The personal loan from the banks in Australia is one of the most personal loans people want to get. These loans have a lot of advantages, especially for the people need money to buy a car, house or wedding… Today, people with Info Credit Free find more information about the Commbank personal loan.

Commbank personal loan
Commbank personal loan

In many articles before, we introduced readers to a lot of personal loans in Australia such as short-term loans in Australia, loans for unemployed in Australia, bad credit loans Australia guaranteed approval, online loans instant approval at Australia…

COMMBANK PERSONAL LOAN

This post includes four parts, they are: “The criteria of the Commbank personal loan people need to meet”, “Some types of Commbank personal loan”, “Some ways to manage Commbank personal loan” and “Some things about the rates and fees of the Commbank personal loan”.

1. The criteria of the Commbank personal loan people need to meet

No matter which of the Commbank personal loans people are applying for, people need to:

  • People are at least 18 years old
  • People hold Australian or New Zealand citizenship, or an eligible visa, or Australian permanent residency (call us on 13 1431 to find out more)
  • People live in Australia
  • People meet minimum income requirements
  • People are employed or receive regular income
  • People have a good credit rating
  • People do not be going through the process of bankruptcy

2. Some types of Commbank personal loan

2.1. The Fixed Rate Loan

  • Everyone can stay in control with fixed repayment and a fixed the interest rate for the life of the loan
  • Makeup to $1,000 in extra repayments a year without a fee
  • Borrow from $4,000 to $50,000

People can save 1% p.a. on an Unsecured Fixed Rate Personal Loan when applying and fund by 16 December 2018.

2.2. Variable Rate Loan

  • People are flexibility to make extra repayments without a fee
  • Redraw available funds through the redraw facility
  • Borrow from $4,000 to $50,000

2.3. Secured Car Loan

  • People can pay a lower interest rate by using the car as security for a secured personal loan in Commbank
  • People stay in control with fixed repayment and interest rate for the life of the loan
  • Makeup to $1,000 in extra repayments a year without a fee

People can save 1.5% p.a. on a Secured Car Loan if applying and funding by 28th October.

Commbank personal loan
Commbank personal loan

3. Some ways to manage Commbank personal loan

3.1. Manage your loan anywhere, anytime

People can keep track of the loan and stay up to date with NetBank and the CommBank app.

  • People review the loan balance
  • View your loan statements as far back as seven years
  • Make extra repayments from linked accounts

People can change the repayment amount or due date, plus much more.

3.2. Make repayments using direct debit

Direct debit saves the time because people do not have to think about repaying the loan. Once it is set up, the payment will be automatically transferred from the selected account before the due date, so people will not be charged a late fee.

People can set up or change the debit account directly from the CommBank account by logging in to NetBank, visiting the branch, or calling us on 13 1431. If people would like to sa et up direct debit from one Other financial institutions, just visit the nearest branch.

3.3. Paying your personal loan off sooner

If people would like to pay off the loan sooner, simply call us at 13 1431 or visit the nearest branch and the Commbank is happy to help. Note: early repayment fees may apply.

3.4. Understanding your statement

People should read the guide to understanding the personal loan statement.

4. Some things about the rates and fees of the Commbank personal loan

A new interest rate may apply when people apply to increase the loan amount, however, people will be notified of this before they proceed.

A $10 drawing fee applies when people redraw in the branch.

The unsecured personal loan has repayment terms up to 7 years. Interest rate ranges and representative examples are based on an unsecured loan of $30,000 borrowed for 5 years are as follows:

  • The minimum interest rate of 13.90% p.a. (14.77% p.a. comparison rate) or with the minimum interest rate of 11.99% p.a. (12.87% p.a. comparison rate), the estimated total amount payable including fees is $42,540 or $40,781 respectively, and
  • The maximum interest rate of 18.9% p.a. (19.74% p.a. comparison rate), the estimated total amount payable including fees is $47,344.

The Comparison rate is calculated on loans as follows:

  • For Variable Rate Loans: a comparison based on an unsecured $30,000 loan over five years;
  • For Fixed-Rate Loans: 1 to 3 years, a comparison based on an unsecured $10,000 loan over 3 years.  
  • For Secured Car Loan: a comparison based on a secured $30,000 loan over 5 years.

In addition, people can get more and more information about a variety of personal loans in Australia at our site. If people are interested in this loan, people can click to links Commonwealth bank home loan, Westpac commercial property loan, loans for low-income earners, payday loans no credit check, no deposit home loans

Besides, everyone can get information about loans of other banks in Australia such as NAB or Westpac in posts: Westpac business loan, Westpac refinance home loan, NAB investment loan rates, NAB home loan contact…

Hillary (Team Content) – Info Credit Free