment fee$150

Other Fees & Information

Monthly fee$10

Quaterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$20

For debt consolidation?Yes

Sponsored No

Telephone13 14 31

Data accurate as of5/04/2017

Comparison rate warning Comparison based on an unsecured $30,000 loan over five years. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Variable Personal Loan

Get a competitive rate and have the flexibility to make additional repayments at any time without a fee.

Overview

Minimum loan amount$4,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Advertised rate13.90%

Comparison rate14.77%

Monthly repayments (approx)$346

Total repayments (approx)$12,483

Total interest repayments (approx)$2,483

Rate typeVariable

Secured or unsecuredUnsecured

Security required No

Encumberance/REVVS check fee$0

Application / establishment fee$150

Other Fees & Information

Monthly fee$10

Quaterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$20

For debt consolidation?Yes

Sponsored No

Telephone13 14 31

Data accurate as of5/04/2017

Comparison rate warning Based on an unsecured loan of $30,000 borrowed for 5 years with the minimum interest rate of 13.9% p.a. (14.77% p.a. comparison rate), the total amount payable including fees is $42,540; and with the maximum interest rate of 18.9% p.a. (19.74% p.a. comparison rate), the total amount payable including fees is $47,344. WARNING: These comparison rates apply only to the examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Did you know you can compare 100’s of personal loans? Browse, filter and on our main personal loans comparison page.

Compare and review Commonwealth Bank personal loan rates

Looking to make major purchase, go on a holiday or perhaps to consolidate your existing debts into one simple regular repayment? When comparing Commonwealth Bank personal loans, there are other important things to consider and understand, other than just Commonwealth Bank’s interest rates.

What personal loan options does Commonwealth Bank offer?

Commonwealth Bank has 2 personal loan products:

  • Commonwealth Bank Fixed Rate Personal Loan
  • Commonwealth Bank Variable Rate Personal Loan

View the above table for detailed product information and a comparison of the interest rates, fees and features.

You can also review and compare Commonwealth Bank car loans, Commonwealth Bank home loan and Commonwealth Bank credit cards.

Do you have a Commonwealth Bank personal loans calculator?

Yes. Use the filter to adjust your loan amount and term to calculate your approximate monthly repayments. When you apply the filter, you will see a breakdown of your approximate monthly repayments as well as the total amount of interest and fees paid.

How to apply for a Commonwealth Bank Personal Loan?

If you’d like to apply online for a Commonwealth Bank personal loan, just scroll up and click on “Learn more” to be taken to Commonwealth Bank’s secure online application form. Before you apply, be sure to learn about Commonwealth Bank’s personal products, fees and eligibility criteria. Give yourself around 30 minutes to complete the application.

Commonwealth Bank’s personal loan eligibility criteria

Before you apply for a personal loan, be sure to understand and meet the Commonwealth Bank’s lending criteria. Below is high-level overview of Commonwealth Bank’s criteria:

Commonwealth Bank’s minimum requirements for a personal loan

  • Minimum age of 18
  • Earn a minimum of $15,000 per annum
  • An Australian citizen, permanent resident or have a valid visa

Information you’ll need to provide

Whether at the Commonwealth Bank branch or online, make sure to have the following nearby:

  • Proof of income. A verifiable and steady employment. You may be required to provide copies of your most recent pay slips and employer’s contact information
  • A list of your assets, expenses and liabilities
  • Driver’s licence (if you have one) or other forms of ID

Are you self-employed?

If you’re self-employed, you will also need to provide:

  • Financial statements for the last year
  • Your most recent personal/business tax return

Other things to keeping mind when applying with Commonwealth Bank

  • It’s advantageous to have a good credit history. For example, you have no recent defaults and no frequent requests for credit
  • Credit cards with large credit limits are seen as liabilities, even if there’s nothing owing. If you have existing liabilities, be certain you can pay them off in addition to your Commonwealth Bank personal loan

There are many additional factors Commonwealth Bank consider when accessing your application, but the above are the most important. If you feel like you may not meet their eligibility criteria, it may be best to save!

What can you use a Commonwealth Bank personal loan for?

You can borrow for almost any worthwhile purpose. No, going to the casino and putting it all on black is not a worthwhile purpose.

Examples of common loan purpose Commonwealth Bank will lend for:

Additional product information

Commonwealth Bank’s minimum and maximum personal loan amounts and terms

You can borrow between $4,000 and $50,000. Over terms between 1 year and 7 years. Use our filter as a repayment calculator to see your monthly repayments and rates.

Commonwealth Bank’s repayment schedule

Commonwealth Bank allow weekly, fortnightly or monthly repayment.

Extra repayment or early penalties

Commonwealth Bank allows you to make additional or early repayments. There are fees associated with completely repaying your loan off early.

Redraw facility

Commonwealth Bank’s Variable Rate Personal Loan gives you the option of being able to make redraws.