CommBank offers a selection of personal loans, including Fixed Rate Loans, Variable Rate Loans, Secured Car Loans and Personal Overdrafts. The maximum loan amount for both fixed and personal rate loans are $50,000, with interest rates. The interest rate for both fixed and variable rate loans is usually 8.50% p.a. to 20.50% p.a. Interest rates for car loans are usually lower than for a personal loan, as the car will be used as security. There will also be additional fees and charges, including establishment fees and a recurring monthly loan service fee ($0 and $15 respectively for personal loans).
Based on CommBank personal loan scores in Finder's 2024 Customer Satisfaction Awards.
Note: At least half of the customers receive the representative rate or lower. However, it may not be the actual rate you receive. The representative rate is the standard variable rate or the reference rate. Your interest rate may be different and is based on a number of factors like the information you provide and the assessment of your application. Your interest rate will be confirmed in your loan offer document.
If you're ready to apply for one of CommBank's personal loans you can submit your application online. Take the first step by clicking "Go to Site".
In order to apply, you need to meet the minimum criteria, which includes that you:
If you are an existing customer you may not need all of the following on hand as you can apply through Netbank. If you aren't an existing customer, you'll need:
The application process is very simple. To begin, click "Go to site" and then choose your type of loan, customise it and provide the information needed to complete the application. Once you have submitted your application, you will receive a response from CommBank within 60 seconds.
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Could I use gold or my car as a collateral for securing a personal loan?
What is the minimum income that has to be shown to get a secured loan?
Finder
Sarah June 27, 2024 FinderYes, you may be able to provide your car as collateral, provided it’s not currently secured against another personal loan. The minimum income depends on a range of other factors. The lender wants to ensure you can repay the loan based on your current income, debts, expenses and employment security. Your best bet is to contact CBA and explain your situation, so you can see what your options are. Hope this helps!
Nola May 20, 2019 Who will lend a person on Centrelink only payments? Jeni May 21, 2019 FinderHi Nola, Thank you for getting in touch with Finder. Commonwealth Bank is one of the banks offering Centrelink loans. To be eligible, you must have a minimum income of $14,000 p.a.. They accepts parenting payments, DSP, and carer’s pension as income. You may go through our comparison table of the said page to know banks/lenders that you may apply for a loan with. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you. I hope this helps. Thank you and have a wonderful day! Cheers,
Jeni
Hi Meysam, Thank you for reaching out to finder. If you have already made an application with Commonwealth on a personal loan, you may need to direct this query over to them to be sure as to when the money would be disbursed. If you have not applied yet and still checking on the timeline for disbursement, the company will inform you once the application is processed and approved. Hope this helps! Cheers,
Reggie
I am Centrelink newstart allowance recipient looking for the best unsecured personal loan as I find it hard to get approved because I don’t have a job. I own my own home, I don’t owe any money to anybody, and I don’t have credit cards with very good credit rating. Can someone please give me an answer to where I can get a loan?
Joshua October 17, 2018 FinderHi Maselusi, Thanks for getting in touch with Finder. I hope all is well with you. :) I’m sorry to hear that you are having trouble in finding a lender who can help you. Generally, the more documents you can show that you can make repayments, the higher your chance of getting approved. However, in your case, your only source of income is Centrelink and not all lenders could consider that as enough proof of your ability to make repayments. Thankfully, there are lenders offering Centrelink loans. Please refer to the table to compare your option. On that page, you will also read our guide on how to improve your chance of getting a loan. I hope this helps. Should you have further questions, please don’t hesitate to reach us out again. Have a wonderful day! Cheers,
Joshua
Hi Muskaan, Thanks for leaving a question on Finder. If you are looking to compare student loans, you can use our comparison table to help you find the lender that suit you. Once you have decided on a suitable loan for your needs, you may click on the green ‘Go to site’ button to submit your application or know more about the loan offer. Cheers,
Joel
Australia
Level 10, 99 York St, Sydney NSW 2000
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