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Personal loans / Set up & manage your personal loan

We’ll keep you informed

Once you submit your application, we’ll show your outcome or what to do next on screen.


You can check your application status at any time:

  • CommBank app: Search ‘Manage my applications’ on the main screen
  • NetBank: Go to Offers & Apply > ‘My Applications’ to view your Personal Loan application.

Verifying your documents

Uploading documents

  • After you accept your contract, we may request additional documents from you for verification. We’ll notify you by email or through the CommBank app.
  • You’ll see a document upload screen in the CommBank app or NetBank showing exactly what to upload and how.

Loan funding

  • Once verification is complete and your loan is approved, we’ll pay the funds into an account which you’ve nominated.

For more detailed information, see What you need to apply for a personal loan.

What happens if your application is declined

We’ll show your outcome on the decision screen in the CommBank app. To view it, search ‘Manage my applications’. The application status will be displayed as declined or unsuccessful.

In some cases, we may also send you additional information via email and/or a NetBank message. To view your NetBank message, search ‘Inbox’ in the main screen of the CommBank app. This may provide further details about why your application was declined. 

Responsible lending practices

We’re obliged to comply with regulatory requirements and are committed to responsible lending. We need to ensure that we don’t give you credit if we determine the loan is not suitable for your needs, or it is likely that you might not be able to keep up with the repayments. We need to balance your goals with what’s right for you at the time you apply. 


Some common reasons for a loan decline include:

  • Eligibility criteria have not been met: You may not meet our eligibility requirements, which are in place to ensure loans are suitable for applicants.

  • Personal financial situation: Your personal financial circumstances, including your income, expenses, existing debts, and overall ability to repay the loan, are assessed against our lending criteria. If these do not align with our requirements, your application may be declined. 

  • Credit score and history: If you’ve previously missed repayments, had accounts go into arrears or had defaults recorded on your credit file, this can affect your eligibility. We also look at behaviours such as regularly going over your credit limit or making lots of credit applications in a short time. We review your past credit obligations to help assess your ability to meet future repayments.  

  • Loan type: We check that the loan amount, term and product are appropriate for your financial situation and ability to make repayments. 


How to improve your chances of loan approval  

1. Make sure you meet CommBank Personal Loan eligibility criteria:

  • Be at least 18 years of age
  • Be an Australian or New Zealand citizen, Australian permanent resident or hold an eligible visa
  • Have an Australian address
  • Be employed or receive regular income
  • Have a record of good account conduct with CommBank and a good credit rating

2. Maintain a good credit rating


 Ensuring you pay everyday bills (for example, phone and electricity) and any existing debts on time helps you maintain a good credit rating. Missed payments, arrears, or debt collection records listed with a credit reporting body may affect your credit rating. 

3. Check your credit score and history

A credit report is a detailed record of your credit history, including the types of credit you’ve had and how you’ve repaid those debts. Request a free credit report from a credit reporting body. These reports show your most up-to-date information.

4. Avoid submitting multiple loan applications

  • Understand the loan product and compare different lenders to find a loan best suited for you. Try to limit the number of credit applications you submit as each one may be recorded and could impact your credit score.

5. Consider paying down existing debts

  • Consider reducing any existing debts, as we take all other liabilities into account when assessing your ability to repay the new loan.

How to set-up a direct debit

You can set this up during your loan application to make repayments easier. If you’d prefer to set it up later, here’s how:


From a CommBank account:

  • Message us in the CommBank app and we’ll set up the Direct Debit from your nominated CommBank account.

From another bank:

  • Set up recurring transfers or BPAY with your other bank using the details below:
    • Scheduled transfer: BSB 062 370 
Account number: <Your personal loan account number>

    • BPAY Biller Code 55566 
Reference: <Your personal loan account number>

  • Alternatively, complete the Direct Debit Request Service Agreement and Request form then visit a CommBank branch so we can set up your direct Debit from your other bank account.

