Commonwealth Bank Personal Loan Comparisons & Reviews
Commonwealth Personal Loans
The Commonwealth Bank is one of Australia’s leading banks and offers a variety of financial products. With decades of banking experience behind them, the Commonwealth Bank is one of the most trusted and respected lenders in the country. From credit cards, insurance to personal and home loans, Commbank has your financial interests covered.
Types Of Loans
The Commonwealth Bank offers customers a number of personal loans to choose from, including the following:
- Variable Personal Loans – Commonwealth Bank variable personal loans offer competitive interest rates compared to other banks. You can borrow between $5,000 to $50,000 depending on your financial situation and can redraw on any additional payments that were previously made. Loan terms range from 1 to 7 years and you can make extra payments without incurring any fees.
- Fixed Rate Personal Loan – The fixed rate personal loan is suitable for those who like to know what their repayments will be for the life of the contract. With a fixed rate personal loan, you have the opportunity to stick to a strict budget knowing that your payments won’t change. You can also make additional payments up to $1,000 each year without incurring any fees. With a competitive fixed interest rate, you can borrow between $5,000 to $50,000 depending on your finances.
- Secured Personal Car Loan – The Commonwealth Bank’s secured personal car loan is ideal for those who need to buy a new car in a short amount of time. With this car loan you can borrow from $10,000 and up with no maximum loan amount. Conditions apply depending on your financial situation. This loan allows you flexible payment options of monthly, fortnightly or weekly repayments. Loan term ranges from 1 to 5 years. You can also make extra repayments up to $1,000 per year without any fees.
Main Features Of Commbank Personal Loans
CommBank personal loans offer customers a number of different features. Their main features include:
Variable Personal Loan
- Interest Rate – Provides you with a very competitive interest rate against other banking institutions.
- Repayments – You can make additional repayments at any time without incurring any new fees.
- Redraw – You have the option to redraw any of the additional repayments you’ve made while repaying off your loan.
- Flexibility – You have the flexibility to choose your repayment options from monthly, fortnightly and weekly.
- Loan Terms – The loan term runs between 1 to 7 years allowing for more freedom when paying off your personal loan.
Fixed Personal Loan
- Extra Repayments – You have the option to make extra repayments throughout the life of your loan.
- Easy Management – You can manage your loan through the CommBank app and through NetBank no matter where you are.
- Interest Rate – Your interest rate won’t change throughout the life of the loan for more control and financial security.
- Flexible Repayments – You have more flexibility with your repayments and can repay back the required amount weekly, fortnight or monthly.
Secured Personal Car Loan
- Interest Rate – Because your car is security for the loan, your interest rate is lower than competitor loans.
- Repayments – You have the option of repaying back the loan with weekly, fortnightly, or monthly repayments.
- Extra Repayments – You can repay an additional payment of up to $1,000 back each year for the life of your loan.
- Loan Term – Loan term ranges from 1 to 5 years giving you more flexibility with your repayment options.
Pros/Cons Of Personal Loans
Like any bank, you will find there are pros and cons to their products and services. Below is a snapshot of some of these items.
Variable Personal Loan – Pros
- You have the ability to borrow between $5,000 to $50,000 depending on your particular financial situation.
- You can manage your loan anywhere through CommBank app and NetBank.
- You have more access control for easy management of the loan by visiting your local branch, going online or by calling your bank over the phone.
- Same day funding is available if you apply before noon between Monday and Friday.
- Competitive interest rates compared against other banks.
Variable Personal Loans – Cons
- Establishment Fee – $150
- Loan Service Fee – $10 per month
- Additional fees may apply depending on your situation. These include: guarantee fees, late-payment fees, and electronic banking fees.
Fixed Personal Loan – Pros
- Have the option of borrowing between $5,000 to $50,000 depending on your finances.
- You have a flexible loan term of between 1 to 7 years to pay back the money you borrowed.
- Same day funding is available if you apply Monday to Friday before noon.
- You can customize your repayments to suit your lifestyle with weekly, fortnightly and monthly repayments.
Fixed Personal Loan – Cons
- Establishment Fee – $150
- Loan Service Fee – $10 per month
Secured Personal Car Loan – Pros
- You have the ability to borrow from $10,000 and up with no maximum loan amount. Conditions apply.
- You can manage your loan at any time no matter where you are through the CommBank app and NetBank.
- Fixed interest rate allows you to stay in control of your loan repayments for the entire life of the loan.
- You have the ability to buy any form of transport vehicle for added convenience to those who prefer other means of transport.
Secured Personal Car Loan – Cons
- Establishment Fee – $250
- Loan Service Fee – $10 per month
- Late fees, electronic charges and government charges may also apply depending on your situation.
Same Day Funding
Commonwealth Bank same day funding process is simple and convenient for those who need additional money at short notice. CommBank same day funding:
- Allows you to get your money when you need it at your own convenience.
- Allows you to apply now and receive a response within 60 seconds.
- Allows you to receive the funds before the day finishes if you apply before noon, Monday to Friday.
Borrowing Criteria For CommBank Personal Loans
- Be an Australian citizen or have permanent residency.
- Have a good credit rating.
- Have an Australian address.
- You must not have a current undischarged bankrupt.
- You must be 18 years or older to apply.
How To Apply For CommBank Personal Loans
To apply for a Commonwealth Bank personal loan, you will need:
Proof Of Income
- Two recent payslips if employed. If self-employed you will need the last two year’s financial/tax return statements and your last Tax Assessment Notice.
- Your most recent bank statement that covers one month of banking if you have a Commonwealth Bank account for more than six months. This can be from any bank.
- Your most recent bank statement covering the last three months of banking if you’ve only held your Commonwealth Bank account under six months. This can be from any bank.
Identification
You will need to bring all off the following if applicable:
- Passport
- Proof Of Age Card
- Firearms Licence
- Drivers Licence
You will need only two of the following:
- Citizenship Certificate
- Birth Certificate
- Health Care Card
- Pension Card
- Council Rates, Utility Bill, or Australia Taxation Assessment Notice
Car Loan Application Process
For your unsecured car loan application, you will need:
- Comprehensive car insurance policy document
- Car registration number
- VIN or Vehicle ID Number
- Purchase price of the vehicle
- Engine number
- Dealer contact details, name and bank details
Other Products Provided By Commbank
Bank Accounts – The Commonwealth Bank offers a number of bank account options to choose from. They provide flexible options of transaction accounts, saving accounts, and term deposit accounts to suit all your individual banking needs.
Home Loans – The Commonwealth Bank features a great diversity in loan options to choose from. Whether you looking to buy your first home, buy an investment home, or upgrade to another home, the Commonwealth Bank has a variety of solutions that will help you reach your goal.
Credit Cards – When in need of a credit card, the Commonwealth Bank has you covered. From low rate, low fee, awards and business credit cards, there is always something for everyone to enjoy and use.
Insurance – The Commonwealth Banks has all your insurance needs covered. From home, car, life, income, loan, credit card, and travel insurance to choose from, you can make sure you’re fully insured and protected all year round.