How to apply for Commonwealth Bank personal loan and requirement

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.

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

Names of banks in Australia:Foreign-owned,Credit union, Building societies and Australian-owned banks

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.

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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


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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

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