Commonwealth Bank Personal Loan

CommBank personal loan eligibility and documents

CommBank’s published criteria require applicants to be over 18, live in Australia, be eligible to work here, and be an Australian or New Zealand citizen, Australian permanent resident or eligible visa holder. Applicants must be employed or receive regular income, have a good credit rating and not be going through bankruptcy.

Meeting these criteria does not establish affordability or approval. CommBank assesses your financial position and credit history. Provide accurate income, living-expense and existing-debt information, including credit limits and repayments.

Prepare identification, passport and visa details where applicable, income evidence and statements for debts held elsewhere. For full-time or part-time employees, accepted income evidence can include two consecutive recent payslips or statements showing three months of salary credits. Requirements differ for casual work, self-employment and other income; check the official document checklist. Additional verification may be requested.

Who should consider a Commonwealth Bank personal loan?

The fixed option suits borrowers who value a predictable repayment schedule and expect to keep the loan for its agreed term. The variable option is more useful when spare income will go towards overpayments or access to those extra payments matters. Its flexibility comes with exposure to interest-rate changes.

Reconsider borrowing if repayments depend on uncertain future income or the loan would cover a recurring budget shortfall. Compare other personal loan options using your actual offer: a familiar bank and a low advertised starting rate do not establish the lowest total cost.

For a vehicle purchase, compare car finance separately. A secured loan may offer different pricing but puts the vehicle at risk if you default and can require comprehensive insurance.

How to apply for a CommBank personal loan

Application and assessment

1. Use CommBank’s personal loan application route to check personalised rates and choose an amount, term and loan type. Existing customers can use NetBank or the app; new customers have a separate application route.
2. Submit your personal and financial information. A full application involves a credit check; review the CommBank Privacy Statement for credit-information handling.
3. If approved, review the loan offer, repayment schedule and fees before accepting. Supply any outstanding verification documents and nominate the repayment account.

Response and funding times

CommBank advertises a response within 60 seconds of submission; that response is not necessarily final approval. Same-day funding may be available if approval, contract acceptance and verification are completed by 4 pm Monday to Friday, Sydney/Melbourne time. Incomplete applications, specialist assessment, missing documents or system availability can delay funding.

Questions to settle before accepting the loan

• What personalised interest rate, regular repayment and total amount payable appear in my offer?
• Does the repayment include the $15 service fee, and is the establishment fee paid separately or added to the balance?
• For a fixed loan, what would early closure cost on my intended repayment date?
• For a variable loan, how would a rate rise affect repayments, and what redraw restrictions apply?
• Does my loan purpose qualify for a discount, and what evidence or application selection is required?
• If consolidating debts, what settlement costs apply and how does the new total compare with keeping the existing repayment schedules?

CommBank personal loan advantages and limitations

• Choice of repayment structure: Fixed rates support budgeting; variable loans accommodate extra repayments and early closure without repayment penalties.
• Flexible payment frequency: Weekly, fortnightly or monthly repayments can align with income.
• Conditional discounts: Eligible renovation and energy-efficient purchases may receive better pricing than the standard loan.
• Recurring costs: The establishment and monthly fees add to the borrowing cost even when every repayment is on time.
• Fixed-loan restrictions: Extra payments cannot be redrawn, and early closure may attract an adjustment.
• Personalised pricing: An approved rate can be substantially above the advertised minimum; variable repayments can also rise later.

Commonwealth Bank personal loan rates, fees and total cost

The standard interest and comparison-rate ranges appear in the summary. CommBank also publishes representative interest rates of 16.25% p.a. fixed and 15.99% p.a. variable, with comparison rates of 17.57% and 17.31% respectively. It says at least half of approved customers receive the relevant representative rate or lower; this is not a promised offer.

The Australian comparison rate combines interest and most fees for the stated $30,000, five-year example. It is distinct from the interest rate and does not capture every possible charge. Different amounts, terms and fee concessions change the comparison.

• Establishment: $250 under standard pricing.
• Account service: $15 monthly. Calculated together, these standard fees total $1,150 over five years or $1,510 over seven years, before interest and conditional charges.
• Late payment: $20 may apply on the fifth business day after the due date if the account remained in arrears at the end of the preceding business day.
• Settlement cheques: The first two are free; additional cheques cost $15 each.
• Fixed-loan early repayment: The fee schedule currently displays a $15 early repayment adjustment, but says the amount can vary. It may apply when the loan is fully repaid with at least 12 months remaining and CommBank reasonably estimates a loss or administrative cost. Obtain a dated payout figure rather than treating $15 as a permanent cap.
• Variable-loan early repayment: No additional-repayment or early-payout fee. See the variable fee schedule for other conditional charges.

No compulsory insurance premium was identified in the reviewed unsecured-loan terms. The separate secured car loan has insurance requirements. Missed payments can also affect your credit record and lead to recovery action; being unsecured does not remove the obligation to repay.

Official example and monthly repayment illustration

CommBank’s published fixed-loan example uses $30,000 over five years at 16.25% p.a., with a 17.57% p.a. comparison rate and estimated total payments of $45,162 including fees.