How to cancel direct debit repayments

  • You can cancel your direct debit by messaging us in the CommBank App and our team will help you get it done.

    If your repayments are set up as automatic transfers or BPAY from another bank, you’ll need to cancel those arrangements with them directly.

How to change your repayment amount, frequency or date

You can make a request to change your existing direct debit amount, frequency or date in the CommBank app or NetBank.

  1. Open the CommBank app

  2. Go to  Accounts → Personal Loan 

  3. Select  Manage 

  4. Select  Change direct debit repayments

  5. Confirm repayment frequency (weekly, fortnightly, monthly) and start date.  

  6. Review and submit. 
 


Important things to know

  • Changes usually take 3–7 business days to be processed. If you request a change close to a repayment date, it may not take effect in time. We’ll notify you in your NetBank Inbox when the change is processed. You can also check messages in the CommBank app by searching ‘Inbox’ on the main screen.

  • If the direct debit amount you have requested is less than the minimum required monthly repayment, we’ll automatically increase it to meet the minimum. If your change creates a shortfall (the total paid for the month is below the minimum), we’ll let you know the amount, and you’ll need to pay this into your loan account to help avoid fees or your account falling into arrears. For more details on how repayments work, see Personal Loan Repayments.

How to change your direct debit linked account

From a CommBank account

 

  1. Open the CommBank app
  2. Go to  Accounts → Personal Loan
  3. Select  Manage 
  4. Select  Change direct debit repayments
  5. Choose the nominated CommBank account from the list
  6. Review and submit.


 

Note: It can take up to 3–7 business days for the new account details to be updated.

From another bank:
If you’re changing your direct debit to an account with another bank, you have two options:

  • Option 1: Set it up yourself with the other bank
You can arrange repayments directly through the other bank using automatic transfers or BPAY with the details here.

  • Option 2: Set it up in CommBank branch
You can complete the Direct Debit Request Service Agreement and Request form and take it to a CommBank branch so we can set a direct debit to come out of an account with another bank.

Note: If your current Direct Debit is set up with a CommBank account and you’re switching to an account with another bank, please message us in the CommBank app first. This allows us to cancel your existing Direct Debit before you set up a new one and helps prevent any duplicate debits.

How to track your personal loan repayments

Once your loan is active, you can view upcoming repayments and track your progress. 
Open the CommBank app, select Personal Loan, and view the Repayments Tracker to see how you’re tracking against your minimum monthly repayment. 

How the repayment tracker works

Using the image as an example only — view your real repayment progress in the CommBank app.
 

1. A message showing how much you have left to pay for the month

  • This shows the remaining total you need to pay for the month, regardless of if you pay weekly, fortnightly or monthly.  


Note: If you’re behind on payments, this section will also show any missed or overdue payment messages. 

2. Your minimum monthly repayment

  • Shows the minimum amount payable for the month and the date it’s due.

3. Progress bar

  • A visual indicator that shows how close you are to meeting the month’s minimum repayment: the portion you’ve paid (in blue) and the remaining amount still to pay. 

4. Already paid

  • The total amount you’ve paid so far this month across all repayments.
  • In this example, it shows $1,000 already paid.

5. Next direct debit (if set up)

  • If you have direct debit set up, you’ll see the amount of your next repayment and the date it’s due.


Note: Using redraw will reduce your extra repayments and may increase the time it takes to pay off your loan and the total interest you pay. If applicable, redraw amounts will be considered in the repayments tracker.  

How to redraw from your loan

A redraw facility lets you access extra repayments you’ve made on your Variable Rate Personal Loan, with no fees, subject to your loan’s terms.

You can check your available redraw balance at any time in the CommBank App or NetBank under your Personal Loan’s ‘Available funds’.

If you’d like to transfer available funds, follow these steps:

  1. Log in to the CommBank app
  2. Go to  Accounts → Personal Loan
  3. Select  Redraw 
  4. Enter the amount you want to redraw from the available funds
  5. Select the account to receive the funds and confirm

Note: Using redraw reduces your extra repayments and may increase the time it takes to pay off your loan and the total interest you pay.

