Commonwealth Bank Ltd review

Updated September 28, 2026 · BorrowCue Editorial Team · Facts checked September 26, 2026

We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings.

Our verdict

Commonwealth Bank of Australia suits Australian borrowers who want one long established bank for home lending and personal loans under one roof. Home loans start at 6.78% with an APRC of 8.31%, both above the site medians 4.9% and 4.35%, and it lends directly rather than through a broker.

Key facts

Best for
One regulated Australian bank for a home loan and a personal loan at the same time.
Initial rate
6.78% (Source, checked September 26, 2026)
APRC
8.31% (Source, checked September 26, 2026)
Fixed period
1 year (Source, checked September 26, 2026)
Maximum loan to value
95% (Source, checked September 26, 2026)
Product fee
A$395 (Source, checked September 26, 2026)
Purpose
Purchase, Remortgage, First-time-buyer, Buy-to-let (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Legal entity
Commonwealth Bank of Australia (Source, checked September 26, 2026)
Headquarters
Australia (Source, checked September 26, 2026)
Founded
1911 (Source, checked September 26, 2026)
Support channels
Chat, Phone, Help-centre (Source, checked September 26, 2026)
Official website
commbank.com.au

Loans

APR
8.3% to 23.12% (Source, checked September 26, 2026)
Loan amount
A$4,000 to A$50,000 (Source, checked September 26, 2026)
Term
12 to 84 months (Source, checked September 26, 2026)
Arrangement fee
$0 (usually $250) (Source, checked September 26, 2026)
Credit check
Hard (Source, checked September 26, 2026)
Funding time
Same-day funding if approved, contract accepted and verification completed by 4pm Monday to Friday (Sydney/Melbourne time) (Source, checked September 26, 2026)
Representative example
Representative rate 16.25% p.a. (comparison rate 17.18% p.a.) on a $30,000 unsecured fixed rate loan over 5 years; estimated total amount payable including fees $44,912 (Source, checked September 26, 2026)
Rate type
Fixed (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Free early repayment
No (Source, checked September 26, 2026)
Eligibility
Over 18 years old, eligible to work in Australia and live in Australia; Australian or New Zealand citizen, Australian permanent resident or holder of an eligible visa; employed or receiving regular income; good credit rating; not going through bankruptcy (Source, checked September 26, 2026)
Loan types
Personal, Car, Secured, Debt-consolidation (Source, checked September 26, 2026)
Credit needed
Good (Source, checked September 26, 2026)
Use cases
Home-improvement (Source, checked September 26, 2026)
Legal entity
Commonwealth Bank of Australia (Source, checked September 26, 2026)
Headquarters
Australia (Source, checked September 26, 2026)
Founded
1911 (Source, checked September 26, 2026)
Support channels
Chat, Phone, Help-centre (Source, checked September 26, 2026)
Pricing model
Fixed rate
Features
Same-day funding

Apps and profiles

Get the app
App StoreGoogle Play
Elsewhere
WikidataWikipediaLinkedInX

Pros and cons

Pros

  • A direct lender, direct lender, in business since 1911
  • Same day funding, same day funding, if you are approved, accept the contract and verify by the stated weekday cutoff
  • Regulated in Australia by the Australian Prudential Regulation Authority, the regulator on its licence

Cons

  • The home loan fixed period is 1, short against a site median of 6.5
  • Free early repayment: no, so paying a personal loan down early can cost you
  • The credit rating required is good and the check is hard, which rules out a thinner file
Commonwealth Bank Ltd

Ready to try Commonwealth Bank Ltd?

Scored 8.9 / 10 by BorrowCue.

See alternatives

Who it suits

  • Australian and New Zealand citizens, permanent residents and holders of an eligible visa living and working in Australia
  • Home buyers and remortgagors who want the mortgage and the personal loan with one lender, Commonwealth Bank of Australia
  • Borrowers with regular income who can pass a hard credit check, hard

Who should look elsewhere

  • Prestalo, whose initial rate of 2.36% is below the 6.78% here, if the lowest rate is the goal
  • Creditilia ES, at 4% against 6.78% here, for a cheaper fixed home loan rate
  • Sofkredit, whose rates of 8% to 14% start above the rate here, when a cheaper starting rate matters

Who runs it

The lender is Commonwealth Bank of Australia, headquartered in Australia and operating since 1911. It is listed with the Australian Prudential Regulation Authority, the prudential regulator for the Australian market it serves. Support runs on chat, phone and help centre, so you can reach the bank by chat, by phone or through the help centre when a loan needs attention.

