Commonwealth Bank of Australia
Benefit from flexible loan amounts, low fixed or variable rates, and a $0 establishment fee until 30 June 2026. Fast online application and trusted service.
The CommBank Personal Loan offer stands out with its $0 establishment fee for applications funded by 30 June 2026. Borrowers can choose from fixed or variable rate personal loans ranging from $4,000 up to $50,000 for personal needs, or select a Secured Fixed Rate Car Loan up to $120,000. Interest rates start at a competitive 7.25% p.a., with flexible terms of 1 to 7 years. Additionally, the application is completely digital, and you get real-time loan management via the CommBank app.
How to apply: A simple process
Apply online in just a few minutes by filling out a straightforward form. After you submit, an instant preliminary decision is often given. If approved, review your contract electronically and accept the terms.
You may need to upload supporting documents, such as proof of ID, income, or details about your car if you choose a Secured Car Loan. For most customers, eligibility requires being 18+, an Australian or New Zealand citizen or resident, and meeting credit criteria.
Pros: Why CommBank’s offer appeals
One of the strongest points is the $0 establishment fee, saving you $250. Flexible loan terms and amounts help tailor repayments to fit your budget.
Same-day funding is also possible, and the digital loan management features in the CommBank app make tracking and adjusting repayments easy. There is also a redraw feature on variable loans, offering more flexibility.
Cons: What to consider first
Some borrowers may find the maximum interest rates (up to 22.25% p.a.) high, especially for those with less-than-perfect credit. In addition, a $15 monthly service fee applies throughout the loan term.
Secured loans require the car as security, and additional documents may be needed for verification, which could delay funding during busy periods.
Verdict: Should you choose this loan?
The CommBank Personal Loan is a top choice for those seeking flexibility, a digital-first experience, and savings on upfront fees. It’s especially worthwhile if you are eligible for the $0 establishment fee offer.
If you want trusted support, customisable features, and transparent pricing from a major Australian bank, this product is definitely worth considering.