How to Apply for Loan from Commonwealth Bank

Commonwealth Bank has been providing personal loans to Australian consumers since 1911, so you can trust that they know what they’re doing when it comes to this kind of thing.

There are a number of different types of loans to choose from when you’re ready to borrow money from your bank, but Commonwealth Bank offers some of the best rates and flexible payment options on the market.

To get the most out of your loan, it’s important to take the time to read all of the fine print in your loan agreement and fully understand what you’re agreeing to before signing on the dotted line.

This step-by-step guide will walk you through how to apply for a loan from Commonwealth Bank and help you avoid common mistakes that can get you into trouble down the road.

Requirements to Apply for Commbank Loan

  • Be over 18
  • Be eligible to work in Australia
  • Be employed or receive regular income
  • Have a good credit rating
  • Not be going through the process of bankruptcy

Decide on the amount you need

You’ll first need to decide how much money you need to borrow. This will help you determine which type of loan is best for your needs. It’s important to only borrow the amount you need, as loans come with interest charges that can add up over time.

When choosing an appropriate loan amount it’s worth thinking about: what you plan to do with the funds; whether this is a one-off or long-term solution; and whether there are any other costs associated with getting the funds (such as legal or accountancy fees).

Some factors that might make borrowing more affordable include: having an existing home loan or credit card debt; having enough income in order to service repayments; and living in an area where house prices are rising quickly.

Once you’ve decided on the size of loan required, work out what monthly payment would be affordable for you by considering your current financial commitments and lifestyle.

There are also some tools available online that can help calculate repayment amounts based on certain assumptions such as interest rates, term lengths and start date.

Decide on term length

The Second step in applying for a loan from Commonwealth Bank is to decide on the term length. The term length is the amount of time you have to repay the loan. The longer the term, the lower the monthly payments.

However, you will pay more interest over the life of the loan with a longer term. Choose a repayment schedule that you can afford and that meets your needs.

Look at how much money you need as well as how much you’ll earn every month to see if there’s enough room in your budget for the monthly payment. If not, then choose a different repayment plan or find ways to cut back on expenses until there’s enough room in your budget.

Documents you’ll need

In order to apply for a loan from Commonwealth Bank, you will need to have the following documents:

For New Customers

You must upload one of the following forms of identification if you’re a new customer:

  • Australian driver’s licence
  • Australian birth certificate
  • Passport
  • Medicare card

In the absence of the following forms of identification, you can visit your nearest branch with just about any two of the following:

  • Birth certificate
  • Citizenship certificate
  • Pension card or health care card issued by Centrelink
  • Household bill, e.g. rates, phone, or electricity bill.

For Non Resident

In order to verify your visa information, you must provide your passport number. Additionally, you must present a copy of your Grant Notice if your visa has no expiration date.

Proof of Income

In order to apply for a loan from Commonwealth Bank, you will need to provide proof of income.

For Full-time and part-time PAYG employees or Casual employees ( Any One Required)

  1. Payslips
  2. Bank statement (3 Month’s Salary)
  3. Employment letter Or employment contract & PAYG payment summary, tax return OR tax assessment notice

For Self-employed individuals (Any One)

  1. Recent tax return or Notice of assessment
  2. letter from your accountant (less than 90 days old)

If you receive government benefits
Commbank accepts the following forms of pensions, payments, and allowances:

  • Age Pension
  • Veteran Affairs Pension
  • Disability Support Pension
  • Family Tax Benefit Part A and B
  • Carer’s Income
  • Parental Leave Pay
  • Rent Assistance
  • Supplement Payments
  • AUSTUDY
  • ABSTUDY
  • Youth Allowance

You must submit a bank statement or Centrelink income statement

If you receive child support and maintenance (Both)

  1. Child support agency letter or family law court order or solicitor’s letter
  2. Bank statement

If you receive rental income (Any One)

  1. Bank statement
  2. Lease agreement
  3. Statement from the managing real estate agent

If you receive investment income (Any One)

