Commonwealth Bank of Australia Personal Loans
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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.
Commonwealth Bank personal loan repayment calculator
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Commonwealth Bank personal loans rates
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up to 18.5%
based on $30,000 loan amount for 5 years
Fully drawn advance
Personal Loan Fixed
based on $30,000 loan amount for 5 years
Fully drawn advance
- Additional repayments allowed
- Extensive branch access
- Can apply online
- Application fee charged
- Monthly fee charged
- Some other lenders have lower rates
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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The No Interest Loans Scheme (NILS) allows low income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.
There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.
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 even the same day, in some cases.
If you’re having trouble being approved for a loan of less than $2000, and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new 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 information, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
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).
Many borrowers use quick loans to cover short-term costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics.
Before applying for a quick loan, consider whether other options are available, such as working out a payment plan or applying for an advance or extension.
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
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.
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 will offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.