Commonwealth Bank (CommBank)
Flexible personal and car loans from 6.29% p.a. to 22.00% p.a., simple fees, limited-time $0 establishment fee on car loans, and fast online approval.
CommBank Personal Loans offer a wide range of solutions with flexible features for borrowers across Australia. Their fixed and variable interest rates range from 7.00% p.a. to 22.00% p.a. for both unsecured and secured loans. Notably, the Secured Fixed Rate Car Loan starts from 6.29% p.a. and comes with a $250 establishment fee waiver for successful applications funded between 31 March and 30 June 2026. Borrowers can choose terms from one to seven years and borrow amounts from $4,000 up to $120,000 for a car loan.
How to Apply: Easy Steps
Fill in the quick online application form, providing your details and financial information. CommBank typically delivers a decision within 60 seconds of submission. Once approved, you will be sent a contract to review and accept. Additional documentation may be required for verification, such as proof of income or car purchase details for secured loans.
Why Choose CommBank Personal Loans?
Flexible repayment options are a major advantage, with the ability to redraw additional payments on variable loans and track repayments in real time through the CommBank app. The $0 establishment offer makes their secured car loan especially cost-effective. Same-day funding may also be possible for approved applicants.
Potential Drawbacks
The monthly $15 service fee applies to all personal loans, which can add to the total loan cost. Not all applicants will receive the lowest available interest rates; rates are determined by your credit profile and application details.
Verdict: Who is it Best For?
CommBank Personal Loans are an excellent choice for anyone wanting competitive rates, digital access, and quick application turnaround. The secured car loan discount gives extra value to car buyers. Overall, the flexibility and transparency make this a solid option for most Australian borrowers.