Summary

CommBank offers same-day funding and lets you make additional payments without penalty with its Variable Rate Personal Loan.

Special Offer: CommBank is waiving the $250 establishment fee on unsecured personal loans. Offer available until 25 February 2025.

This personal loan from CommBank comes with a variable rate and lets you apply for between $4,000 and $50,000. You can have up to 7 years to repay what you borrow. Find out all the costs and features in this review.

Pros

Same-day funding available
Additional repayments without penalty
Access payments via a redraw facility

Cons

Monthly fee of $15

Details

Product details

Product Name	CommBank Variable Rate Personal Loan
Interest Rate (p.a.)	8.50% to 20.50%
Comp. Rate (p.a.)	9.53% to 21.39%
Interest Rate Type	Variable
Min Loan Amount	$4,000
Max. Loan Amount	$50,000
Loan Security	Unsecured

How does the CommBank Variable Rate Personal Loan work?

This loan comes with a variable rate between 8.50% p.a. and 20.50% p.a. (comparison rate from 9.53% p.a. to 21.39% p.a.) based on your risk profile and loan terms of between 1 to 7 years. The representative rate of interest is with a comparison rate of The loan comes with an application fee of $0 and a monthly fee of $15. However, as the loan is unsecured you can use it for any purpose.

Note: At least half of the customers receive the representative rate or lower. However, it may not be the actual rate you receive. The representative rate is the standard variable rate or the reference rate. Your interest rate may be different and is based on a number of factors like the information you provide and the assessment of your application. Your interest rate will be confirmed in your loan offer document.

How to apply

If this is the right loan for you, you can submit your loan application online. You need to meet the following criteria:

Be over the age of 18
Be an Australian citizen or permanent resident
You don't require a guarantor

You will need the following documents on hand to complete your application:

Proof of ID. You should have a valid Australian driver's licence, passport or Australian birth certificate. If you are an immigrant with permanent residency, certain immigration documents may be required.
Employment details. You will be asked to provide your employer's contact information and you may also be asked for details from recent paycheques.
Financial details. Details of your current income, assets and expenses will be required.

The Variable Rate Personal Loan from CommBank offers a number of competitive features. Compare personal loans from CommonBank with other providers to find what suits you and your financial situation.

Features of this loan

Special offer. CommBank is waiving the $250 establishment fee on unsecured personal loans. Offer available until 25 February 2025.
Variable interest rate. The loan comes with a variable interest rate of 8.50% p.a. and a comparison rate of 9.53% p.a.

How much you can apply for. You can choose to borrow an amount anywhere between $4,000 and $50,000.
How long you have to repay. Terms of between 1 to 7 years are available. You will also need to select the frequency of your repayment terms: weekly, fortnightly or monthly.
Same-day funding. You may be eligible to receive same-day funding if your application is submitted before noon on a regular business day. You will be notified of the approval of your request and you could qualify to get your funds that day.
Fast approval. Typically, the approval process on the Variable Rate personal loan takes 60 seconds. This may vary depending on your situation.
Additional repayments. You can make as many additional repayments as you like without being charged a fee.
Redraw capabilities. You can redraw any additional repayments you make.
Costs that apply. An establishment fee of $0 and a monthly fee of $15. Late payment or settlement check fees may also apply.

Compare other personal loans

1 - 6 of 6

Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
NOW Finance No Fee Unsecured Personal Loan Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 6.75% to 26.95%	Comp. Rate (p.a.) 6.75% to 26.95%	Application Fee $0	Monthly Fee $0	Monthly Repayment $922.89	Go to site More Info Compare
OurMoneyMarket Unsecured Low-Rate Personal Loan ($5,000-$75,000) Finder award winnerFixed1 - 7 Years $5,000 - $75,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee 1.50% - 6% min. $250	Monthly Fee $0	Monthly Repayment $934.23	Go to site More Info Compare
Harmoney Unsecured Personal Loan Finder award winnerFixed3 - 7 Years $2,000 - $70,000	Interest Rate (p.a.) 5.76% to 24.03%	Comp. Rate (p.a.) 6.55% to 24.98%	Application Fee $275 - $575	Monthly Fee $0	Monthly Repayment $926.83	Go to site More Info Compare
Latitude Variable Rate Personal Loan Variable2 - 7 Years $5,000 - $70,000	Interest Rate (p.a.) 9.49% to 29.99%	Comp. Rate (p.a.) 10.37% to 30.69%	Application Fee $0	Monthly Fee $13	Monthly Repayment $973.85	Go to site More Info Compare	Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.
NAB Personal Loan Unsecured Fixed Fixed1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 8.49% to 20.49%	Comp. Rate (p.a.) 9.88% to 21.78%	Application Fee $250	Monthly Fee $15	Monthly Repayment $969.78	Go to site More Info Compare
NAB Personal Loan Unsecured Variable Rate Variable1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 8.49% to 20.49%	Comp. Rate (p.a.) 9.88% to 21.78%	Application Fee $250	Monthly Fee $15	Monthly Repayment $969.78	Go to site More Info Compare