Have you recently been eyeing a kombi van to take on the road, or checking flight prices now that the skies are opening up again? Many people are starting to feel confident again about planning their next holiday, and a personal loan is one way to turn your travel dreams into a well-deserved reality.

A personal loan can give you the finance and flexibility you need to do what you want, when you want. It’s simply a type of loan that you can take out to cover the costs of your travels.

Before applying for a personal loan, you’ll need to have a good indication of your travel budget. Make sure you include things like flights, accommodation, visa charges, food and drink, activities, tour packages, car rental, souvenirs and any travel insurance. It’s best to have a little more than what you budget for to allow for unexpected expenses or changes to your travel plans.

Once you have a good idea of how much you’ll need, our personal loan borrowing calculator can help you work out how much you’ll be able to borrow based on your income and expenses.

If your dream trip involves leaving the country, other things to consider include:

  • Checking out exchange rates for the country or countries in your dream itinerary. You might also want to think about taking a Travel Money Card (TMC) or Foreign Cash with you
  • Visa requirements and foreign country conditions of entry
  • How you’ll access your funds while you’re abroad. Some countries are more advanced than others in terms of being “cashless”, so it’s often a good idea to securely wear a money belt and carry some cash with you on top of the credit cards, debit cards, TMCs and/or smartphone that you’ll use to access your money
  • Knowing all your card's expiry dates, withdrawal limits and credit limits so there are no nasty surprises when you’re travelling
  • Registering with Smartraveller for travel advice and emergency assistance
  • If you’re a CommBank customer, let us know about your trip before you go and we’ll keep an eye out for any suspicious activity on your accounts. You should also check that the phone or device you’re taking overseas can receive SMS and has the CommBank app installed with notifications allowed

Should you decide to go ahead with funding your travels using a personal loan, you have a couple of options available:

  • Enjoy the flexibility to make extra repayments on a variable rate loan, or
  • Lock in an interest rate and loan term with a fixed rate loan

CommBank can help you with this. With our personal loans, you can:

  • Borrow from $4,000 up to $50,000
  • Choose a loan term from 1 to 7 years
  • Select weekly, fortnightly or monthly repayments
  • Enjoy the flexibility of making additional repayments without incurring a fee for a variable rate loan or up to $1,000 per year for a fixed rate loan.

Applying online for a CommBank loan is easy, and you’ll get a response from us within 60 seconds. You may even get access to funds on the same day you apply*.

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Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on this, consider the appropriateness to your circumstances.

Applications for finance are subject to credit approval. Full terms and conditions will be included in our loan offer. Fees and charges are payable.

* You may be eligible for same day funding if you’re approved, accept your contract and complete verification by 4pm Monday to Friday (Sydney/Melbourne time). Subject to credit checks and assessment of your financial situation. Unavailable if an application is incomplete or needs to be referred for a more detailed review by a lending specialist, if required documentation isn’t provided and subject to system availability.

Commonwealth Bank of Australia ABN 48 123 123 124. Australian credit licence 234945.