Last Updated on July 1, 2024 by admin
Getting a personal loan in Australia, one need to consider Interest rate, loan tenor,requirement and loan amount with various banks before taken decision on credit facility.
A CommBank Personal Loan can help you move forward when you need to buy a car, consolidate your debt, improve your home, go on a holiday, get married and much more. Before you consider a Personal Loan
This content will be base on Australia Commonwealth Bank customer who need urgent assistance with personal finance or are experiencing financial hardship.
The Commonwealth Bank offers Fixed Rate Loan,Variable Rate Loan and Secured Car Loan to customers
Commonwealth Bank Fixed Rate Personal Loan: With this type of loan you can lock in an interest rate and set your repayments for the term of the loan. The loan has a term of up to 7 years) for personal purposes including, but not limited to, buying a car, home improvements, or debt consolidation.
Borrower can Stay in control with a fixed interest rate and repayments for the term of the loan, Make up to $1,000 in extra repayments per year without a fee1 as well Borrow from $4,000 to $50,000.
Commonwealth Bank Variable Rate Loan: This type of loan facility gives you flexibility to make extra repayments without incurring any fees for repaying early and it can be Redraw available funds through the redraw facility ,However, customers can Borrow up to $4,000 – $50,000
Secured Car Loan: This kind of loan is sultable for buying a car that’s less than five years old and are looking for fixed repayments for the life of the loan.
Banks and online lenders that offer Salary loan in Philippines
You will Pay a lower interest rate by using your car as security for a secured personal loan. Borrower can Borrow from $10,000 – $100,000 with a fixed interest rate and repayments for the term of the loan
How to apply for Commonwealth Bank personal loan
You can apply online anytime, but make sure you have the following documents at hand:
1. Proof of income
2. Bank statements
3. Personal identification such as Passport, Australian driver’s licence and Proof of age card
4. Evidence of 12-month comprehensive car insurance
5. A tax invoice for the car you’re buying
6. Visit Commonwealth Bank online portal and upload your documents
10 Philippines Banks that offer Personal Loans with Lowest Interest Rate
Type of commbank Personal loans
1.Variable Rate Loan
- Flexibility to make extra repayments without a fee
- Interest rates: 8.00% p.a. to 20.00% p.a. (comparison rate: 9.40% p.a. to 21.30% p.a.)
- Representative rate: 15.50% p.a. (comparison rate: 16.83% p.a.)
- Borrow from $4,000 to $50,000
- Redraw available funds through your redraw facility
Offer
$250 cashback on unsecured personal loans. Available to eligible CommBank Yello~ customers who:
- Submit an application by 29 February 2024; and
- Fund a loan amount of $20,000 or more; and
- Qualify as an eligible CommBank Yello customer the month after your loan is funded
3.Fixed Rate Loan
- Stay in control with a fixed interest rate and repayments for the term of the loan
- Interest rates: 8.49% p.a.to 20.49% p.a. (comparison rate: 9.88% p.a. to 21.78% p.a.)
- Representative rate: 15.99% p.a. (comparison rate: 17.31% p.a.)
- Borrow from $4,000 to $50,000
- Make up to $1,000 in extra repayments per year without a fee
Offer
$250 cashback on unsecured personal loans. Available to eligible CommBank Yello customers who:
- Submit an application by 29 February 2024; and
- Fund a loan amount of $20,000 or more; and
- Qualify as an eligible CommBank Yello customer the month after your loan is funded
3. Secured Personal Loan
- You can typically pay a lower rate by using your current car or the car you’re buying as security
- Interest rates: 5.99% p.a. to 11.99% p.a. (comparison rate: 7.41% p.a. to 13.35% p.a.)
- Representative rate: 7.99% p.a. (comparison rate: 9.39% p.a.)
- Borrow from $4,000 to $100,000
- Make up to $1,000 in extra repayments per year without a fee
4. unsecured personal loans
Get $250 cashback on a new unsecured personal loan. Available to eligible CommBank Yello~ customers who:
- Submit an application by 29 February 2024; and
- Fund a loan amount of $20,000 or more; and
- Qualify as an eligible CommBank Yello~ customer the month after your loan is funded
Requirement to apply for Commonwealth Bank personal Loan
1. Be at least 18 years old
2. Hold Australian or New Zealand citizenship, or Australian permanent residency, or an eligible visa (call us on 13 1431 to find out more)
3. Live in Australia
4. Meet minimum income requirements
5. Be employed or receive regular income
6. Have a good credit rating
7. Not be going through the process of bankruptcy
8. Apply for the right amount
9. Build a good account history
10. Maintain a good credit rating: You can check your credit rating via Equifax, Dun & Bradstreet (Illion) or Credit Savvy
11. Show a good savings record
Non-residents
If you’re not a citizen or permanent resident of Australia, you’ll need to provide your passport number for us to confirm your visa details.
If you’re on a visa with no expiry date, you’ll also need to provide us with a copy of your Grant Notice. If you don’t have this on hand, you can download your visa details from the Visa Entitlement Verification Online system (VEVO).
How to use a CommBank Personal Loan
1.Buy your dream car, whether it’s new or used
2.Cover your electric vehicle and charging station needs
3.Debt consolidation: Streamline your finances and better manage your debt
4. Home improvement: Design your dream home, whether you’re looking to renovate or redecorate
5.Solar & battery: Go green with solar panels and battery packs
6. Cover your travel costs when you’re planning your dream getaway
7.Education: Invest in your future and cover your education expenses
8.Other goals: Wedding, baby, medical expenses or other personal investments
