Finty
CommBank

CommBank Unsecured Variable Rate Personal Loan

UnsecuredVariable rate

Get a competitive rate and have the flexibility to make additional repayments without a fee with a CommBank Variable Rate Personal Loan.

Written byDavid Boyd

6.99%

interest rate a year, from

8.40%

comparison rate, from

Establishment fee
$250
Monthly fee
$15
Borrow
$4,000 to $50,000

What it would cost

At the lowest published rate of 6.99%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$632
Total repayments
$22,768
Interest and monthly fees
$2,768

Loan details

Rates

Interest rate (a year)
6.99%–21.99%
Comparison rate (a year)
8.40%–23.28%
Rate type
Variable
Security
Unsecured

Limits and fees

Loan amount
$4,000 to $50,000
Loan term
Not published
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

8.40%

From 8.40%. A typical loan starts at 10.56%.

Cost of $20,000 over 5 years

$4,906

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.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 8.40%, below the typical 10.56%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • 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.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 6.99% to 21.99%, and only some people get the starting rate.
  • A $15 monthly fee. That adds $900 over 5 years, as well as the interest.
  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
  • 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.