based on 46965 Commonwealth Bank product reviews as rated by Mozo community

Commonwealth Bank personal loans

Originally launched as a savings and general trading bank, the Commonwealth Bank has roots in Australia dating back to 1912. Today, CommBank claims the title of Australia's largest bank, offering a full suite of banking products from home loans to credit cards.

But what we're most interested in in this guide is CommBank's personal loan deals. You may be pleasantly surprised to discover that CommBank offers a great range of loans to suit many customers, from the buyer looking for a new car to the student after some extra cash. Read on for more info about the loan offerings from this major player:

Commonwealth Bank offers the following personal loans

Rates and fees verified as correct at 19 April 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Interest rate from Comparison rate from Upfront fee
Secured Green Personal Loan (Fixed)

6.49% p.a.

7.90% p.a.based on $30,000
over 5 years

$250.00

Secured Personal Loan (Fixed)

6.99% p.a.to 13.49% p.a.

8.40% p.a.to 14.83% p.a.based on $30,000
over 5 years

$250.00

Unsecured Green Personal Loan (Fixed)

7.50% p.a.

8.90% p.a.based on $30,000
over 5 years

$250.00

Unsecured Green Personal Loan (Variable)

7.50% p.a.

8.90% p.a.based on $30,000
over 5 years

$250.00

Unsecured Personal Loan (Fixed)

8.50% p.a.to 20.50% p.a.

9.53% p.a.to 21.39% p.a.based on $30,000
over 5 years

$0.00

Unsecured Personal Loan (Variable)

8.50% p.a.to 20.50% p.a.

9.89% p.a.to 21.79% p.a.based on $30,000
over 5 years

$250.00

Overview of Commonwealth Bank personal loans

Unsecured loans

CommBank's unsecured personal loan is available with either a fixed interest rate, which ultimately means your rate will be unchanged for the entire loan's term or a variable interest rate, leaving your rate dependent on whether the provider lifts or reduces rates. One of the reasons you might choose the variable option is due to the flexible feature of a redraw facility, which allows you to draw upon any additional payments you have made on the loan. Other than the redraw facility that comes with the variable rate option, the two rate options provide you with similar features, including the ability to borrow between $ 5k and $ 50k for 1-7 years and come with the same upfront, ongoing, and late payment fee. While both options allow you to make extra repayments on your loan, keep in mind that the fixed rate option has a cap of $1,000 per annum.

Student loans

It's not always easy getting approved for a personal loan when you're studying, but thankfully, CommBank has a loan specifically tailored to students. Its student loan is unsecured, meaning you don't need to supply an asset to take out the loan and it comes with no application fee, making the initial upfront period more budget-friendly. However, remember you will need to budget for a small ongoing fee each month, and if you get behind on your repayments, you'll also incur a late payment fee. With borrowing between $5,000 and $50,000, applying for a loan through CommBank should more than pay for that European Contiki tour. Plus, you can take out the loan for 1-7 years.

Car loans

If your purchase of choice is a new car, then CommBank's secured car loan could be your borrowing match. Because it's a "secured" loan, you'll need to put up some security in the form of the car you're purchasing. Loans are available for amounts over $10,000, and you can set the term for 1 to 5 years. The car loan comes with an extra repayment facility, which allows you to put any spare cash into your loan on top of your regular repayments up to a limit of $1,000 per year. Like many fixed-rate loans, this secured car loan has no redraw facility. If you're a student, then it could make your day to hear the application fee with the Commonwealth Bank's car loan is wiped for students. However, the same ongoing and late payment fees apply.

Commonwealth Bank personal loan features at a glance

  • Repayment flexibility: While each CommBank loan differs when it comes to the features offered one thing they all have in common is they allow you to choose your repayment cycle. So whether you get paid weekly, fortnightly or monthly, you'll have the flexibility to set up your repayments to match.
  • Extra repayments facility: CommBank's personal loans come with the flexibility of an extra repayments facility, allowing you to pay off your loan earlier and save big bucks in interest through additional payments. However, be aware that the fixed rate loans have an extra repayment cap of $1,000 each year, and you may be charged a small cost for the service.
  • No application fee for students: While CommBank's personal loans come with an application, ongoing and late payment fee, the application fee is wiped if you're a student.

How do you apply for a Commonwealth Bank personal loan?

To apply for a personal loan through CommBank, you must be an Australian citizen or permanent resident.

Are you a student? If you're applying for one of CommBank's student loans, you'll also need to be a full-time tertiary student.

Some of the docs you may need to provide to the Commonwealth Bank include:

  • Proof of income in the form of your two most recent payslips. For the self-employed borrowers out there, you'll need your last two years' tax returns.

  • One month of bank statements.

  • Photo ID like your passport, Australian driver's licence or proof of age card. If you're a student, you will need to show your student card in the branch at the beginning of each year.

For those looking to apply for the secured car loan, you'll also need to provide:

How are Commonwealth Bank personal loans rated?

Mozo users have rated Commonwealth Bank personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
Commonwealth Bank personal loans
Overall
Price
Features
Customer service
Convenience
Trust

2174 Reviews

Recent Commonwealth Bank personal loan reviews

Commonwealth Bank Personal Loan
Overall 6/10
Easy service but not the best fees

Commonwealth bank being the largest bank has the comfort of being reliable and was also willing to provide a loan when other banks were not. Customer service is easy to get in contact with. I wouldn't say the fees are the best in the market though.

Read full review

Commonwealth bank being the largest bank has the comfort of being reliable and was also willing to provide a loan when other banks were not. Customer service is easy to get in contact with. I wouldn't say the fees are the best in the market though.

Price
5/10
Customer service
6/10
Convenience
9/10
Trust
7/10
Less
Joshua, Victoria, reviewed 17 days ago
Commonwealth Bank Unsecured Personal Loan
Overall 1/10
They have changed.. for the worse.

I find when in financial hardship you have to jump through hoops to advise this, they take while to get back to you, and when they do; they use their own calculator which I don't believe takes into account all debts and debits. I have been a customer since I was 5 through the school dollarmites account, and am now 31. For 26 years holding an account with only them, I would of thought their customer service would be a bit better, and more understanding of peoples hardships.

Read full review

I find when in financial hardship you have to jump through hoops to advise this, they take while to get back to you, and when they do; they use their own calculator which I don't believe takes into account all debts and debits. I have been a customer since I was 5 through the school dollarmites account, and am now 31. For 26 years holding an account with only them, I would of thought their customer service would be a bit better, and more understanding of peoples hardships.

Price
1/10
Features
1/10
Customer service
3/10
Convenience
3/10
Trust
1/10
Less
Chade, New South Wales, reviewed 17 days ago
Commonwealth Bank Personal Loan
Overall 2/10
They don't care anymore

Poor customer service. Not clear with fees. Increased fees. Not flexible with repayments.

Read full review

Poor customer service. Not clear with fees. Increased fees. Not flexible with repayments.

Price
5/10
Features
3/10
Convenience
1/10
Trust
3/10
Less
Caroline, Queensland, reviewed about 1 month ago
Commonwealth Bank Unsecured Personal Loan
Overall 4/10
Good customer service

It's been pretty easy to deal with and good customer service

Read full review

It's been pretty easy to deal with and good customer service

Price
6/10
Features
5/10
Customer service
5/10
Convenience
5/10
Trust
5/10
Less
Jade, Queensland, reviewed about 1 month ago
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