If you’re looking to consolidate your debts, buy a new car or plan renovations, borrowing more money through your existing personal loan could be the perfect solution.
You can apply to increase your loan in NetBank or the CommBank App, and most of your details will automatically appear on your application.
If you have made additional repayments on your variable rate loan, you may have funds available to redraw. You can check your available redraw balance online or at any branch. Your available redraw balance won’t include any repayments made towards your next monthly minimum repayment amount or uncleared cheques, and may reduce so that, by the end of your agreed loan term, both your loan balance and the available redraw will be zero.
You can redraw available funds online, over the phone or in branch without a fee. Redraw is unavailable for fixed rate loans.
To redraw, simply log on to NetBank or the CommBank app and transfer money from your available personal loan funds to your preferred transaction account. Alternatively, you can call us on 13 1431 or visit your nearest branch. Learn more about redraw.
Direct debit saves you time as you don’t have to think about your loan repayments. Once it’s set up, your repayments will automatically be transferred from your selected account by the due date so you’re not charged late fees.
You can set up or change a direct debit from your CommBank account by logging on to NetBank, visiting a branch or calling us on 13 1431. If you’d like to set up a direct debit from another financial institution, just visit your nearest branch.
A new interest rate may apply when you apply to increase your loan amount, however you will be notified of this before you proceed.
Applications for finance are subject to the Bank’s normal credit approval. View the Personal Loan Terms and Conditions (PDF 284kb). Full terms and conditions will be included in our loan offer. Fees and charges are payable.