  1. Bank statement
  2. Investment letter or statement from the entity

Interest & Comparison Chart

Personal Loan Comparison Chart

TypesFixed Rate
Personal Loan
 Variable Rate
Personal Loan
Apply onlineYesYes
Interest ratesRange: 9.00% to 16.00% p.a. 
Representative rate: 11.00% p.a. 
Range: 11.50% to 18.50% p.a.
Representative rate: 13.50% p.a.
Comparison rateRange: 9.90% to 16.86% p.a. 
Representative rate: 11.89% p.a.
Range: 12.38% to 19.34% p.a.
Representative rate: 14.37% p.a.
Terms available1-7 years1-7 years
Loan amount$4,000-$50,000$4,000-$50,000
Repayment frequencyWeekly, fortnightly or monthlyWeekly, fortnightly or monthly
Establishment Fee$150$150
Loan Service Fee$10$10
Late payment fee$20$20
Settlement cheque fee2 free2 free

Car Loan Comparison Chart

TypesFixed Rate
Personal Loan
Variable Rate
Personal Loan
Secured Personal Loan
Apply onlineYesYesYes
Interest ratesRange: 9.00% to 16.00% p.a
Representative rate: 11.00% p.a
Range: 11.50% to 18.50% p.a.
Representative rate: 13.50% p.a.
Range: 6.99% p.a. to 9.99% p.a.
Representative rate: 7.99% p.a.^
Comparison rateRange: 9.90% p.a. to 16.86% p.a. 
Representative rate: 11.89% p.a.
Range: 12.38% p.a. to 19.34% p.a.
Representative rate: 14.37% p.a.
Range: 8.05% p.a. to 11.03% p.a.
Representative rate: 9.04% p.a.
Terms available1-7 years1-7 years1-7 years
Loan amount$4,000-$50,000$4,000-$50,000$4,000-$100,000
Repayment frequencyWeekly, fortnightly or monthlyWeekly, fortnightly or monthlyWeekly, Fortnightly or Monthly
Establishment Fee$150$150$250 
Loan Service Fee$10$10$10
Late payment fee $20$20$20
Settlement cheque fee2 free2 free2 free

Fill out an application online

The Next step is to fill out an online application. You will need to provide some personal information, such as your name, address, Contact Details and More. You will also need to provide financial information, such as your income and expenses.

The bank will use this information to determine whether or not you qualify for a loan. If they decide that you do, they will give you the terms of the agreement in writing before sending it to you electronically.

If they decide that you don’t qualify for a loan, they will let you know immediately after completing the assessment of your application.

For those who are eligible, there are four types of loans available: Home Loan, Car Loan, Personal Loan and Line of Credit.

For example: With Home Loans, individuals can borrow up to 50 – 64% of the property’s value with a fixed interest rate based on their credit rating.

In contrast, Car Loans allow borrowers to borrow between $4,000 and $100,000 at variable rates.

Personal loans are often used for large purchases like furniture or TVs while Line of Credits can be used if you have bad credit but have a high income.

Before you apply, make sure that all of your paperwork is complete and organized so that you can upload it when prompted.

Once approved, your loan officer will guide you through each step until the funds are sent directly into your account.

How to Apply for Loan By Visiting Branch

Step 1: Call the Commonwealth Bank branch that you wish to use for your application.

Step 1: Make an appointment with the bank employee and tell them about your financial situation and what you wish to borrow.

Step 1: Take with you any relevant documents that demonstrate your income, such as payslips or payslips plus bank statements, letters of employment or pay slips plus bank statements, tax returns and bank statements etc…

Step 1: Present all relevant documents at the appointment and wait until they are verified by the Commonwealth Bank employee before proceeding any further with your application.

Tips to get Approval

Here are some tips for getting approval for a bank loan:

1. Get a job before you apply for a loan. If you don’t have a job, then you might find it harder to get approved for one, especially if you have less than perfect credit.

2. Have a solid income plan in place. Make sure that your budget is set up so that you can pay back the money borrowed with interest as well as any other payments (such as mortgage or rent).

3. Know what your credit score is and how it impacts your ability to get approved by banks and other lenders, especially if you have a poor credit history or no track record of paying bills on time in the past.

4. Have enough savings in place so that if something goes wrong – like losing your job or an illness occurs – you won’t run into major financial difficulties before getting back on your feet again with a new job or starting a business venture that may not be profitable at first but will eventually pay off in the long run!

Final Words

Congratulations! You have now completed the process of applying for a loan from Commonwealth Bank. By following the steps in this guide, you have increased your chances of being approved for the loan you need. Remember to stay patient throughout the process and to keep communication open with Commonwealth Branch. Good luck!

1) Ensure that all the required documents are included

2) Double check all information submitted

3) Return your application as soon as possible if there is any change

4) Answer all questions honestly.

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