Looking at CommBank personal loans? Find out all there is to know about them and compare your options with Savvy.
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Commonwealth Bank stands as one of Australia’s four biggest banks and isn’t short on services on offer, with a myriad of banking products available on top of home loans, insurance, business and international offers.
One such product is a personal loan, which you may be drawn towards if you already bank with them, but you should always take more time to consider the vast number of options at your disposal.
That’s why Savvy is here to help. With lending partners around Australia, we break down offers from them and other financiers so you can find out quickly and effectively whether they’re right for you.
*Please note that Savvy does not represent Commonwealth Bank for their personal loan product.
You can secure a rate as low as 6.99% p.a. (8.40% p.a. comparison) on your personal loan, potentially allowing you to save on interest and fees over the life of your loan.
There’s no need to be stuck with one or the other, as CommBank allows you to choose from personal loan products which allow you to either lock in your rate or keep it open to movement.
Depending on the type of loan you choose to apply for, you’ll be able to borrow as little as $4,000 up to a maximum of $100,000, making them suitable for needs big and small.
You’ll be able to make extra contributions towards your loan debt, with additional payments above the minimum amount cutting down on the interest you’ll pay overall.
In some cases, you can even withdraw from the extra payments you’ve already made to add even more flexibility and save you from applying for another loan.
You should always be as comfortable as possible when repaying your loan debt, so being able to select your ideal term from one to seven years allows you to do that.
If you own a valuable asset which you want to use as collateral for your personal loan, you’ll be free to do so with a secured finance deal as an option on top of unsecured loans.
The beauty of personal loans lies in their flexibility, as they’re designed to be able to be used for just about any purpose, from consolidating outstanding debts to funding your next getaway.
As with most other personal loans, you can customise your repayment schedule to reflect a frequency which best suits you, with monthly, fortnightly or weekly payments available.
CommBank charges customers an ongoing fee of $15 throughout their loan term, as well as an establishment fee of $250 upon the commencement of your personal loan.
On CommBank’s fixed rate personal loans, you’ll only be able to contribute a maximum of $1,000 in extra payments each year of your loan, restricting your ability to save.
You won’t be able to apply here if you’ve struggled with your credit in the past, as big lenders like CommBank don’t tend to work with borrowers in this position.
You have three main personal loan products to choose from when applying with CommBank. It’s important to know which is the right one for you before applying, as each offer comes with distinct differences. However, above all else, it’s crucial to compare your options with Savvy. We’re partnered with flexible lenders who offer some of the cheapest and best loan deals on the market, so you can put yourself in the best position to select the best one for your needs.
Secured Personal Loan
As the name suggests, this is a loan which requires an asset to be put up as security. This can be used both as a personal loan and a car loan, as your vehicle is required as collateral for this finance deal. Your car will need to be five years old at most and covered by a comprehensive insurance policy, as well as being free from any outstanding finance. Under this loan, you can access the minimum 6.99% p.a. fixed rate if your profile is suitable and borrow from $4,000 to $100,000, accessing up to 120% of your loan’s value.
Fixed Rate Personal Loan
This unsecured personal loan comes with a fixed interest rate, meaning you won’t need to worry about security if your car isn’t eligible. While you’ll still be able to take up to seven years to repay your debt, your borrowing range is limited to $4,000 to $50,000, rather than $100,000. Fixed interest makes budgeting more accurate across your loan term, as you’ll know exactly how much you’ll be setting aside each month into the future. These loans start from interest rates of 8.50% p.a. (9.89% p.a. comparison).
Variable Rate Personal Loan
You’ll also have the choice to leave your unsecured personal loan’s interest rate open to fluctuation with a variable rate. This means that your loan’s interest rate can rise or fall throughout your term every month, potentially enabling you to save but also running the risk of costing you more. This loan is essentially the same as the fixed rate loan, except there aren’t any restrictions on the number of additional repayments you’ll be able to make in a given year. This opens the door further for savings on your finance deal.
The application process is simple when applying for your personal loan. The key steps to follow are:
Gather your documents
It’s important to have all the documents you need at your disposal before you start your application with CommBank. These include:
Apply online
Fill out their online form to tell them about yourself, your finances and the type of loan you’re after and submit it.
Receive an outcome and supply documents
CommBank will be in touch with you within 60 seconds with a conditional outcome and, if approved, will ask you to supply your supporting documentation.
Sign your contract
You’ll also be forwarded a loan agreement to sign confirming the details of the agreement, which you can return and have your funds advanced on approval.
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