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Personal loans / Secured Personal Loan

Why choose a CommBank Secured Personal Loan?

Use your car as security

By using the car you’re planning to buy as security, your rate could be lower than an unsecured loan.1

A competitive interest rate

Know you’re getting a personalised rate that suits your financial situation. We’ll also give you a fixed rate over the life of your loan.

Same day funding^

Complete the online application in about 15 minutes, with a response in as little as 60 seconds. Receive the funds on the same day you apply (if eligible).^

Current offers

EV Access Program (EVAP)

Get a special rate of 5.49% p.a. (comparison rate 6.92% p.a.) on a Secured Personal Loan which includes an energy-efficient discount if you’re;

  • an eligible essential worker# or have a gross income of less than $100,000 p.a.
  • purchasing an eligible electric or hybrid vehicle up to $55,000.##
Find out more

Get on the road sooner with your next car

Browse cars, apply for finance and get the most from your car. And you can enjoy special offers for CommBank customers.

You could enjoy:

  • Manufacturer discounts on eligible electric vehicles
  • Discounted rates on car finance for your next EV or hybrid vehicle~
Explore cars

At a glance

  • What you’ll get

    • Repayment certainty with a fixed rate
    • A loan amount between $4,000 - $120,000
    • Loan term between 1 – 7 years
    • Access to weekly, fortnightly or monthly repayment frequencies
    • Access to a lower rate by using the car you’re purchasing as security
    • May be able to borrow up to 120% of the car’s value2

  • Trade-offs

    • No access to redraw
    • May be subject to fees when making unlimited additional repayments3
    • You won't be able to borrow for additional loan purposes (e.g. a car for $20,000 and furniture for $5,000 is not accepted)

    Not sure which loan is right for you? Check out our other personal loan options

Rates & fees

Rates

Rate type
Interest rate
Fixed rate
Range: 6.49%4 p.a. to 10.49% p.a.
Representative rate: 8.49%5 p.a.
Discounted secured rate for eligible energy-efficient purchases
6.19% p.a.**
Comparison rate*
Range: 7.90%4 p.a. to 11.86% p.a.
Representative rate: 9.88%5 p.a.
Comparison rate on eligible energy-efficient purchases* 
7.61% p.a.

Fees

Fee type
Definition
Amount
Establishment fee
Upfront cost payable when accepting a loan
$250
Loan service fee
Monthly charge to cover costs of keeping the account active
$15 per month

Some additional fees, including a late-payment fee and other electronic banking fees, may also apply. See more

Estimate what your repayments could be

Calculate now

Get started

  • Apply: Fill in the online form. We’ll ask you some details and you’ll get a response within 60 seconds after you submit your application.
  • Contract: If approved, we’ll send you a contract. Accept the contract if you’re happy with the terms.
  • Verify: We may ask you for some additional documents.

To be eligible to apply for a personal loan you must:

  • Be over 18 years old
  • Be eligible to work in Australia
  • Be an Australian citizen, permanent resident or hold an eligible visa
  • Be employed or receive regular income
  • Have a good credit rating
  • Not be going through the process of bankruptcy

During the application process, we may ask you for some documents. These may include:

  • Proof of ID, depending on whether you’re a new or existing customer
  • Visa details if you’re not a citizen or permanent resident
  • Proof of income if your application is approved and your salary is not paid into a CommBank account
  • Debt with other financial institutions if you have any and your application is approved
  • If you’re applying for a Secured Personal Loan to purchase a car, we’ll ask you for some documents relating to the car you’re purchasing
  • For more detailed information on the documents you may need to provide, see here

In order to be eligible for security, the car you’re purchasing must:

  • Be up to 7 years old
  • Have no existing finance owing on it
  • Be comprehensively insured 

Resources to get you started

How to use a personal loan to buy a car

How to use a personal loan to buy a car

Keep reading
Tips for getting your personal loan approved

The difference between secured & unsecured loans

Keep reading
Tips for getting approved
What you’ll need when applying for a Personal Loan

We can help

Things you should know

  • Secured Personal Loan was formerly known as Secured Car Loan.

    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.

    ~Electric or hybrid cars emitting less than 120g CO2 emissions per kilometre. If you're using the car as security it must be no more than seven years old, not currently under finance and have an active comprehensive insurance policy. The comprehensive insurance policy must be organised prior to loan funding.

    #For the EV Access Program (EVAP) essential workers are individuals employed as teachers/instructors, medical/veterinarians, government officials and care workers.

    ##You must be buying an electric or hybrid vehicle emitting less than 120g of CO2 per kilometre with a total loan amount of less than or equal to $55,000.

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

    1 The car you’re using as a security must be up to seven years old, not currently under finance and has an active comprehensive insurance policy. The comprehensive insurance policy must be organised prior to loan funding.

    2 Your borrowing capacity depends on a range of factors such as your credit score.  

    3 Additional repayments made on secured personal loans 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. 

    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.

    Following the fixed rate period, if your loan hasn’t been repaid in full, the Secured Personal Loan Benchmark Rate will apply which is currently 6.99% p.a. This interest rate is effective as of 14 October 2019.

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

    • Interest rates range from 6.49%4 p.a. to 10.49% p.a. (comparison rate from 7.90% p.a. to 11.86% p.a.). The estimated total amount payable including fees is between $36,361 and $39,830
    • The representative rate is 8.49%5 p.a. (9.88% p.a. comparison rate), based on this representative rate the estimated total amount payable including fees is $38,071

    4 Interest rates at the lower end of our range, for example 6.49% (comparison rate 7.90%), 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.

    5 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.

    * The comparison rate is based on a $30,000 secured loan over 5 years. 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 early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may change the cost of the loan.

    ** Eligibility criteria, terms and conditions apply. Visit our Personal Loans page to find out more about the energy-efficient discount.

    ^ 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.

    An upfront fee of $250 and ongoing monthly fee of $15 will apply, consider these fees when deciding whether this loan suits your needs.