How Commonwealth Bank Ltd compares

Where Commonwealth Bank Ltd is available

Available
Australia
Licence in Australia
Australian Prudential Regulation Authority (APRA) (234945), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

How much can I borrow and over what term?+

Personal loans run from AUD 4,000 to AUD 50,000, with terms set by 12 to 84. The rate type is fixed, so the rate holds for the whole term rather than tracking a base rate. The listed use for the money is home improvement, and amounts outside that range sit outside what the bank publishes.

What rate do personal loans charge?+

Personal loan APRs run from 8.3% to 23.12%, and the rate type is fixed. The representative example sets out a representative rate and a comparison rate on an unsecured fixed rate loan, with the comparison rate carrying the fees, so the comparison rate is the figure to judge total cost by.

What fees will I pay?+

On the personal loan the origination fee is $0 (usually $250), so check what applies to your application before you sign. On the home loan side the product fee is AUD 395. Free early repayment: no, so clearing a personal loan ahead of schedule can cost you.

How is the bank regulated?+

The lender is Commonwealth Bank of Australia, based in Australia and listed with the Australian Prudential Regulation Authority under licence 234945. It lends as a direct lender, so applications and documents run through the bank itself. It has traded under that name since 1911.

Who can apply for a Commonwealth Bank loan?+

You need to be an adult, eligible to work in Australia and living in Australia. Australian and New Zealand citizens, Australian permanent residents and holders of an eligible visa can apply, provided you are employed or receiving regular income. The credit rating required is good and the check is hard.

How is the home loan priced?+

The initial rate is 6.78% with an APRC of 8.31%, held for 1. The maximum loan to value is 95% and the listed purposes are purchase, remortgage and first time buyer. The fixed period is short next to the site median of 6.5, so borrowers with a longer horizon should compare elsewhere.

How quickly can money arrive?+

Same day funding applies if you are approved, accept the contract and complete verification by the stated weekday cutoff, on Sydney and Melbourne time. The feature is listed as same day funding. Missing that cutoff means the transfer waits, so plan the timing of an application around it.

How do I get help once I have an account?+

Support runs on chat, phone and help centre, so chat, phone and a help centre are all open to you, before and after a loan starts. The same bank handles the home loan side, Commonwealth Bank of Australia, and it has operated since 1911, so there is one point of contact across the products.

Sources

  • commbank.com.au/about-us.html checked September 26, 2026

    Backs: Headquarters

    “We are one of Australia's largest banks, serving millions of customers. We provide retail and commercial banking services predominantly in Australia and in New Zealand through our subsidiary, ASB.”

  • commbank.com.au/about-us/our-company.html checked September 26, 2026

    Backs: Founded, Legal entity

    “Commonwealth Bank was founded under the Commonwealth Bank Act in 1911 and commenced operations in 1912”

  • commbank.com.au/home-loans.html checked September 26, 2026

    Backs: Purpose, Support channels, Licences

    “CommBank home loans includes a range of variable rate loans, a fixed rate loan, offset account options and digital application pathways for owner-occupiers, investors, refinancers and first home...”

  • commbank.com.au/home-loans/fixed-rate.html checked September 26, 2026

    Backs: APRC, Fixed period, Initial rate, Product fee

    “Fixed Rate home loans, Owner Occupied, 1 year fixed rate (with Wealth Package), comparison rate 8.31% p.a.; comparison rate calculated on a $150,000 secured loan over a 25-year term”

  • commbank.com.au/home-loans/interest-rates.html checked September 26, 2026

    Backs: Maximum loan to value

    “Borrowing amount cannot be greater than 95% of property value”

  • commbank.com.au/personal-loans checked September 26, 2026

    Backs: Loan amount, Credit check, Credit needed, Eligibility, Features, Free early repayment, Funding time, Lender type, Loan types, Pricing model, Representative example, Term, Use cases

    “Fixed Rate Loan: Borrow from $4,000 to $50,000 over a term of one to seven years”

  • commbank.com.au/personal-loans/fixed-rate-loan/rates-and-... checked September 26, 2026

    Backs: APR, Arrangement fee, Rate type

    “Fixed Rate Personal Loan: Comparison rate: 8.30%2 p.a. to 23.12% p.a. (interest rate 7.25% p.a. to 22.25% p.a.)”

Compiled from 7 source pages, checked September 26, 2026. We did not open an account.

Commonwealth Bank Ltd

Commonwealth Bank Ltd

One regulated Australian bank for a home loan and a personal loan at the same time.

8.9/10See alternatives

Your cookie choices

We use necessary cookies to make this site work. With your permission, analytics cookies help us understand usage and marketing cookies support advertising.

You can reject non-essential cookies and still use the site. Change your choices anytime in Cookie settings.

Cookie policy
Cookie settings