How to apply for Commonwealth Bank personal loan and requirement

Last Updated on December 31, 2024 by admin

Commonwealth Bank offers a streamlined process for personal loan applications, allowing customers to apply online or in-branch. The bank provides various loan options to cater to different financial needs, including unsecured and secured personal loans. To be eligible, applicants must meet specific criteria and provide necessary documentation to support their application.

The eligibility requirements for a Commonwealth Bank personal loan  include being at least 18 years old, having been employed in your current job for a minimum of two years, and meeting the bank’s credit requirements. Additionally, applicants must be Australian or New Zealand citizens, permanent residents, or hold an eligible visa. It’s important to note that certain visa types, such as working holiday visas and temporary business visas, are ineligible for CommBank personal loans.

Read; Commonwealth Bank- How to receive funds from overseas and send international money

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

Read: How to register for Commonwealth Bank Mobile app and online banking NetBank

Type of commbank Personal loans

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).

Proof of income

If your application is approved and your salary is not paid into a CommBank account, we may need you to provide proof of your income.

• Full-time and part-time PAYG employees

  Please provide us with any one of the following documents:

  1.      Payslips

  Your two most recent payslips clearly showing employer details and net income. Depending on your pay cycle, the most recent payslip must be within the following timeframe:

  • Weekly – within the past 10 days
  • Fortnightly – within the past 20 days
  • Monthly – within the past 40 days.

  2.      Bank statement or transaction listing clearly showing three months’ worth of salary credits. Depending on your pay cycle, your most recent salary credit must be within the following timeframe:

  • Weekly – within the past 10 days
  • Fortnightly – within the past 17 days
  • Monthly – within the past 33 days.

  3.      Employment letter or employment contract and PAYG payment summary, tax return OR tax assessment notice

  • Any one of the following, clearly showing your employer and income details (or hourly rate and minimum hours), start date and end date (if you’re on a fixed term contract):
    • Your employment contract, OR
    • Letter of employment

  AND

  • Either:
    • Your most recent PAYG payment summary, OR
    • Tax return, OR
    • Tax assessment notice (less than 18 months old) marked as ‘tax ready’.

  4.      If you’ve started a new job in the past two months, please provide us with both of the following:

  • Any one of the following, clearly showing your employer and income details (or hourly rate and minimum hours), start date and end date (if you’re on a fixed term contract):
    • Your employment contract, OR
    • Letter of employment

  AND

  • Either:
    • Your most recent bank statement or transaction listing clearly showing the income you receive, OR
    • Your most recent payslip clearly showing your employer details and net income

  • Casual employees

    Please provide the bank with any one of the following documents:

    1.      Payslips

    • Three months’ worth of payslips clearly showing your employer details and net income. Depending on your pay cycle, the most recent payslip must be within the following timeframe:
      • Weekly – within the past 10 days
      • Fortnightly – within the past 20 days
      • Monthly – within the past 40 days.

    2.      Bank statement or transaction listing clearly showing three months’ worth of salary credits. Depending on your pay cycle, your most recent pay must be within the following timeframe:

    • Weekly – within the past 10 days
    • Fortnightly – within the past 17 days
    • Monthly – within the past 33 days.

    3.      PAYG payment summary, tax return OR tax assessment notice AND payslip

    • Any one of the following:
      • Your most recent PAYG payment summary, OR
      • Tax return, OR
      • Tax assessment notice marked as ‘tax ready’,

    AND

    • One most recent payslip clearly showing your employer details and net income.

    4.      Employment letter OR employment contract AND PAYG payment summary, tax return OR tax assessment notice

    • Any one of the following, clearly showing your employer and income details (or hourly rate and minimum hours), start date and end date (if you’re on a fixed term contract):
      • Your employment contract, OR
      • Letter of employment

    AND

    • Either:
      • Your most recent PAYG payment summary, OR
      • Tax return, OR
      • Tax assessment notice (less than 18 months old) marked as ‘tax ready’.

    5.      If you’ve started a new job in the past three months, please provide us with both of the following:

    • Either:
      • Your most recent PAYG payment summary, OR
      • Tax return, OR
      • Tax assessment notice marked as ‘tax ready’

    AND

    • Either:
      • Your most recent bank statement or transaction listing clearly showing the income you receive, OR
      • Your most recent payslip clearly showing your full name, employer details and net income.

  • Self-employed individuals

    You are only able to use self-employed income if you’ve been running a business for at least 12 months (across one or more ABNs). If your time in business is less than 12 months, please refer to the PAYG income section above: Full-time and part-time PAYG employees. 

    Please provide us with one of the following, depending on your circumstance:

    • If you’ve been running a business for at least 12 months, you’ll need to provide either:
      • Your most recent personal tax return, OR
      • Notice of assessment (less than 18 months old) clearly showing your ABN/ACN.
    • If you receive multiple sources of income, you’ll need to provide your tax return instead.
    • If your tax return for the latest financial year isn’t available yet, please provide a letter from your accountant (less than 90 days old) clearly showing your annual taxable personal income from the most recent financial year and your accountant’s ABN

Read: Commonwealth bank personal loan requirements

what can you use commonbank personnel loan on?

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