With such an extensive reach, it’s quite probable that whatever financial product or service you’re interested in, CommBank will likely offer it. Whether that’s a service such as funds management, superannuation, insurance or investments, or an everyday banking product such as credit cards or home loans. And personal loans? Yep, CommBank has personal loans covered too.


On this page, we’ll look at the various types of personal loans CommBank currently has to offer, including unsecured fixed rate and variable rate options, as well as secured fixed rate car loans. Using this info, you can decide whether CommBank is the right lender for you – and whether a CommBank personal loan would be a good fit for your needs.

CommBank offers fixed rate and variable personal loans with a streamlined application process.

CommBank offers fixed rate and variable personal loans with a streamlined application process.

Why Fixed Rate?

First up, the CommBank Fixed Rate Personal Loan. As the name suggests, this loan has a fixed rate, which basically means the rate you are approved for when you apply for the loan will remain the same throughout the entire loan term.

  • Manage your budget more efficiently. With a fixed rate loan such as this, your repayments will be the same, month in, month out. This allows you to set aside exactly the right amount each month, so you can work around those repayments to more efficiently manage your budget.
  • Lock in a great rate. If you apply for a fixed rate loan when rates are at their lowest, you can lock in that rate for the life of the loan. So, even if rates rise elsewhere, your rate will remain the same.


It should be noted that while opting for a fixed rate loan can help you benefit from a low locked-in rate when rates rise, it also means you won’t benefit if rates fall elsewhere in the market during the life of your loan.


Potential for Lower Rates


Opting for a fixed rate loan can offer other benefits, however. For example, you may find that rates offered on fixed rate loans are lower than those offered on variable rate loans. While this will depend on the market and the lender, it’s worth comparing fixed rate and variable rate loans side by side before deciding which one is right for you.


CommBank notes that the interest rate you will receive as a borrower will depend on a number of factors, which may include your income, financial situation and creditworthiness. The bank will confirm your interest rate in your loan offer document.




Unlike many fixed rate personal loans, the CommBank Fixed Rate Loan allows borrowers to make additional repayments as they pay off their loan. Why would you want to do that exactly?

  • By paying off more of your loan, you can decrease the amount you pay in interest overall. You can also pay off your loan faster.


With that being said, CommBank does limit the amount you can pay into the loan in additional repayments, capping the total amount at $1,000 per year.


CommBank also notes that additional repayments are not available for redraw.

Why Variable Rate?

Onto the CommBank Variable Rate Loan. With this loan, the rate may change depending on the market. While any changes may be influenced by the cash rate going up or down, the decision to vary the rate on the loan is CommBank’s alone.


  • Benefit from falling rates. Should CommBank choose to lower your rate, you could save on interest as your repayment decreases. Alternatively, you may be able to pay more on your repayment while paying less in interest, allowing you to pay off your loan sooner.


On the flipside, of course, you may also pay more in interest if your rate increases. This should be factored into your decision when choosing a loan, making sure you will still be able to afford your repayments should they rise alongside a rate increase.


  • Enjoy more flexibility. A variable rate loan such as this can offer more flexibility than a fixed rate option. With the CommBank Variable Rate Loan, you can make extra repayments when it suits you, allowing you to pay down your loan faster as you save on interest.
  • Access additional repayments via redraw. CommBank also allows you to redraw those additional repayments should you need to, with quick and convenient access to your funds.

About CommBank Personal Loans

Now we’ve looked at what sets CommBank’s fixed rate and variable rate loans apart, let’s delve into the features both loans share.


Loan Amount


With both the fixed rate loan and variable rate loan from CommBank, you can borrow between $4,000 and $50,000. This is a nice range, allowing you to borrow a little if you only need a little – or a more substantial sum if required. Of course, CommBank, like any responsible lender will only let you borrow what you can afford to pay back, based on your financial circumstances.


Repayment Frequency


When deciding how much you want to borrow, it can be helpful to play around with loan terms using a personal loan calculator. This should help you find a repayment schedule that is affordable within your budget, while also keeping interest to a minimum. CommBank offers loan terms over one to seven years, giving you plenty of flexibility should you need it.


Another nice feature is CommBank’s repayment flexibility. You can choose to make repayments weekly, fortnightly or monthly, allowing you to line up your repayment with the arrival of your paycheque, or move your repayment further away from other outgoings to manage your cashflow more efficiently.




Neither the CommBank Fixed Rate Loan or Variable Rate Loan is secured. As they are both unsecured loans, you don’t need to put down an asset as collateral on the loan. This has both pros and cons.


