CommBank offers two distinct personal loan products: A fixed rate personal loan and a variable rate personal loan. 

Signing up for a fixed rate personal loan might provide a person with greater peace of mind, as they’ll know when their regular payments will be for the life of their loan. On the other hand, the variable rate personal loan allows them to make extra repayments without fear of penalty and to take advantage of downwards interest rate movements. Though, they also might feel the impact of rate rises, if they were to increase.

The bank also personalises the interest rates offered on personal loan products according to a borrower’s circumstances. 

Personal loan products

Available via CommBank?

Fixed rate personal loan

Variable rate personal loan

Low credit personal loan

Personal loan for cars

Secured personal loan

CommBank provides personal loans of between $4,000 and $50,000 with terms of one to seven years. It allows customers to make weekly, fortnightly, or monthly repayments.

Green discount

Taking out a personal loan to pay for a ‘green’ purchase, like solar panels or a solar hot water system? You might be eligible for a discount on the interest rate of a CommBank personal loan. 


The bank also offers a personal overdraft to eligible customers that, when set up, allows them to borrow funds as they need them, paying interest only on what they’ve borrowed.

It can provide access to between $100 and $20,000 in the same way a person can access their own funds kept in a CommBank Everyday Account (a transaction account).

If a person has borrowed money through an overdraft, any money then added to their transaction account is automatically used to repay the overdraft.

Redraw and extra repayments

CommBank allows a person with a variable personal loan to redraw any extra repayments they make over their loans life if they need to. That’s not the case for a fixed interest rate personal loan, however.

It also allows those with a variable rate personal loan to make unlimited additional repayments. Those with a fixed rate personal loan can make up to $1,000 of extra repayments in a given year without penalty. 


There are a few fees associated with a CommBank personal loan that borrowers should be aware of. Firstly, they attract a $250 establishment fee and a $15 loan service fee.

If a borrower is late on a repayment, they’ll also incur a $20 late payment fee. 

The bank’s personal overdraft feature incurs a $15 monthly fee when it's used to access more than $15 in the prior month.


A borrower can make repayments on their CommBank personal loan weekly, fortnightly, or monthly. They can also pay via direct debit, salary credit, the bank’s app NetBank, in branch, or over the phone.


To be eligible for a CommBank personal loan, you need to be over 18 years old and a citizen of Australia or New Zealand, an Australian permanent resident, or hold a valid visa. 

You will also need to be employed or receiving a regular income, meet minimum income standards, and have a good credit rating.