Help us improve our website by completing a quick survey. Start survey now

Features and benefits

Loan Protection can help pay off your loan or help cover loan repayments if the unexpected happens.

If you have a Commonwealth Bank home loan or personal loan, you can buy Loan Cover or Loan Repayment Cover, or a combination of both.

Here’s a look at what they cover:

Loan Cover

  • Can pay up to $750,000 toward your loan if you become terminally ill or you pass away
  • Can help pay up to $75,000 off your loan if you suffer a heart attack, stroke, coronary artery disease requiring bypass surgery or cancer

Loan Repayment Cover

  • Can pay up to $7,500 towards your minimum monthly loan repayments for up to 12 months if you become disabled due to injury or illness
  • Can pay up to $7,500 towards your minimum monthly loan repayments for up to 6 months if you become involuntarily unemployed

What it costs

Use our calculator to find out how much it will cost you to buy Loan Protection.

Your premium includes stamp duty and you don't have to pay GST on it. Find out more about how stamp duty is calculated.

How to apply

Applying for Loan Protection is easy, with no medical questions asked.

To apply for cover, you need to be a permanent Australian resident aged between 18 and 54, who has a Commonwealth Bank home loan or personal loan.

You can speed up the application process by logging into NetBank.

If you aren't a NetBank customer, you can register now.

FAQs and Support

You can find out more about Loan Protection by reading the FAQs.

You can also visit the Support Community, where you can ask questions, find answers and share knowledge.

How to make a claim

If you need to make a Loan Protection claim, please call 13 3982 (between 8am and 8pm, Sydney time, Monday to Friday) as soon as possible.

Where possible, your claim will be processed over the phone. Otherwise, the claims team will send you a claim form and a letter outlining the supporting evidence required to assess your claim.

Find out more about making a claim

Change how you pay your premiums

To change how you pay your Loan Protection premiums:

  1. Click here to access the editable PDF.
  2. We’ve created a form that you can edit directly from your computer. To do so, simply use your mouse to click each box and then type in your details.
  3. Finally, save the form to your computer and send it back to us as an attachment in an email. Your payment details will be updated within 5-7 business days after we receive your form.

If you’re submitting your form electronically, just type your name into the signature box.

Email your form to:

The documents are in Adobe PDF format. You will need to download Adobe Acrobat Reader to view this file. 

If you need to talk to us, call 13 3982 (between 8am and 8pm, Sydney time, Monday to Friday).

Learn more about Loan Protection

What is Loan Protection

You probably wouldn’t think twice about taking out insurance to protect your car or home, but what about protecting your financial commitments?

Learn more

Why do I need Loan Protection?

If you can’t decide whether loan protection insurance is right for your situation, consider how you would answer these simple questions.

Learn more

How much Loan Protection do I need?

Deciding on the right level of loan protection cover can be tricky, which is why we’ve put together a couple of suggestions to help.

Learn more


Loan Protection offers two types of cover to protect against the unexpected. You can choose to take either or both of these options.

Learn more

To change how you pay your Loan Protection premiums you can simply complete a form and email it back to us.

Learn more

The easiest way to apply for Loan Protection is when you apply for your loan, or top up your loan. You can however apply for Loan Protection at any time.

Learn more

If you need to make a claim, please call 13 3982 (between 8am and 8pm, Sydney time, Monday to Friday).

Learn more

Related products

CreditCard Plus

CreditCard Plus can help you repay your credit card in the event of unforeseen circumstances, including involuntary unemployment and temporary disablement due to illness or injury.

Learn more

Simple Life

Insurance for life-changing events, made simple. Cover is available to Australian permanent residents aged 18-50, with no medical questions asked.

Learn more

Fixed Rate

A Fixed Rate home loan provides the security and convenience of knowing exactly where you stand for the length of your fixed term.

Learn more

Important information

This advice has been prepared without considering your objectives, financial situation or needs. Before acting on the advice, please consider its appropriateness to your circumstances. This information is provided by CMLA and where we refer to ‘we’ and ‘our’, we mean CMLA.

Loan Protection is issued by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA) and is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. A Product Disclosure Statement (PDS) for Loan Protection is available online, from any Commonwealth Bank branch or by calling 13 3982 and should be considered in making any decision about Loan Protection. You can also download a Financial Services Guide (FSG).