Commonwealth Bank personal loans come in a variety of flavors to suit most Australians’ needs. Consequently, Commonwealth Bank offers:
- Commonwealth Bank fixed rate personal loans
- Commonwealth Bank variable rate personal loans
- Commonwealth Bank fixed rate secured loans
Types of Personal Loan Available from Commonwealth Bank
With Commonwealth Bank fixed and variable rate personal loans, you can borrow anywhere between $5,000 to $50,000 maximum. On the fixed rate secured, there is no maximum limit but there is a minimum amount of $10,000 (you cannot enter into the secured Commonwealth Bank personal loan agreement below this amount).
Commonwealth Personal Loans Terms
The loan payment terms are 1-7 years on the fixed and variable rate loans and 1-5 years on the fixed rate secured loan. There is a small fee to maintain the loan and the interest rates will vary. If you do not require the lump sum/regular payment arrangement that personal loans typically have, you could alternatively apply for a Commonwealth Bank overdraft line of credit.
Commonwealth Lines of Credit
The Commonwealth Bank’s line of credit is normally attached to your checking or savings account, but it can be attached to many other types of account. The line of credit is there for you to use in the event that you overdraw on your account or if you just need some extra money in case of emergency or for that shopping spree you have always wanted to go on. You can apply for a Commonwealth Bank line of credit for up to $50,000. You only use the funds when you need them and the best part is that you only pay interest on the amount that you use and not the full amount of your maximum credit facility.
Managing your Commonwealth Bank Personal Loan
Managing your Commonwealth Bank personal loan or line of credit is an straightforward process. You can make sure your monthly payments are either taken directly from your paycheck on a specified date or they can be paid from any one of your other accounts such as your checking or savings account. You can keep track of your payments and personal loan balance on-line 24 hours a day, 7 days a week through Commonwealth Bank’s Net Bank.
Protecting Yourself and Your Commonwealth Bank Loans
You can purchase additional insurance (through Commonwealth Bank) to help protect your personal loan. There is an “Income Care” loan option which helps you meet your payment obligations if you cannot work because of illness or injury. Another option is “Trauma Coverage” which gives one single payment in the event that you experience a serious illness such as cancer or heart attack. “Disability Coverage” gives you a single payment if you become permanently and totally disabled due to accident, injury or illness. Finally, Commonwealth Bank’s “Life Coverage” provides a lump sum payment in the event of your death or diagnosis of terminal illness.
Applying for Commonwealth Bank Personal Loans
To apply for a Commonwealth personal loan, you must be over 18 years of age, live in Australia, have a good credit score and be able to make monthly payments. You can apply on-line, or by paper application that you deliver to your local branch or you can apply over the phone. Commonwealth Bank’s telephone banking service is also available 24 hours a day, 7 days a week.
After you have made your application for a persoanl loan with the Commonwealth Bank you will be notified of the decision to fund the loan or deny your application. If you are approved, in order to receive funds the same day for the Commonwealth Bank fixed or variable rate personal loans, you must complete and return the full application documents by noon that same day. Please note that same day funding is not available for the Commonwealth’s fixed rate secured personal loan.