Our corresponding monthly illustration is approximately $748.53, including the $15 monthly fee, with the $250 establishment fee paid separately. This calculation assumes 60 equal monthly repayments, an unchanged rate and no insurance, late charges or early payout. It reproduces the published total to rounding; CommBank calculates interest daily, so the contractual schedule may differ. The total is approximately $15,162 above the amount borrowed.

Check purpose-specific discounts

Customers with an active CommBank home loan who select Renovations as their only loan purpose may qualify for the lowest advertised standard rate for their chosen unsecured loan, subject to lending criteria.

A separate energy-efficient purchase offer provides eligible CommBank home or investment loan customers with a 4.24% p.a. fixed interest and comparison rate, waived establishment and monthly fees, and a waived early repayment adjustment. It excludes EV and plug-in hybrid cars, Viridian Line of Credit and Equity Unlock for Seniors loans. Confirm purchase eligibility before applying; this is not general-purpose loan pricing.

Is a Commonwealth Bank personal loan worth comparing?

CommBank’s strongest feature is the choice between fixed repayment certainty and variable repayment flexibility. Its main limitation is the combination of personalised pricing and standard ongoing fees. Compare the written total payable with competing offers for the same amount and term, then account for how likely you are to overpay, redraw or close the loan early.

Commonwealth Bank personal loan FAQs

Can I compare my CommBank rate with other lenders without affecting my credit score?

CommBank says you can obtain personalised interest rates without affecting your credit score. Proceeding to a full application triggers a credit check recorded on your credit report. Use the personalised quote when comparing personal loans, since the advertised minimum may not reflect your offer. Before requesting competing quotes, check whether each lender performs a preliminary rate check or records a full credit application.

Could CommBank cost more than a loan with a higher interest rate?

Yes, depending on fees, amount and term. CommBank’s standard $250 establishment fee and $15 monthly service fee total $1,150 over five years, calculated before interest or conditional charges and assuming no fee waiver. A competing loan with fewer fees could therefore cost less despite a higher interest rate. Compare total repayments for identical amounts and terms: CommBank’s advertised comparison rates use $30,000 over five years, so they do not directly describe every borrowing scenario.

Should I choose fixed or variable if I expect to repay the loan early?

The variable loan permits additional repayments and full early repayment without repayment penalties, but its rate can change. The fixed loan provides repayment certainty; an early repayment adjustment may apply when you close it with at least 12 months remaining and CommBank reasonably estimates a loss or administrative cost. Its fee schedule says the adjustment can vary. Compare costs to your expected payout date, including any adjustment, rather than relying solely on the original full-term estimate.

How useful is CommBank’s redraw compared with a loan that only allows extra repayments?

CommBank’s variable loan lets you access available redraw after making extra repayments, subject to conditions; its fixed loan does not. That can be useful when you want to reduce interest while retaining some access to surplus payments. However, the available redraw balance may reduce towards the end of the term and may exclude money needed for the next minimum repayment. Redrawing increases the outstanding balance and can undo part of the interest saving.

Do existing CommBank customers receive a better personal loan deal?

New customers can apply, and an existing banking relationship does not establish that your offer will beat another lender’s. One specific benefit applies to eligible customers with an active CommBank home loan: selecting Renovations as the only loan purpose can qualify them for the lowest advertised standard rate for their chosen unsecured loan. Check the renovation offer conditions; this eligibility does not extend automatically to debt consolidation or other purposes.

What should self-employed applicants compare before choosing CommBank?

CommBank requires at least 12 months in business, across one or more ABNs, before self-employed income can be used. Its checklist accepts a recent personal tax return or a qualifying notice of assessment; applicants with multiple income sources must provide their tax return. Compare lenders’ trading-history requirements and accepted income evidence before submitting applications. For a recently established business, whether the income can be assessed may matter more than the advertised rate.

How can my visa affect the loan term and repayments?

CommBank accepts certain visa holders, but the visa expiry must be at least one month after the loan term ends. Visitor and working-holiday visas are among the excluded categories, and additional restrictions may apply. Check the visa and document requirements before comparing repayments. A shorter permitted term means repaying the principal faster, so a quote based on the advertised seven-year maximum may be irrelevant to your circumstances.

When could consolidating debts with CommBank actually reduce my costs?

CommBank permits debt consolidation, subject to approval. The useful comparison is the new loan’s total repayments, including establishment and monthly fees, plus any costs of settling existing debts, against what remains payable on those debts. Compare debt consolidation loans using the same intended repayment deadline where possible. Moving debts that would finish in two years onto a seven-year loan can reduce the monthly payment while increasing the overall cost, even at a lower interest rate.

What support and recourse are available if repayments become difficult?

CommBank’s Financial Assist team assesses requests individually and may offer changed repayments or other assistance. Contact it through the app or on 13 30 95. Before accepting an arrangement, ask how it affects interest, the repayment term and credit reporting.

If you dispute the handling of your loan or assistance request, use CommBank’s complaints process or call 1800 805 605. Unresolved complaints can be taken to the Australian Financial Complaints Authority on 1800 931 678 after giving the bank an opportunity to respond.