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Commonwealth Bank personal loans
The Commonwealth Bank of Australia, or CommBank, is one of Australia’s big four banks and has been providing banking services for more than 100 years. Since 1912, CBA has grown to a business with more than 800,000 shareholders and over 52,000 employees.
Besides personal loans, CBA offers its customers a range of products, including home loans, car loans, savings and transaction accounts, credit cards and insurance products. It also offers wealth planning and superannuation advice.
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Why choose Commonwealth Bank
Commonwealth Bank Personal Loans
Personal Loans calculator
Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.
Your estimated repayments
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- This is an estimate of how much you would pay (weekly/fortnightly/monthly) based on your borrowing amount, interest rate and loan term.
- Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
- Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
- Months are assumed to be of equal length. However, given that some months are longer than others, interest charged by vary depending upon the month.
- The calculation rounds of the personal loan repayment to the closest dollar value without decimals.
- All calculations are estimates only; there are no guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
- Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
- Calculator does not include the cost of fees or other extra charges.
- Calculator does not account for changes to interest rates over time.
- This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Read our full disclaimer.
Features of a Commonwealth Bank personal loan
Commonwealth Bank provides both variable-rate and fixed-rate personal loans, allowing borrowers to apply for personal loans of between $4,000 and $50,000. The loans can be repaid over one to seven years, in either weekly, fortnightly or monthly instalments. Additional repayments of up to $1,000 can be made without a fee per year.
Borrowers pay an upfront fee to establish the personal loan as well as monthly account-keeping fees. You may also be charged settlement cheque fees, late payment fees and electronic banking fees.
Commonwealth Bank personal loans can be used for a range of different purposes including debt consolidation, home improvements, holidays and weddings.
Commonwealth Bank personal loans – customer service
Customers looking to contact Commonwealth Bank customer service can send an online enquiry form or pop into a branch.
Other ways to contact Commonwealth Bank include:
- Live chat
- Call a dedicated personal banking hotline seven days a week, 8am - 8pm (AEST)
Who is eligible for a Commonwealth Bank personal loan?
To be eligible for a Commonwealth Bank personal loan, you’ll need to meet the following criteria:
- Be at least 18 years old
- Be an Australian or New Zealand citizen, Australian permanent resident or hold an eligible visa
- Live in Australia
- Have a good credit rating
- Not currently going through the process of bankruptcy
- Be employed or receive regular income
- Meet minimum income requirements
How to apply for a Commonwealth Bank personal loan?
Applications for a Commonwealth Bank personal loan can be made online, over the phone or at a branch. The online application process takes around 10 minutes to complete and involves the following steps:
- Once you’ve compared and selected a personal loan, apply on the Commonwealth Bank website.
- During the application, you can select your loan term and repayment schedule. Make sure you understand your interest rate and the fees that may apply.
- Once your application has been submitted, you’ll get a response within 60 seconds.
- If approved, you’ll be sent a contract for review. New customers will need to pop into a branch for an ID check.
At the time of application, you’ll need to provide the following documentation:
- Proof of identity
- Proof of income and employment
- Details of any other financial commitments
Commonwealth Bank personal loans review
Commonwealth Bank is a big four bank in Australia, which some people may consider to be a secure option for personal loans. CommBank’s personal loans can be used by borrowers who want to consolidate debt or renovate their home.
With more than 1,000 branches and digital access, borrowers can apply for and manage a personal loan in-person and online. The loans are also fairly flexible in terms of repayment terms and frequency. For example, the borrower can make their repayments weekly, fortnightly or monthly in line with their pay cycle.
While the interest rates offered by CBA are reasonable, they are far from the lowest on the market and are considered to be moderate to high. The loan also has a couple of sets of fees – an upfront establishment fee and an ongoing fee for holding the personal loan. Late payment fees may also be charged, so the borrower should be sure to make their repayments on time.
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.