  • With no collateral on the loan, you don’t need to worry about losing your asset should you fail to pay off the loan.
  • If you don’t have an asset worthy of using as collateral, or you simply don’t want to put an asset down on the loan, you don’t have to.
  • Unsecured loans are higher risk to the lender than secured loans. That means they generally have higher rates than secured loan options.
  • Again, as these loans are higher risk, lenders usually look for borrowers with good credit when assessing unsecured loan applications.


Same Day Funding


CommBank offers same day access to funds on both of its unsecured personal loans. That means, if you need money in a hurry, CommBank could make that happen. To be eligible for same day funding, you must apply and be approved by midday Monday to Friday (Sydney/Melbourne time).


CommBank notes that this fast access to funds is not available:

  • On secured loans, such as the CommBank Secured Car Loan.
  • If an application is incomplete or needs to be referred for a more detailed review by a lending specialist.
  • If the required documentation isn’t provided.


Loan Management


As a big bank, CommBank has plenty of money to fund and develop its customer services, such as NetBank and the CommBank app. As a borrower, you will be able to manage your loan anywhere, any time using these systems, including tracking your loan and making repayments.


Loan Purpose


CommBank doesn’t make any mention of what its Fixed Rate Loan and Variable Rate Loan can be used for. Unsecured loans such as these tend to be fairly flexible, allowing borrowers to use their funds as they see fit. While you will need to state what you’re planning to use the loan for, you may choose to use the funds for any number of purposes, such as home renovations, a holiday, a wedding or debt consolidation.




Aside from the rate you will pay on your loan, you should factor in the cost of fees when comparing loan options. Keep an eye out for one-off fees such as establishment fees, and ongoing fees such as service fees. Other fees may also apply, such as late payment fees. All fees will be detailed in the loan contract and the loan’s terms and conditions.


Introductory Offers


While it’s not very common to see introductory offers on personal loans, you may find a few worthy of taking advantage of. Introductory offers could involve reduced fees, where the lender waives the establishment fee for those who apply before a certain date. Or, it could involve a rate cut, discounting the rate applied over the life of the loan.

Buying a Car?

On this page, we have focused on CommBank’s unsecured personal loans. However, the bank also offers a Secured Car Loan as well. Here’s how that loan stacks up.

  • You can borrow between $10,000 and $100,000.
  • You can opt for a loan term ranging between one and five years.
  • You can pay weekly, fortnightly or monthly.


As it is a fixed rate loan, your repayments will remain the same throughout the life of the loan. This allows you to lock in your rate, while also managing your finances more effectively, knowing exactly how much you will pay out each month on your loan.


As it is a secured loan, you will pay a lower rate. By using your car as collateral on the loan, your rate on this type of loan will be lower than that of CommBank’s unsecured personal loans. This could make your repayments more affordable, allowing you to pay less in interest overall.


CommBank will let you make up to $1,000 in extra repayments each year without a fee. Again, this could help you reduce the amount of interest you pay, as you pay off your loan sooner. (Additional repayments are not available for redraw).


In terms of what you can and can’t use this loan for, CommBank outlines the following:


You cannot use this loan:

  • To buy a car more than five years old.
  • To buy a car where there is another purpose, for example, to buy a car for $20,000 and furniture for $5,000.
  • To buy a caravan, motor bike, commercial vehicle or truck.
  • To refinance an existing car loan.
  • To buy a car which has finance owing on it.
  • To finance any insurance premiums, including those relating to the purchase of the car.

Why CommBank?

Taking all that into consideration, why then should you choose CommBank over other lenders?

  • CommBank is a big name bank. Some borrowers simply prefer choosing a big bank such as CommBank because it’s a name they know and trust.
  • CommBank offers streamlined application processes. As a big bank, CommBank has the people and processes in place to allow for quick and easy application, with same day access to funds.
  • CommBank makes it easy to manage loans. Again, as a big bank with deep pockets, CommBank has been able to develop excellent online banking systems, allowing borrowers to manage their loans with ease. This is backed up by customer service options offered online and over the phone.

Time to apply? Check out more about CommBank’s personal loans and apply today.

Apply for a CommBank Personal Loan

What do you need to do to apply for a CommBank personal loan? Streamlining its systems, CommBank makes the application process as quick and easy as possible.


  • Step 1. Tell CommBank what you want the loan for so you can explore your loan and repayment options.
  • Step 2. Advise CommBank of your personal details and your financial info.
  • Step 3. Review your application and submit it online. Once CommBank has received your application, you’ll get a response within 60 seconds.
  • Step 4. If you’re approved, simply accept your contract and upload the required supporting documents.
  • Step 5. If this is all completed before midday Sydney time, between Monday to Friday, you will receive your funds later that day.


CommBank points out that new customers may need to visit a branch for an ID check.

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