Product Specific Terms and Conditions
Additional repayments made on a Fixed Rate Loan are not available to be redrawn.
You may be eligible for same day funding if you’re approved, accept your contract and complete verification by 4pm Monday to Friday (Sydney/Melbourne time). Subject to credit checks and assessment of your financial situation. Unavailable if an application is incomplete or needs to be referred for a more detailed review by a lending specialist, if required documentation isn’t provided and subject to system availability.
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 Standard Variable Rate will apply which is currently 14.00% p.a. This interest rate is effective as of 2 June 2023.
Unsecured Fixed Rate Personal Loan interest rate ranges and the representative rate are set out below. Comparison rates and examples are based on a $30,000 unsecured fixed rate loan over 5 years:
- Interest rates range from 8.49% p.a. to 20.49% p.a. (comparison rate from 9.52% p.a. to 21.38% p.a.). The estimated total amount payable including fees is between $37,821 and $49,081
- The representative rate is 14.49% p.a. (15.44% p.a. comparison Rate), based on this representative rate the estimated total amount payable including fees is $43,242
Interest rates at the lower end of the range, for example 8.49% p.a. (comparison rate 9.52% p.a.), 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.
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 redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
This is an information service only and any information displayed is not to be taken as a recommendation for you to take out a particular product. Where Credit Savvy displays credit products that you may be eligible for, this means that the lender has indicated that applicants must at a minimum meet this credit score as part of the product criteria. Credit Savvy does not take into account your objectives, financial situation or needs when displaying any products on its website.
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.
The display or order of products is not an indication of product ranking or suitability. Commercial arrangements exist with some providers (which may include payments that we receive from them for displaying their products and associated click throughs.
Credit Savvy endeavours to provide accurate information and no responsibility is taken for errors or oversights. The results from any calculations, such as indicative monthly repayments, are estimates only and should be used for general information purposes.