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Personal loans / Variable Rate personal loan

Limited time offer

Reach your goals this summer and save $250 on the establishment fee with an Unsecured Personal Loan

Available for a limited time when you apply and fund an Unsecured Fixed Rate or Unsecured Variable Rate Personal Loan between 05 November 2024 and 25 February 2025~

Why choose a CommBank Variable Rate Personal Loan?

Pay off your loan sooner

You’ll pay no fees for making additional repayments, which can help you save interest and pay off your loan sooner.

A competitive interest rate

Know you’re getting a personalised rate that suits your financial situation.

Same day funding1

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).1

At a glance

  • What you’ll get

    • Unlimited additional repayments without incurring any fees
    • Access to redraw
    • A loan amount between $4,000 - $50,000
    • Loan term between 1 – 7 years
    • Access to weekly, fortnightly or monthly repayment frequencies
    • No security required

  • Trade-offs

    • Your repayments may change should the interest rate change

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

Rates & fees

Rates

Rate type
Interest rate
Variable rate
Range: 8.50%2 p.a. to 20.50% p.a.
Representative rate: 16.00%3 p.a.
Standard Variable Rate
16.00% p.a.
Discounted variable rate for eligible energy-efficient purchases
Range: 7.50% p.a. to 8.99% p.a.**
Comparison rate*
Range: 9.53%2 p.a. to 21.39% p.a.
Representative rate: 16.94%3 p.a.
Comparison rate on eligible energy-efficient purchases*
Range: 8.54% p.a. to 10.01% p.a.

Fees

Fee type
Definition
Amount
Establishment fee
Upfront cost payable when accepting a loan
$0 (save $250)
Loan service fee
Monthly charge to cover costs of keeping 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

Resources to get you started

How do fixed and variable rate personal loans differ?

How do fixed and variable rate personal loans differ?

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

What you’ll need when applying for a Personal Loan

Keep reading
Tips for getting approved
Message us

We can help

Things you should know

  • ~ Offer available for a limited time. Apply and fund an Unsecured Fixed Rate or Unsecured Variable Rate Personal Loan between 5 November 2024 and 25 February 2025 to save $250 on the establishment fee (comparison rate calculations are inclusive of this offer).

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

    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.

    1 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.

    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.

    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 9.53% 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

    2 Interest rates at the lower end of our range, for example 8.50% p.a. (comparison rate 9.53% 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 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 unsecured variable rate 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 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.

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

    An upfront fee of $0 (usually $250) and ongoing monthly fee of $15 will apply - consider these fees when deciding whether this loan suits your needs