How to apply for a Commonwealth Bank personal loan

ByThiago SF

Getting a personal loan from CommBank is simple, fast, and completely online. You can check your rate, apply in minutes, and get a decision almost instantly.

CommBank offers flexible options — fixed or variable — to fit your goals and budget. Choose what works best for you and know your repayments upfront.

With clear terms and trusted support, it’s one of Australia’s most reliable ways to borrow with confidence.

Ready to take the next step? Here’s how to apply for your Commonwealth Bank personal loan today.

Check Eligibility Requirements

Before you begin, you need to confirm you meet CommBank’s core criteria:

  • Must be at least 18 years old
  • Be an Australian citizen, permanent resident, or hold a valid eligible visa (proof may be required)
  • Have a stable source of income
  • Maintain a reasonably clean credit history (no recent defaults or bankruptcy)
  • Be able to provide identity and document verification

If any of these criteria don’t hold, the bank may reject or delay your application — so it’s best to check and resolve beforehand.

Gather Required Documents

To streamline your application, prepare these documents in advance:

  • Government-issued ID (driver’s licence, passport or proof of age card)
  • Proof of income: recent payslips, tax returns, or business statements if self-employed
  • Bank statements (last 3–6 months) showing regular income and expense patterns
  • If on a visa: visa grant letter, VEVO check, or other supporting visa documents
  • Details of any current loans, debts, or liabilities

Having all documents scanned and ready will greatly speed up the process.

Choose the Right Type of Personal Loan (Fixed, Variable, Secured)

CommBank offers various kinds of personal loans. Understand your options:

  • Fixed-rate personal loan: interest rate stays the same for term. Predictability in repayments.
  • Variable-rate personal loan: rate may change over time. More flexibility — you can redraw extra payments.
  • Secured personal loan: backed by an asset (e.g. car), often with lower interest but more risk.

Pick the option that suits your financial goals and comfort with risk.

Step-by-Step Application Process

Follow these steps carefully:

  1. Visit CommBank’s official personal loans page on their website or app.
  2. Select the loan type (fixed, variable, secured) and click Apply Now (or similar).
  3. Fill out the online application: personal details, employment, income, expenses, loan amount and term.
  4. The system may provide a pre-qualified rate without affecting your credit score (soft check).
  5. Submit your supporting documents via upload.
  6. Wait for CommBank’s review and credit check.
  7. If approved, you’ll receive a loan contract to review and accept.
  8. Once signed and verified, funds may be deposited — possibly same day if approved before cut-off times.

Act quickly on any further requests from the bank to avoid delays.

Rates, Fees & Charges to Expect

Here are common costs you should know:

  • Establishment fee: typically AUD 250 for fixed loans
  • Monthly fee / service charge: around AUD 15
  • Late payment fee: e.g. AUD 20 for delayed payments
  • Early repayment / break cost: possible administrative or interest cost if you pay off early during fixed period
  • Variable loan redraw / extra payments: often allowed, check terms

Always compare the comparison rate (which includes fees + interest) — not just the headline rate.

After Approval: Contract, Verification & Fund Release

Once your application clears:

  • CommBank sends you a contract to read and accept
  • You may be asked for final verification (extra docs)
  • Upon acceptance and verification, funds are deposited to your nominated account
  • If everything is in order and you applied before cut-off times, you may receive funds the same day

Tips to Improve Your Chances of Approval

  • Pre-check your credit report and resolve any errors
  • Don’t request more money than you need
  • Apply early in the day
  • Be absolutely accurate with income and expense figures
  • Ensure your documents are clean, up to date, and clearly legible
  • Avoid having too many credit inquiries at once

Manage Your Loan (Repayments, Redraw, Changes)

After the loan is active, you typically have options:

  • Set repayments weekly, fortnightly or monthly
  • On variable loans, you may redraw extra payments you’ve made
  • You may have the option to increase loan amount (through app / NetBank)
  • Monitor repayments carefully to avoid late fees and negative credit impact

Frequently Asked Questions (FAQ)

How long until I know if I’m approved?
Often within minutes or a few hours, if your documentation is solid and lender workload is light.

Can I receive funds the same day?
Yes—if your application is accepted, paperwork is completed, and it clears verification — but not guaranteed.

Will applying affect my credit score?
A soft check (for rate estimate) won’t, but a hard credit check during application might cause a small dip.

What if I have bad credit or a poor score?
Approval is more difficult. Some special lenders may consider, but expect higher interest rates or additional scrutiny.

Can I pay off the loan early?
Yes, but for fixed loans there may be an early repayment cost or “break cost” if you exit during a fixed term.

What if I need to change repayment frequency?
You may be able to change via NetBank or app, depending on your loan type and agreement.

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