Finty
CommBank

CommBank Unsecured Fixed Rate Personal Loan

UnsecuredFixed rate

Take control of your next step with a flexible CommBank Fixed Rate Personal Loan that puts you in charge.

Written byDavid Boyd
Interest rate a year, from
7.25%
Comparison rate, from
8.65%
Establishment fee
$250
Monthly fee
$15
Borrow
$4,000 to $50,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 7.25%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$635
Total repayments
$22,854
Interest and monthly fees
$2,854

Loan details

Rates

Interest rate (a year)
7.25%–22.25%
Comparison rate (a year)
8.65%–27.03%
Rate type
Fixed
Security
Unsecured

Limits and fees

Loan amount
$4,000 to $50,000
Loan term
1 year to 7 years
Establishment fee
$250
Monthly fee
$15

How it compares

Against the other unsecured personal loans we compare. Typical means the middle half of them.

Comparison rate

8.65%

From 8.65%. A typical loan starts at 10.56%.

Cost of $20,000 over 5 years

$5,053

Interest and fees at its starting rate. Typical is $5,455.

Setup fee

$250

A typical setup fee is $213.

Monthly fee

$15

A typical monthly fee is $10.

Most you can borrow

$50,000

Typically you can borrow up to $50,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • No security needed. Your car or home isn't at risk if things go wrong, though missed repayments still hurt your credit report.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 7.25% to 22.25%, and only some people get the starting rate.
  • A $15 monthly fee. That adds $900 over 5 years, as well as the interest.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.
  • A $20 late payment fee. Setting up automatic repayments avoids it.

Similar loans

Unsecured loans from other lenders that start at a similar comparison rate.