Product Specific Terms and Conditions
Secured Personal Loan was formerly known as Secured Car Loan.
The car you’re using as a security must be up to five years old, not currently under finance and has an active comprehensive insurance policy. The comprehensive insurance policy must be organised prior to loan funding.
Your borrowing capacity depends on a range of factors such as your credit score.
Additional repayments made on a Fixed Rate Loan are not available to be redrawn. View the Personal Loan Terms and Conditions.
Applications for finance are subject to the Bank’s normal credit approval. View the Personal Loan Terms and Conditions. Full terms and conditions will be included in The Commonwealth Bank loan offer. Fees and charges are payable.
Following the fixed rate period, if your loan hasn’t been repaid in full, the Secured Personal Loan Benchmark Rate will apply which is current 6.99% p.a. This interest rate is effective as of 14 October 2019.
Secured Personal Loan interest rate ranges and the representative rate are set out below. Comparison rates and examples are based on a $30,000 secured loan over 5 years:
Interest rates range from 6.49% p.a. to 12.99% p.a. (comparison rate from 7.90% p.a. to 14.34% p.a.). The estimated total amount payable including fees is between $36,361 and $42,096.
The representative rate is 8.49% p.a. (9.88% p.a. comparison rate), based on this representative rate the estimated total amount payable including fees is $38,071)
Interest rates at the lower end of the range, for example 6.49% (comparison rate 7.90%), may be offered to customers with an excellent credit history.
An excellent credit history is determined by, among other things, paying your bills and making loan repayments on or ahead of time, being disciplined with your credit applications, and not overextending yourself financially.
Actions which can negatively impact your credit history include missing bill or loan repayments, defaulting on your credit facility, or making a large number of credit applications in a short period of time. You can find out more about how your credit score is calculated and tips for improving your credit score at our Credit Score Information Hub.
At least half of The Commonwealth Bank customers will receive the representative rate or lower. It may not be the actual rate you receive.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may change the cost of the loan.
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Products shown are only a selection and not representative of all products in the market. Loan products shown are limited to those issued by the Commonwealth Bank of Australia (CBA) ABN 48 123 123 124 and AFSL/Australian credit licence 234945. CBA New Digital Businesses Pty Ltd ABN 38 633 072 830 and Australian Credit Licence 516487, trading as Credit Savvy Australia is a wholly owned but non-guaranteed subsidiary of CBA. CBA New Digital Businesses Pty Ltd is not an Authorised Deposit-taking Institution for the purposes of the Banking Act 1959 and its obligations do not represent deposits or other liabilities of Commonwealth Bank of Australia.
All loan product applications are subject to the provider's credit criteria, approval and terms and conditions. Conditions, fees and charges may apply. Interest rates are subject to change and some products may have lower introductory rates which revert to higher rates after a set period of time. You should consider your own objectives, financial situation and needs, along with the product's terms and conditions, before making a decision to apply for a product. Once you click on a link or apply for a certain product you will be dealing with the provider and not us. We do not accept any liability in respect of any product from any provider.
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