Commonwealth Bank personal loans

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.

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)

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

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 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.