Secured Personal Loan

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.

^~ Full details around the offer eligibility are set out below:

• If you are a CommBank Yello customer, you may qualify for a once-off cashback if you purchase a car through the Buy & Own a Car platform, and finance the purchase with an Eligible CommBank Secured Personal Loan (Cashback).
• To be eligible for this Cashback, you must: 
  • Enquire about and purchase a vehicle using the Buy & Own a Car platform;
  • Finance the vehicle purchase with a CommBank Secured Personal Loan (Vehicle SPL); and
  • Be assessed by us as being in the relevant CommBank Yello tier during the month in which your Vehicle SPL is funded (see tiers below).
• The amount of the Cashback you receive will depend on which CommBank Yello tier you are in, as follows:
  • CommBank Yello $100
  • CommBank Yello+ $200
  • CommBank Yello Gold $300 and
  • CommBank Yello Diamond $400
• The Cashback will be paid to your nominated CommBank Yello cashback account within four weeks of your Vehicle SPL being funded (and after you’re approved for the loan, accept your contract and complete verification. Loan approval is subject to credit checks and assessment of your application).
• The Cashback will appear in the account where any cashback on CommBank products would be paid under the CommBank Yello program (see CommBank Yello Terms & Conditions published here) with the reference: ‘CBA Yello [XXX]’.
• We reserve the right to close or vary this offer at any time, including the amount of Cashback and the eligible tiers of CommBank Yello.

^~~ Electric or plug-in hybrid cars emitting less than 75g 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 plug-in hybrid vehicle emitting less than 75g 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 6.29%⁴ p.a. to 10.29% p.a. (comparison rate from 7.71% p.a. to 11.66% p.a.). The estimated total amount payable including fees is between $36,192 and $39,652
• The representative rate is 8.29%⁵ p.a. (9.68% p.a. comparison rate), based on this representative rate the estimated total amount payable including fees is $37,898

⁴ Interest rates at the lower end of our range, for example 6.29% (comparison rate 7.71%), 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.

^{^^} Our repayment calculator will estimate your repayments based on the Bank’s representative rate and your selected loan amount, loan term and loan type.

Calculations are not a quote or pre-approval. Your actual interest rate and repayment amount will depend on a range of factors including the information you provide and our assessment of your application. We'll tell you your actual interest rate and repayment amount if we approve your application. You can then decide whether to accept our offer.

Terms and conditions, fees and charges and credit criteria apply.