Limited time offer

Reach your goals this summer and save $250 on the establishment fee with an Unsecured Personal Loan

Available for a limited time when you apply and fund an Unsecured Fixed Rate or Unsecured Variable Rate Personal Loan between 05 November 2024 and 25 February 2025~

Why choose CommBank?

Streamline your debt

One repayment, one interest rate and likely save money.

Know when you’ll be debt-free

Choose from one of our loan terms, and know exactly when you’ll be debt-free.

Competitive interest rates

Know you’re getting a personalised rate that’s right for your circumstances.

Helping over 35,000 Australians better manage their finances every year with a debt consolidation

Debt consolidation

Take the stress out of managing multiple loans by taking out just one debt consolidation loan.

Popular uses:

  • Consolidate multiple loans
  • Consolidate high-interest credit cards
  • Refinance an existing personal loan

Apply now

How the debt consolidation process works

Work out your debt

This could include multiple credit cards, loans and other lines of credit with other providers.

Apply now

Apply for a personal loan and select “debt consolidation” as the loan purpose. Include all the debts you would like to consolidate.

Pay off existing debt

If approved, use the funds to pay off your existing debt and close them off.

One repayment

Now that you only have one loan, you can focus on making only one repayment.

How to apply for a debt consolidation

Apply

Apply online – it will only take about 15 minutes and we’ll ask you some details. You can also apply over the phone.

Response

After you submit, we’ll give you a response in 60 seconds.

Contract

If approved, we’ll send you a contract. Check you’re happy with the terms and then accept the contract.

Verify

We may ask you for some additional documents.

Choose a personal loan that’s right for you

Fixed Rate Loan

Features
  • Fixed interest rate and repayments for the term of the loan
  • Make additional repayments, subject to an early repayment adjustment1
  • Borrow from $4,000 to $50,000 over a term of one to seven years
Rates
  • Interest rates: 8.00% p.a.2 to 20.00% p.a. (comparison rate: 9.04% p.a. to 20.89% p.a.)
  • Representative rate: 15.50%3 p.a. (comparison rate: 16.44% p.a.)
Fees
 
  • $0 establishment fee (save $250)
  • $15 monthly loan service fee
  • Other fees may apply, e.g. early repayment fee. See more

OFFER

Save $250 for a limited time

Save $250 with no establishment fee on Fixed Rate Personal Loans when you apply and fund between 05 November 2024 and 25 February 2025~

Variable Rate Loan

Features
  • Flexibility to make extra repayments without a fee
  • Redraw available funds through your redraw facility
  • Borrow from $4,000 to $50,000 over a term of one to seven years
Rates
  • Interest rates: 8.50%2 p.a. to 20.50% p.a. (comparison rate: 9.53% p.a. to 21.39% p.a.)
  • Representative rate: 16.00%3 p.a. (comparison rate: 16.94% p.a.)

Fees

  • $0 establishment fee (save $250)
  • $15 monthly loan service fee
  • Other fees may apply, e.g. late payment fee. See more

OFFER

Save $250 for a limited time

Save $250 with no establishment fee on Variable Rate Personal Loans when you apply and fund between 05 November 2024 and 25 February 2025~

Not sure how much you can borrow to consolidate your debt?

Use our borrowing power calculator, and quickly and easily get a better understanding of:

  • How much you may be able to borrow
  • What your repayments could look like
  • The different loan options which may be available to you

Get started

Are you eligible?

  • To be eligible for a personal loan, you must:

    • Be at least 18 years old
    • Be an Australian or New Zealand citizen, Australian Permanent resident, or hold an eligible visa
    • Meet minimum income requirements
    • Be employed or have regular income
    • Have a good credit rating

Not sure which personal loan is right for you? 

Resources to help you consolidate your debts

Help me choose

Use our personal loan selector tool to choose the right product.

Repayment calculator

Understand what your repayments will be. Adjust the term and the amount to meet your budget.

What is a debt consolidation?

Find out more about debt consolidation and the benefits it can provide you.

Things you should know

  • Offer available for a limited time. Apply and fund an Unsecured Fixed Rate or Unsecured Variable Rate Personal Loan between 5 November 2024 and 25 February 2025 to save $250 on the establishment fee (comparison rate calculations are inclusive of this offer).

    We reserve the right to close or vary this offer at any time.

    This guide doesn’t consider your individual objectives, financial situation or needs. Before basing any decisions on this information, please consider:

    • its appropriateness to your circumstances.
    • obtaining professional advice specific to your needs, including financial, taxation and legal advice.

    Additional repayments made on a fixed rate and secured personal loan are not available to be redrawn. An early repayment adjustment is charged if loan is fully repaid with 12 or more months remaining on loan term, and we reasonably estimate we will incur a loss or administrative cost. View the Personal Loan Terms and Conditions.

    Your interest rate is based on a number of factors, including the information you provide and our assessment of your application. We'll confirm your interest rate in your loan offer document.

    Unsecured Fixed Rate Personal Loan interest rate ranges and the representative rate are set out below. Comparison rates and examples are based on a $30,000 unsecured fixed rate loan over 5 years:

    • Interest rates range from 8.00%2 p.a. to 20.00% p.a. (comparison rate from 9.04% p.a. to 20.89% p.a.). The estimated total amount payable including fees is between $37,398 and $48,589
    • The representative rate is 15.50%3 p.a. (16.44% p.a. comparison Rate), based on this representative rate the estimated total amount payable including fees is $44,196

    Unsecured Variable Rate Personal Loan interest rate ranges and the representative rate are set out below. Comparison rates and examples are based on a $30,000 unsecured variable rate loan over 5 years:

    • Interest rates range from 8.50%2 p.a. to 20.50% p.a. (comparison rate from 9.53% p.a. to 21.39% p.a.). The estimated total amount payable including fees is between $37,830 and $49,091
    • The representative rate is 16.00%3 p.a. (16.94% p.a. comparison Rate), based on this representative rate the estimated total amount payable including fees is $44,673

    Interest rates at the lower end of our range, for example 8.00%/8.50% p.a. (comparison rate 9.04%/9.53% p.a.), may be offered to customers with an excellent credit history.

    An excellent credit history is determined by, among other things, paying your bills and making loan repayments on or ahead of time, being disciplined with your credit applications, and not overextending yourself financially.

    Actions which can negatively impact your credit history include missing bill or loan repayments, defaulting on your credit facility, or making a large number of credit applications in a short period of time. You can find out more about how your credit score is calculated and tips for improving your credit score at our Credit Score Information Hub.

    At least half of our approved customers will receive the representative rate or lower.

    Your interest rate may be different and is based on a number of factors, including your credit history, the information you provide and our assessment of your application. We'll confirm your interest rate upon submission of your application.

    WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

    Applications for finance are subject to the Bank’s normal credit approval. View the Personal Loan Terms and Conditions. Full terms and conditions will be included in our loan offer. Fees and charges payable. Commonwealth Bank of Australia ABN 48 123 123 124. Australian credit licence 234945.