Commonwealth Bank of Australia provides personal loans, insurance, credit cards and other investment products such as home loans, car loans, superannuation advice and wealth planning.
It’s one of Australia lenders big banks and has been in existence for more than 100years.
Commonwealth Bank Offers Two Different Types of Personal Loans
- Fixed rate personal loan which has a loan term of one to seven years with a loan amount between $4,000 and $50,000 with flexible repayments
- Variable rate personal loan which has similar features like the fixed rate personal loan with additional features being loan protection insurance, permissible additional repayments, and availability of free redraw facility.
The commonwealth bank products are popular especially for borrowers who want to consolidate debt or take a loan for a worthy purpose including debt consolidation, wedding financing, investing, medical bills, car or motorbike financing and home renovations and improvements.
How to apply Commonwealth Bank Loans
They can be easily contacted through their personal banking hotline or an online inquiry form. The process of loan application is simple with extra support in the application process.
Applications can be made online, at a branch or on phone. With several branches and mobile applications, their loan is easy to manage and is generally appealing to borrowers. The online application process takes a few minutes as long as you have verification documentation which includes proof of identity, income and employment and any other financial obligations.
Loan Calculation and Loan repayments
The loans are fairly lithe in terms of repayment and frequency. You can make repayments weekly, monthly, fortnightly as long as it’s in line with their payment cycle.
In order to get a glimpse of the Commonwealth bank eligibility and repayment schedule, visit their loan calculator. In as much as their interest rates are fairly reasonable, they are far from the lowest currently on the loan lenders Australia market. In addition, the loan has a number of arrays of fees.
First, there is an upfront fee upon setting up and an additional ongoing fee for holding the personal loan. If you do not make your payments on time, late payment fees will be charged.
The eligibility for a Commonwealth Bank personal loan is rather simple. You need to be at least 18 years of age, be an Australian citizen, be employed or be on a steady income, you should not be currently bankrupt or have a good credit rating. As per our loans review Australia, Commonwealth bank is recommendable as a loans Australia provider for access to money used in major life events.