About Commonwealth Bank personal loans
The Commonwealth Bank of Australia is one of Australia’s big four banks and has been providing banking services for more than 100 years. Besides personal loans, CBA offers its customers a range of products, including home loans, car loans, savings and transactions accounts, credit cards and insurance products. It also offers wealth planning and superannuation advice.
Features of a Commonwealth Bank personal loan
Commonwealth Bank offers both variable-rate and fixed-rate personal loans. Borrowers can receive personal loans of up to $50,000, subject to approval. The loans can be repaid over one to seven years, in either weekly, fortnightly or monthly instalments. Additional repayments of up to $1,000 per year are allowed.
Borrowers pay an upfront fee to establish the personal loan and then monthly account-keeping fees. Depending on how they manage the personal loan, borrowers may also be charged settlement cheque fees, late payment fees, electronic banking fees and early repayment fees.
CommBank offers same-day funding of personal loans – assuming you apply and receive approval on a weekday by midday Sydney time.
To get an idea of your eligibility and how your repayments would look with a CBA personal loan, visit the Commonwealth Bank personal loan calculator.
What RateCity says
As one of Australia’s big four banks, the Commonwealth Bank’s personal loans prove popular products for borrowers who want to consolidate debt or take a loan for another worthwhile purpose, such as a home renovation or to buy a new car. With multiple branches and mobile applications, the loan is easy to manage and may appeal to borrowers who want a bit of extra support with their application process. 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. The loan also has a couple of sets of fees – an upfront fee upon establishment and an ongoing fee for holding the personal loan. Late payment fees may also be charged, so the borrower should be sure to make sure they make their repayments on time.
Commonwealth Bank personal loan summary
- Borrow $4,000 to $50,000
- Loan terms of 1-7 years
- Variable and fixed-rate loan options
- Weekly, fortnightly or monthly repayments
- Extra repayments of $1,000 per year
- Same-day funding
- Establishment and monthly fees