Help & support
Keep in mind, your personal loan has an agreed minimum monthly repayment amount. You’re required to pay this amount based on the:
You can enjoy flexibility by choosing to pay weekly, fortnightly or monthly. Increasing the frequency of your repayments can help you pay less interest over the life of the loan.
Consider setting up a Direct Debit for your repayments. Once it’s set up, your repayments will automatically be taken from your selected account on the due date.
Required repayment amount may change
Your repayment amount could get larger or smaller due to changes in loan balance, loan term or interest rates. This is so your loan is repaid within your loan term
If your monthly repayment due is $1,000 each month and you repay it in weekly instalments, then your weekly amount is $231 (calculated as ($1,000 x 12)/52)). Based on the number of weeks in the month, this works out to two different monthly amounts:
If you had decided to repay in fortnightly instalments, then your fortnightly amount is $462 (calculated as ($1,000 x 12)/26)). Based on the number of fortnights in the month, this works out to two different monthly amounts:
At the end of each month, we check that you have paid at least the applicable monthly repayment. If you miss a weekly or fortnightly instalment, you can make it up by paying that amount in the same month, so that you still meet your applicable monthly repayment amount.
If you align your repayment date to a few days after you get paid, it can help to avoid missing repayments. To check your progress at any time log on to the CommBank app.
You can make a change to your existing Direct Debit amount or frequency in NetBank.
If you hold a joint loan with another person, both of you will need to have NetBank or the CommBank app. This is so you can both consent to the change. Otherwise, you can also visit your nearest branch.
If you’re falling behind, or you think you may fall behind with repayments, don’t hesitate to get in touch with us or request financial assistance in NetBank.
Our team will work with you to tailor a solution to your needs.
For the purposes of examples, all amounts have been rounded to the nearest dollar. Actual repayments may involve dollars and cents. We assume there are 52 weeks and 26 fortnights even in leap years.
* A second attempt will be made if it was the first time a Direct Debit was scheduled for the nominated account.
As this advice has been prepared without considering your objectives, financial situation or needs, you should consider its appropriateness to your circumstances before acting on the advice. You should also read our Financial Services Guide.