Commonwealth Bank Review for Potential Borrowers
Commonwealth Bank Review for Potential Borrowers
In this guide what we are interested in is its personal loan deals. You may be pleasantly surprised to discover that CommBank offers a great range of loans to suit everyone from the buyer looking for a new car to the student after a bit of extra cash. Read on for more info about the loan offerings from this major player
Commonwealth Bank Review – Basic Figures for 2022
Website
Logo
ABN
48 123 123 124
Credit License:
234945
Loan Amount
Minimum of $10,000
Loan Term
Flexible repayment options
Unsecured Loans?
Yes
Lender Requirements
Proof of income in the form of your two most recent payslips. For those self employed borrowers out there you’ll need your last two years’ tax returns.
One month of bank statements.
Photo ID like your passport, Australian driver’s licence or proof of age card. If you’re a student you will need to show your student card in branch at the beginning of each year.
Required:
- Registered ABN
- Australian citizen or permanent resident.
Response Time
24h
Easy to Apply
Yes
The Nitty-gritty
Online Reviews
None
Awards and Recognition
None
Minimal Interest Rates
Rates depend on your individual circumstances, including loan term, loan amount and type of security.
7.10%PA Variable Rate – residentially secured (Residential Equity Rate)
9.18%PA Variable Base Rate
Company Story & Credibility?
We’re Australia’s leading provider of integrated financial services, including retail, premium, business and institutional banking, superannuation, insurance and share-broking products and services. Commonwealth Bank has more than 6.5 million Australians active on Digital and more than 5 million mobile app logons each day. Sale of New Zealand Sovereign Life insurance businesses to AIA Group. Sale of the Australian CommInsure Life to AIA Group.
CBA enters agreement to sell global asset management business, Colonial First State Global Asset Management, to Mitsubishi UFJ Trust and Banking Corporation. The transaction follows CBA’s announcement in June 2018 regarding its intention to demerge its wealth management and mortgage broking businesses.
The Commonwealth Bank was founded under the Commonwealth Bank Act in 1911 and commenced operations in 1912, empowered to conduct both savings and general banking business. Today, we’ve grown to a business with more than 800,000 shareholders and 52,000 people working in the Commonwealth Bank Group. We offer a full range of financial services to help all Australians build and manage their finances
What Finance Options Do Commonwealth Bank Offer?
BetterBusiness Loan
A simple loan to help you manage or grow your business, with flexible repayment options
Money when you need it – Cover business costs and investments, like expanding or diversifying, buying inventory, accessing new markets and more.
Flexible to your needs – Choose a variable or fixed interest rate, loan term, repayment frequency and type (interest only, principal and interest, or both).
Easy to manage – View your loan balance and transactions online. If you’re on a variable interest rate, you can make extra repayments and access redraw online to support cash flow.
Fast & simple – Existing eligible customers can apply online and receive an instant decision.Car and equipment finance
Ready when you are with our simple business car and equipment finance. Get a quote online in less than 60 seconds for new and used assets.
Flexible loan structures – Customise the loan and repayments to your business needs.
Clear pricing – $0, upfront deposit, Borrow from $20,000, No monthly fees, and Fixed interest rates & repayments.
Easier with good repayment history – Get faster approval when upgrading or replacing financed assets if you have 12 months of good repayment history.Home loans for business owners
Apply easily and get up to $2,000 cashback if you switch your loan to CommBank.1 Existing customers may also be eligible for our simple income verification.
Dedicated specialised support – A Home Lending Specialist will guide you through every step of the process
Flexible appointments – Book an appointment at a time and place that suits you, whether that’s on a call or in person
Simple verification – You may be eligible for income verification with less documentation
Dedicated specialised support – A Home Lending Specialist will guide you through every step of the process
Flexible appointments – Book an appointment at a time and place that suits you, whether that’s on a call or in person
Simple verification – You may be eligible for income verification with less documentationCommonwealth Bank Pricing & Rates
Fixed Rate Personal Loan
Fixed rate Range:
- 7.50% p.a. to 19.50% p.a.
- 13.50% p.a.
Fees that will apply
Establishment fee – Upfront cost payable when accepting a loan
- $0 (Usually $150)
Loan service fee – Monthly charge to cover costs of keeping account active
- $10 per month
- Two free, $15 for every additional cheque
- $20
Early repayment adjustment – An early repayment adjustment may be made for the loss the Bank expects to make due to the loan being repaid earlier than anticipated. The early repayment adjustment is levied to put the Bank back into the same financial position it would have been in had the loan not been prepaid.
- Full details on how we calculate the Early Repayment Adjustment can be found in our Standard Fees and Charges for Secured, Fixed and Variable Rate Personal Loans, Campus Loans and Overdrafts brochure.
Commonwealth Bank Review Summary
Name: Commonwealth Bank
Summary
CommBank is Australia’s leading provider of integrated financial services including retail banking, premium banking, business banking, institutional banking, funds management, superannuation, insurance, investment and share broking products and services.
With customers at the heart of everything we do, we’re focused on helping people and businesses move forward financially. We’re driven to deliver seamless experiences, in smart, innovative ways.
A workplace of the future, our 48,000 people are able to bring their different backgrounds and unique perspectives to our collaborative environment, and are supported to share ideas, initiatives, talent and energy – making a positive impact on colleagues, customers and our business.
It’s what makes CommBank a place of opportunity, where your skills can take you in unexpected directions and you can achieve great things.
Overall
-
Customer service - 75%
75%
-
Convenience - 82%
82%
-
Trust - 75%
75%
-
Features - 64%
64%
Pros
- Fast access to funds
- Flexible to your needs
- Variable or fixed interest rate
- Flexible repayment options
Cons