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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



Personal Loan Fixed

Real Time Rating™


/ 5
Interest Rate


% p.a

Fixed up to 16%

Comparison Rate*


% p.a

Fixed up to 16.86%



based on $30,000 loan amount for 5 years at 9.00%

Upfront Fee


Redraw facility
Extra repayments
Fully drawn advance
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 9.90% would be $37,365*. Terms from - years


Personal Loan

Real Time Rating™


/ 5
Interest Rate


% p.a

Variable up to 18.5%

Comparison Rate*


% p.a

Variable up to 19.34%



based on $30,000 loan amount for 5 years at 11.50%

Upfront Fee


Redraw facility
Extra repayments
Fully drawn advance
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 12.38% would be $39,587*. Terms from - years

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 9.00 %

Total interest payable


Total amount payable


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 personal loans

What are the Westpac personal loan eligibility criteria?

The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:

  • You should be over 18 years old
  • You must be a permanent resident or hold a valid visa with confirmed employment in Australia
  • You should earn a regular and permanent income of at least $35,000 before taxes

If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:

  • Personal details including name, contact information, and residential address 
  • Proof of identity such as drivers licence or passport details
  • If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
  • If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips

Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.

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.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

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.

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.

Are there low doc personal loans?

Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.

It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

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.

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).