Guide to a personal loan

Step 1 – Prepare to make your purchase

• Calculate the total amount you want to borrow without compromising your lifestyle
• Calculate the repayments you can afford to make
• If you’re buying a car, apply for a Car Seeker pre-approval to give you peace of mind when you’re ready to make your purchase
  
  

Step 2 – Decide on a secured or an unsecured loan

If you’re borrowing to buy a car you can choose between the two main types of debt – secured or unsecured. So what’s the difference?

Secured loans are backed by the car you are purchasing in a similar way that a person’s home loan is backed by their house. That means that if for some reason you can’t make your repayments, you might have to give up your car to help cover the outstanding balance on the loan. However because you are willing to provide this security, the interest rate is generally lower.  

Unsecured loans are not backed by your car, which means you aren’t legally required to give it up if you can’t make your repayments. However, as there is a legal obligation to make your required payments on the loan, a default could adversely impact your credit rating. 

Step 3 – Choose your personal loan

• An unsecured fixed rate personal loan means your repayments are fixed so you’re protected from interest rate rises
• An unsecured variable rate personal loan allows you to make extra repayments at any time without a fee
• A secured car loan gives you a lower rate and more affordable repayments in exchange for securing the loan with your car 
  
  

Step 4 – Customise your personal loan

With unsecured fixed or variable rate personal loans you:

• Can borrow from $5,000 to $50,000
• Pay it off over one to seven years
• Don’t need to provide security to us
• Pay weekly, fortnightly or monthly
• Apply online , by calling 13 1431 or in any branch
• Could get your money today¹
  
  

With a Fixed rate secured loan you can:

• Enjoy a lower interest rate
• Borrow $10,000 or more with no maximum loan amount
• Know exactly what your repayments are because the interest rate is fixed
• Pay weekly, fortnightly or monthly
• Apply online, by calling 13 1431 or in any branch
  
  

Step 5 – Apply Now

The next step to your ideal car, dream holiday, getting on top of your debts or having money for anything else that might crop up is as easy as completing our online application form or you can simply call us on 13 1431.

We can also help speed up the process with:

• On-the-spot Car Seeker pre-approval
• Instant approval and same-day funding for existing customers^*

 

 

 

• Important information:
  *Apply before midday Monday to Friday, and if you’re approved, we’ll give you access to your loan that day. Unavailable for secured loans, when a guarantor is required, if an application is incomplete or needs to be referred for a more detailed review by a lending specialist and subject to system availability. Applications for finance are subject to the Bank's normal credit approval. Full terms and conditions will be included in our loan offer. Fees and charges are payable. Commonwealth Bank of Australia ABN 48 123 123 124