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Limited time offer

Save $250 with no establishment fee on Unsecured Fixed Rate Personal Loans

Available only on Unsecured Fixed Rate Personal Loans when you apply and fund between 1 March 2024 and 30 April 2024~.

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 up to $1,000 in extra repayments per year without a fee1
  • Borrow from $4,000 to $50,000
Rates
  • Interest rates: 8.50% p.a.2 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. early repayment fee. See more

Offer

Save $250 with no establishment fee on Unsecured Fixed Rate Personal Loans when you apply and fund between 01 March 2024 and 30 April 2024.

Tell me more about Fixed Rate Loans

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
Rates
  • Interest rates: 8.50%2 p.a. to 20.50% p.a. (comparison rate: 9.89% p.a. to 21.79% p.a.)
  • Representative rate: 16.00%3 p.a. (comparison rate: 17.32% p.a.)

Fees

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

Tell me more about Variable Rate Loans

Secured Personal Loan

Features
  • You can typically pay a lower rate by using your current car or the car you’re buying as security
  • Make up to $1,000 in extra repayments per year without a fee
  • Borrow from $4,000 to $100,000
Rates
  • Interest rates: 6.99%2 p.a. to 13.49% p.a. (comparison rate: 8.40% p.a. to 14.83% p.a.)
  • Representative rate: 8.99%3 p.a. (comparison rate: 10.38% p.a.)

Fees

  • $250 establishment fee
  • $15 monthly loan service fee
  • Other fees may apply, e.g. early repayment fee. See more

Tell me more about Secured Personal Loans

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? 

Compare

Resources to help you consolidate your debts

Help me choose

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

Use selector

How much can I borrow?

Estimate how much you can borrow and work out the repayments.

Use borrowing calculator

What is a debt consolidation?

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

Read article

We can help

Things you should know

  • 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.
       

    ~ Apply and fund an Unsecured Fixed Rate Personal Loan between 1 March 2024 and 30 April 2024 to save $250 on the establishment fee (comparison rate calculations are inclusive of this offer).

    1Additional repayments made on a Fixed Rate Loan are not available to be redrawn. 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 8.50%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

    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 9.89% p.a. to 21.79% p.a.). The estimated total amount payable including fees is between $38,080 and $49,341
    • The representative rate is 16.00%3 p.a. (17.32% p.a. comparison Rate), based on this representative rate the estimated total amount payable including fees is $44,923

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

    • Interest rates range from 6.99%2 p.a. to 13.49% p.a. (comparison rate from 8.40% p.a. to 14.83% p.a.). The estimated total amount payable including fees is between $36,784 and $42,558
    • The representative rate is 8.99%3 p.a. (10.38% p.a. comparison rate), based on this representative rate the estimated total amount payable including fees is $38,506

    2 Interest rates at the lower end of our range, for example 8.50%/8.50%/6.99% p.a. (comparison rate 9.89%/9.53%/8.40% 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.

    3 At least half of our customers will receive the representative rate or lower. It may not be the actual rate you receive.

    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.