Commonwealth Bank personal loan repayment calculator

Thinking about taking out a personal loan with Commonwealth Bank? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Commonwealth Bank personal loans compare with other options.

I'd like to borrow


Loan term

Credit Score ()

Your estimated repayment

at interest rate 10.00 %

Total interest payable


Total amount payable


Pros and cons

  • Additional repayments allowed
  • Extensive branch access
  • Can apply online
  • Application fee charged
  • Monthly fee charged
  • Some other lenders have lower rates

Commonwealth Bank personal loans rates

Advertised Rate
Comparison Rate*
Upfront Fee
Go to site


Fixed up to 16.5%



based on $30,000 loan amount for 5 years


Redraw facility
Extra repayments
Fully drawn advance
Commonwealth Bank of Australia
More details


Variable up to 18.5%



based on $30,000 loan amount for 5 years


Redraw facility
Extra repayments
Fully drawn advance
Commonwealth Bank of Australia
More details

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
  • Email
  • 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.

Learn more about Commonwealth Bank

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.

What is a secured bad credit personal loan?

A bad credit personal loan is 'secured' when the borrower offers up an asset, such as a car or jewellery, as collateral or security. If the borrower fails to repay the loan, the lender can then seize the asset to recoup its losses.

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.

Can I get a $2000 loan on Centrelink?

If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.

Some lenders may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.

Will comprehensive credit reporting change my credit score?

Comprehensive credit reporting may change your credit score, either positively or negatively, depending on an individual's situation.

Under comprehensive credit reporting, credit providers will share more information, both positive and negative, about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. That will lead to higher scores for some consumers and lower scores for others.

Can I get a fast loan with bad credit?

Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford its loans on your income.

What do single mothers need to apply for a personal loan?

Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).

What documentation is needed for a self-employed personal loan?

Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.

While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.

Is it hard to improve your credit score?

It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.

As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.