CommBank Personal Loan Rates and Review

CommBank Personal Loans as of April 2024

Lender	Advertised rate	Comparison rate*	Monthly repayment	Interest Type	Secured Type	Early Exit Fee	Ongoing Fee	Application Fee	Total Repayment	as ofApril 20, 2024

	7.50^%_p.a.	8.90^%_p.a.	^$622	Variable	Unsecured	^$0	^$15	^$250	N/A	More details
	Unsecured Personal Loan for Eligible Sustainable Purchases
Unsecured Personal Loan for Eligible Sustainable Purchases More details
	7.50^%_p.a.	8.90^%_p.a.	^$622	Fixed	Unsecured	^$0	^$15	^$250	N/A	More details
	Unsecured Personal Loan for Eligible Sustainable Purchases Fixed
Unsecured Personal Loan for Eligible Sustainable Purchases Fixed More details
	8.49^%_p.a.	9.88^%_p.a.	^$631	Fixed	Unsecured	^$0	^$15	^$0	N/A	More details
	Personal Loan Fixed
Personal Loan Fixed More details
	8.50^%_p.a.	9.89^%_p.a.	^$631	Variable	Unsecured	^$0	^$15	^$250	N/A	More details
	Personal Loan
Personal Loan More details
	14.90^%_p.a.	16.09^%_p.a.	^$692	Variable	Unsecured	N/A	^$15	^$0	N/A	More details
	Personal Overdraft
Personal Overdraft More details

Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of April 20, 2024. View disclaimer

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.

Overdraft

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.

Fees

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.

Repayments

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.

Eligibility

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.