Payout & close your loan

If you're planning to pay off your personal loan, the first step is to get your final payout figure.

What is a payout figure?

A payout figure reflects your total closing balance, which includes any outstanding interest and applicable fees.

You can choose the date you’d like to pay out your loan. Keep in mind that your loan will only be closed if we receive your final payment on or before your selected payout date.

You can access a payout figure and close your loan in your CommBank app with the below steps:

  1. In the CommBank app, go to Accounts → Personal Loan
  2. Select 'Manage' → scroll down to tap 'Pay out and close'
  3. Choose a date you’d like to pay off your loan
  4. Tap ‘Get payout figure’ to see the exact amount required for that date
  5. Make the final payment using your preferred method

Note: Any upcoming scheduled direct debits or pending transactions will result in an overpayment. We will ensure any overpayment is automatically refunded into your account usually within 10 days from the date we receive your final payment.  

How to make a payment to close your loan account

Once you've got your payout figure, you can pay out your loan:


From CommBank account

  • Transferring between accounts in the CommBank App or NetBank to your personal loan
  • Please allow up to 10 days for your loan to be closed from the date we receive your final payment.  

From another bank or BPAY

You will need the following payment details to make payment. 

BSB 062 370 

Account number: <Your personal loan account number>
 BPAY Biller Code 55566 

Reference: <Your personal loan account number>

You can find account number if you click on your personal loan in the CommBank app or NetBank.

Note: Payments made from another bank or BPAY may take up to an additional 2 business days to process. Please ensure your payment is made at least 2 business before your payout figure date and allow up to 10 days for your loan to be closed from the date your final payment is processed. 

View statements 

We issue personal loan statements every 6 months, in January and July. 

You can view your statements at any time in the CommBank App.



Current account

  1. Go to Accounts → Personal Loan
  2. Select Manage 
  3. Select View statements


Closed accounts (last 2 years)

  1. Search ‘Statements’ in the CommBank app main screen
  2. Select View statements
  3. Select Closed accounts, then choose the account from the list.

How to read your personal loan statement

1. General loan account details 



  • Account number - The number in the series of statements sent since your personal loan started.


  • Statement period - The start and end dates used to record all activity on your loan account for that period and produce your monthly loan statement.
  • Required repayments - This is the minimum amount you must pay each month to ensure your loan is paid off within the agreed term.

  • Interest rate - Your current interest rate. If there has been a change during the statement period, then this will be shown on the ‘transaction’ page.

  • Loan balance - The amount owing on your loan at the date the statement was issued. Please note, this is not a payout figure. Obtain a Payout Figure by logging into NetBank or the CommBank App.

2. Personal Loan summary – A summary of the total debt and credit transactions processed during the statement period.


  • Opening balance - This is the amount you owed at the start of the statement period.
  • Bank fees - Any fees charged to your loan during the period, such as service fee or late payment fee.
  • Interest - The interest charged on your loan for the statement period.
  • Repayments - The sum of loan repayments processed during the statement period.
  • Other - This figure can include any redraws, reversals or adjustments processed in the statement period.
  • Closing balance - This is the amount you owe at the end of the statement period.

3. Remaining loan term - Shows how long you have left on your loan based on your current repayment amount and frequency.


4. Interest - The total interest charged for the current financial year.

5. Transactions - Shows all transactions on your loan account during the statement period, listed in date order.

Proof of loan closure

After you receive your payout figure and make your final payment in line with that amount, we’ll finalise and close your personal loan once the payment is received.

Your final statement will be available in ‘View statement’ section on NetBank and will serve as confirmation that your account has been closed.

Please allow 10 days from the date of final payment for your personal loan account to be finalised and closed.

Get started with a Personal Loan

Enjoy a truly digital experience in the CommBank app

Simply log in, tap the ‘Personal Loans’ tile from your app dashboard or Library and select the product you’d like to explore.

