Rating based on 42 reviews

Commonwealth Bank

  • Affordable loans
  • Low-interest starting from 12.99%
  • Repayment up to 7 years

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Commonwealth Bank homepage
Author Commonwealth Bank. Screenshot of Commonwealth Bank website.
[Accessed May 2, 2023]

Commonwealth Bank - Serving students with quality products

Commonwealth Bank was founded in 1911 and started operating in 1912 it was one of the first banks to offer both savings and general banking including bank accounts and personal loans.

Growing in strength as the years went by they now serve over 15.9 million happy clients while their branches employ over 48,900 and they have over 800,000 shareholders. They have expanded their branches and have opened branches internationally across Asia, New Zealand, North America and even Europe. They operate their business with integrity and practice sustainable development and sound business practices.  

Their vision

Their vision is to excel at sourcing, securing and improving the financial situation of their customers, Australian businesses and play an important role in empowering the community. They employ the highest customer service standards and operate with honesty and morality.

Corporate responsibility 

Commonwealth Bank is focused on bringing about positive change through education, empowering the community - and more specifically, students. Their education program teaches the youth and helps them acquire skills that will benefit the economy and society as a whole.

Matching your contribution dollar for dollar

They believe in empowering the community and making the world a better place for all which is why student loans are an important part of their offerings. To encourage this practice every dollar that is donated or invested they will match and donate the same amount dollar for dollar so that together they will be able to really make a difference.

Money transfer

Their money transfer product allows developing countries such as South Africa and Indonesia access to financial services more easily. This allows them to send money to their families that live in very remote areas they would otherwise not have access to.

No fees for students

Commonwealth Bank offers a wide range of financial services including banking, transaction accounts, savings accounts, credit cards, personal loans, insurance options, premier and private banking and international payment options

To ensure that you are treated fairly and that you get the best customer service available they have appointed a customer advocate. The customer advocate is there to investigate problems, resolve disputes, make decisions, help improve customer relations and deal with complaints by listening and helping both parties come to an agreement.


They offer financial solutions aimed at young children, teenagers and students. Their student loan products allow you to get the most out of your money while you are studying. They offer a wide range of discounts and helpful tips and tricks to help ensure that you have a bright financial future. Their student account offers a bank account with a monthly fee of $0. The student will not be charged any fees for withdrawing from an ATM. The Debit Mastercard allows you access to special deals and discounts and allows you to shop online.

Bank on your smartphone

Students have busy lives and don’t have time to go to the branch so they have developed a handy app that allows you to bank from the comfort of your smartphone. The app even has a handy built-in spend tracker to help you keep track of your budget.

Student personal loan

Their quick loans for students allow you to borrow between $4,000 and $50,000 to help you take the next step on your journey and help you purchase a car or put down a large deposit on a house. A fixed-rate loan makes it easier to budget as the repayment terms will not change for the duration of the loan agreement. A variable-rate loan allows you to pay a different amount each month and make extra payments as often as you like. The rate will vary depending on how the market performs. The repayment terms can be customised to suit your needs and requirements.

Commonwealth Bank – Student loan

  • Loan Type Student loans
  • Interest Rate from 12.99%
  • Repayment 1 year to 7 years

Benefits of Commonwealth Bank

  • Student benefit options
  • Competitive interest rates
  • Savings accounts for students

Student loan calculator

The interest rate of a loan will vary based on your credit score and risk profile.
This student loan calculator is for illustration purposes only.
The use of this loan calculator is subject to our terms of use.

Commonwealth bank - Making life easier for students

A student credit card allows you access to extra cash when your money is getting a little tight.

You will be able to set a spending cap on the card via the App on your smartphone. The credit card offers very low fees and rates to suit your needs. If you are an international student, you will need to hold an eligible visa and be employed in Australia to get a student loan or a student credit card.

Secured car loan 

By applying for a secured car loan, you will benefit by paying a lower interest rate but you will need to provide your car as collateral on the loan. This type of loan offers a fixed interest rate and allows you to make extra repayments of up to $1,000 without having to pay a penalty fee

Travel money card

The travel money card is a pre-paid money card that is available to students so that they can easily have access to their cash when they are travelling.

The travel money card has no monthly fee charged on it and allows the student access to 13 different currencies. The card will alert you as soon as the balance is low so that you can load more currency before it runs out. You can apply for a loan or credit card with Commonwealth Bank online. 

Your purchases are covered

Any purchases that you make on the card are automatically covered if they are lost or stolen while you are travelling for up to 90 days after you have purchased them.

man holding thumbs up

Commonwealth Bank is a trusted & reliable provider of student loans

In our review, Commonwealth Bank adheres to the compliance criteria in accordance with the National Consumer Credit Protection Act 2009, where the granting the loan will not cause financial distress to the consumer.

✅ Commonwealth Bank is a registered credit provider in Australia: ACL 234945

Customer Reviews & Testimonials

February 2019

The Commonwealth Bank offers amazing products and services for students with zero fees on student transaction accounts and affordable student loans. Very happy with my choice.

Gabriel N
— Sydney —

January 2019

Very excited about having a student loan that has fixed interest rates and allows me enough time to make comfortable repayments.

Ashley M
— Perth —

February 2019

With Commonwealth Bank I was actually able to get a student loan that covers all of my costs from tuition and textbooks to my rent and living expenses, and all this at an affordable interest rate...

Jocelyn G
— Adelaide —

February 2019

I was blown away by how many student loan options were available to me, I could narrow down exactly what I needed and the application was seamless.

Ryan Y
— Melbourne —

Commonwealth Bank Contact

Physical Address

Opening Hours

  • Monday 09:30 – 16:00
  • Tuesday 09:30 – 16:00
  • Wednesday 09:30 – 16:00
  • Thursday 09:30 – 16:00
  • Friday 09:30 – 17:00
  • Saturday – Closed
  • Sunday – Closed