Commonwealth Bank (CommBank)
CommBank Personal Loans start from 6.29% p.a. (secured), up to $120,000, plus a $250 car loan offer. Manage everything online, from application to repayments.
CommBank’s personal loans stand out with flexible terms, competitive rates, and a range of borrowing options. For those interested in car finance, a Secured Fixed Rate Car Loan currently offers a special: save $250 on your establishment fee when applying and funding the loan between 31 March and 30 June 2026. Loan amounts for personal use start from $4,000 up to $120,000, with terms from one to seven years. Interest rates begin as low as 6.29% p.a. for secured options, and 7.00% p.a. for variable or fixed unsecured personal loans.
How to Apply: Step by Step
Applying for a CommBank personal loan is straightforward. Start with the online application, providing your personal and employment details. CommBank will respond within 60 seconds upon submission. Once approved, you receive a contract for review and acceptance. If requested, submit supporting documents for identity and income verification. The digital platform lets you track your application and progress from your CommBank app or online banking.
Pros: Key Benefits
CommBank’s low starting rates and transparent fee structure make it appealing for many borrowers. The current $250 fee waiver on car loans is a real saver. Managing the loan is easy using the CommBank app, including changing repayments, tracking activity, and generating payout figures.
Cons: What to Watch Out For
Not every applicant will secure the lowest advertised rate; better rates are reserved for excellent credit. The $15 monthly fee on personal loans can add up over time and early repayment adjustments may apply if you pay out certain loans ahead of schedule.
Verdict: Is CommBank Right for You?
For Australians seeking competitive loan terms, flexible features, and reliable digital banking, CommBank’s personal loans are compelling, especially with the current car loan offer. Though fees should be considered, straightforward application and good customer perks make CommBank a solid choice for both personal and car finance.