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Commonwealth Bank Personal Loans

 

Commonwealth Bank

 
 

The Commonwealth Bank of Australia is by some measures Australia’s largest bank and the second largest company on the Australian Securities Exchange.  It was founded by the Australian government in 1911 and was privatized in the 1990s.  It has more than seven million customers and 1,000 branches.

There are three personal loans offered, a fixed rate personal loan, a variable rate personal loan and a fixed rate secured loan.  There is also an overdraft offered to personal customers, which is marketed alongside the personal loans.  Personal loans can be applied for online, within a branch or by phone. 

The fixed rate and variable rate personal loans both offer instant decisions and money in the borrowers current account on the day the loan is applied for.  They both have a minimum loan amount of $5000 and a maximum amount of $50,000 with a loan term of between one and seven years. 

The fixed rate personal loan has fixed repayments decided in advance, where the variable rate loan allows for flexible payments while the rate will tend to reflect the central bank base rate which is likely to change during the term of the loan particularly if it is a longer term loan.  The variable rate loan tends to be cheaper.

The fixed rate secured loan has a lower interest rate and no maximum loan amount, although this is in effect limited by the value of the property on which the loan is advanced.  The minimum amount that is loaned on the secured loan is $10,000.  The term of the loan is between one and five years. 

The loan allows for the borrower to secure the loan on a car, including a car on which only a deposit has been placed, so it does not need to be bought before hand.  Commonwealth Bank tries to cross sell car insurance to those who borrow for a car.  Commonwealth Bank is fairly strict about whether the car is being used in the borrower’s business, and will refer these cases to their Business Car Finance options.

The personal overdraft has the highest interest rate of the Commonwealth Bank loans. This may not mean a higher amount of interest, as the borrower only pays interest on what is spent or withdrawn.  This may save interest compared to the lower rate loans where all the money is borrowed at the beginning of the loan.  Overdrafts are unsecured.  There is no minimum amount of overdraft that needs to be borrowed, but as with the  other unsecured loans there is a maximum of $50,000 that can be loaned out. 


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