If you’ve found yourself in a bit of a a financial bind due to the need for a sudden purchase, the Commonwealth Bank Online Personal Loan might be able to help. You can loan up to $50,000 while enjoying many other privileges. Of course the amount you can get will depend on your credit score.
Before you even think about going on the hunt for a personal loan, sit down and evaluate. Decide why you want the loan and how you will be able to pay at back. And also decide how it will help you become overally more financially healthy. Once you have figured all that out, you can start investigating.
There are hundreds of loan options out there, so you will be able to find the right one for you with a little patience. Our editors have investigated the Commonwealth Bank Online Personal Loan for you so you can get a better idea of what you might be getting yourself into. You can read all of the details below before deciding on whether or not it is the right loan for you.
What are the Benefits of the Commonwealth Bank Online Personal Loan?
Commonwealth Bank offers two types of online personal loans: fixed rate and variable rate. In the fixed rate, the bank will give you interest that remains the same throughout your loan. The variable rate, on the other hand, allows you to pay down your loan faster so that you can minimize the interest that you should pay.
Still uncertain if the Commonwealth Bank Online Personal Loan will work out for you? You may need to find out the benefits and advantages you can get. Commonwealth Bank allows you to choose your payment scheme, whether you pay on a weekly, bi-monthly or monthly basis. This feature will help you keep your finances in order and plan your budget better.
The bank also makes your repayments convenient by downloading NetBank and CommBank apps. Aside from making payments, you can also track your loan through these applications. With the variable rate loan, you can also have an option to repay your loan early without a fee. With this feature, you can make huge savings from a reduced interest.
Are you excited to request a Commonwealth Bank Online Personal Loan? Find out the bank’s loan application process and requirements.
What are the Fees of the Commonwealth Bank Online?
Commonwealth Bank charges an establishment fee of $150 and loan service fee of $10. You may also need to pay a $20 late payment fee.
Commonwealth Bank Online Personal loan has a minimum interest rate of 12.99% (fixed rate) and 13.9% (variable rate). The bank can provide you a higher interest depending on the amount of your loan, your creditworthiness, and other factors.
Overall, getting a Commonwealth Bank Online Personal Loan will allow you to borrow money that you can repay at your own pace.
How to Apply for a Commonwealth Bank Online Personal Loan
You can apply for a personal loan by clicking apply now and filling out a form on the Commonwealth Bank website. You must also prepare your requirements, such as a valid ID showing you are at least 18 years old. You should also be a citizen or resident of Australia. You should also provide a copy of your proof of income and bank statements. You should present them at the nearest Commonwealth Bank branch. To boost your chances of approval, experts advise you should have a credit score of over 650.
You can loan from $4,000 to $50,000 for both fixed loan and variable loan types, which you can pay from 1 to 7 years.
How to Contact
Level 25, 201 Elizabeth Street
Telephone: 00 61 2 9999 3283
Note: There are risks involved when applying for and using a credit card. Consult the bank’s terms and conditions page for more information.