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Commonwealth Bank of Australia Personal Loans

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The Commonwealth Bank of Australia, otherwise known as CBA, 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.

Commonwealth Bank of Australia personal loan repayment calculator

Thinking about taking out a personal loan with Commonwealth Bank of Australia? 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 of Australia personal loan compare with various products.

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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

Features of a Commonwealth Bank personal loan

Commonwealth Bank offers both variable-rate and fixed-rate personal loans. Borrowers can receive personal loans between $4,000 and $50,000, subject to approval. The loans can be repaid over one to seven years, in either weekly, fortnightly or monthly instalments. Borrowers can make additional repayments of up to $1,000 per year.

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 and electronic banking fees. CommBank offers same-day funding of personal loans – assuming you apply and receive approval on a weekday by midday Sydney time.

Commonwealth Bank personal loans can be used for a range of different purposes including:

  • Debt consolidation
  • Car and motorcycle financing
  • Wedding financing
  • Holidays
  • Investing
  • Renovation and home improvements
  • Medical bills
  • Weddings and other events

Commonwealth Bank personal loans – customer service

Customers looking to contact Commonwealth Bank customer service can call a personal banking hotline, send an online enquiry form or pop into a branch.

Other ways to contact Commonwealth Bank include:

  • Online banking
  • Mobile banking
  • Live chat
  • Email
  • Phone Mon-Fri, 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 citizen, permanent resident or have a valid visa
  • Have a good credit rating
  • Not currently bankrupt or in financial hardship
  • Be employed or receive regular income

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
  • 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’s personal loans prove popular can be used by 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 their repayments on time.

FAQs

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.

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