CommonBank Australia Loans Review

If you need to get a loan in Australia, CommonBank is willing to offer you loans with different types and different interest rates. Firstly, Fixed Rate Personal Loans offer you a loan of up to $50,000 with a fixed interest rate and fixed payments.

Fixed Rate and Variable Rate Personal Loans

Interest rates of Commonwealth Bank have 2 types: For the fixed rate, your interest rate will be 12.99% for a 5 year loan while for comparison rate your interest rate will be from 13,86% p.a based on an unsecured $30,000 loan over 5 years. Also, the actual interest rate you will get will be based on several factors due to the information you provide. Different amounts and terms lead you to get different comparison rates.

Secondly, Variable Rate Personal Loans allow you to borrow from $4,000 to $50,000 and provides you a competitive rate and flexibility to make extra repayments without a fee. For variable rate, your interest rate will be from 13,90% p.a while for comparison rate your interest rate will be from 14.77% p.a based on an unsecured $30.000 loan over 5 years but your actual rate will be based on several factors as well.

Secured Car Loan

Secured Car Loan offers you a reduced interest rate by using your car (new or less than 5 years old) as collateral security. Your repayments can be weekly, fortnightly or monthly over 1 to 5 years. Since your interest rates will be fixed, you will not be surprised when you see the amount of your repayments for the life of the loan.


You may borrow from $10,000 and there is no maximum loan amount. (If you want to borrow less than $10,000 you may consider unsecured variable rate or fixed rate personal loans). The fixed interest rate you will be offered will be from 8.49% p.a while the comparison interest rate you will get will be from 9.45% p.a based on a $30,000 loan over 5 years.

How To Apply CommonBank Loans

You may apply online and get a quick response within a minute, you may apply by phone or by visiting the nearest branch. You should report the loan amount you need, what you want that loan and tell them about you and your finances.

If you are a student, you have a chance to create an account for free and take advantage of discounts and Commonwealth Bank loans. You should also consider some other fees when deciding whether this loan is suitable for you. For example, you have to pay off your establishment fee ($150) when accepting a loan and pay off your ongoing loan service fee ($10) per month.