How to message us

  • Get instant help from our virtual assistant, who can answer some queries or send your enquiry to a specialist 24/7.

    Here's how to Message us:

    1. Log on to the CommBank app
    2. Tap the Help  icon in the top-right corner
    3. Tap ‘Message us’ to chat to our virtual assistant
    4. Our assistant can respond to your questions, show you how to do simple banking tasks, or connect you to a specialist

    Make sure you enable push notifications for the CommBank app. If you need to be connected to a specialist, you’ll receive an app notification when they reply, so you can message back at a time that suits you. 

FAQs: Managing your loan & redraw

Your personal loan has an agreed minimum monthly repayment amount. You’re required to pay this amount based on the:

  • Loan balance
  • Interest rate
  • Contracted loan term
  • Loan service fee

You have the flexibility to repay your loan weekly, fortnightly or monthly, on a day that suits you. Choosing a repayment date a few days after you get paid can help you avoid missing repayments

  • The minimum monthly repayment is the amount you need to pay to make sure you repay the loan over the agreed loan term. If the repayment amount you request is below the minimum, we’ll automatically increase it to meet the minimum required amount. 

  • Your monthly minimum repayment stays the same, but if you pay weekly or fortnightly, the total of those repayments must add up to at least the monthly amount by your repayment due date.

  • Setting up a direct debit is the easiest way to stay on track. It helps make sure your repayments are made on time and meet the required minimum amount. 

  • A shortfall happens when your repayments don’t fully cover the minimum amount due for a period of time. This can occur if you change your repayment date, frequency or amount.

  • If the direct debit amount you request is less than the minimum required monthly repayment, we’ll automatically increase it to meet the minimum.

  • If your change results in a shortfall, we’ll let you know the amount. You’ll need to pay this into your loan account to help avoid fees or your account falling into arrears.

  • Changes to your repayments usually take 3–7 business days to be processed. 

If you miss a repayment:

  • You’ll need to make up the missed amount as soon as possible. Missing repayments may result in fees and could affect your credit history.
  • Check your repayment progress in the CommBank app. Simply log in, select your Personal Loan account, and check how you’re tracking against your minimum monthly repayment.
  • If you usually repay weekly or fortnightly, you can still catch up by making additional payments within the same month, as long as the total paid meets your minimum monthly repayment.

FAQS: Payout, Statement & Closure

  • Yes. You can pay out and close your personal loan at any time. 

  • If you have an Unsecured Fixed Rate Personal Loan or a Secured Fixed Rate Car Loan, an early repayment adjustment may apply if you close your loan early.

  • Early repayment adjustment is used to cover reasonable administrative costs and any estimated losses we may incur as a result of the loan being repaid early. The fee won’t exceed these reasonable costs and estimated losses.


  • Once your personal loan is fully paid and closed, you can access your final loan statement in NetBank. This statement is your confirmation that the loan has been closed.

  • Please allow up to 10 days from your final payment for the loan to be finalised and for the closure statement to appear. 

Help & support

Financial Hardship support 

  • Our team can work with you to come up with a solution that’s tailored to your needs if you're going through financial hardship. 

Find out more 

Find out about Personal Loans  

  • Choosing the right personal or car loan depends on what you’re borrowing for, how much flexibility you need and how 
repayments will fit your budget. 

  • Compare Fixed, Variable and Secured Personal Loan options, check fees and repayment features, then try our calculators to see what works for you. 
Take me there
Personal loans guide & FAQs
What you need to apply for a personal loan
Learn about how personal loan repayments work

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.

    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 are payable.

    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.

    The CommBank app is free to download however your mobile network provider charges you for accessing data on your phone. You should refer to your mobile phone plan or contact your provider to find out more. Terms and conditions are available on the CommBank app. NetBank access with NetCode SMS required. Find out about the minimum operating requirements on the CommBank app page.