Commonwealth Bank Ltd review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Commonwealth Bank Ltd suits Australians who want loans, cards and home loans from one bank: a Low Fee card with an annual fee of AUD 0 and same-day funding on approved personal loans. The trade-off is cost, with card APR of 20.99% and a mortgage product fee of AUD 395.
Key facts
Loans
- APR
- 20.99%↗
- Loan amount
- A$4,000 to A$50,000↗
- Arrangement fee
- $0 (usually $250)↗
- Credit check
- Hard↗
- Funding time
- Same-day funding if approved, contract accepted and verification completed by 4pm Monday to Friday (Sydney/Melbourne time)↗
- 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↗
- Lender type
- Direct lender↗
- Free early repayment
- No↗
- 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↗
- Loan types
- Personal, Car, Secured, Debt-consolidation↗
- Credit needed
- Good↗
- Use cases
- Home-improvement↗
- Features
- Same-day funding
Credit cards
- Annual fee
- A$0↗
- Currency conversion fee
- 3.5%↗
- Rewards type
- None↗
- Rewards rate
- No flat rewards rate on the Low Fee card; cashback only via in-app CommBank Yello Cashback Offers↗
- Perks
- Up to 55 days interest free on purchases, Complimentary Purchase Security and Extended Warranty insurance provided by Cover-More, Travel Booking flight and hotel booking access in the CommBank app (Hopper), CommBank Yello Cashback Offers in the CommBank app, SurePay instalment plans, 0% p.a. on recent purchases (set-up fee applies), 0% p.a. purchase plans of 3, 6 or 12 months (set-up fees apply), 0% p.a. additional cardholder fee, Priceless.com offers and experiences, Minimum credit limit of $500↗
- Card kind
- Credit↗
Pros and cons
Pros
- Same-day funding on approved personal loans, offered by only 30.8% of lenders on the site
- The Low Fee card pairs an annual fee of AUD 0 with interest free days on purchases plus purchase protection and extended warranty cover
- Personal loan amounts run AUD 4,000 to AUD 50,000 over terms of 12 to 84 at a fixed rate, covering cars, debt consolidation and home improvement
- Home loans cover purchase, remortgage, first time buyer and buy to let lending, with borrowing to 95% loan to value
Cons
- Free early repayment is not offered on the personal loan, against 79.4% of lenders on the site
- Cashback on the Low Fee card comes only through CommBank Yello Cashback Offers in the app, and its rewards type is listed as none
- The fixed home loan rate holds for 1 and comes with a product fee of AUD 395
Who it suits
- Australians with a good credit rating and regular income who need a personal loan paid out the same day
- People who want the credit card, the personal loan and the home loan under one bank
- Home buyers and refinancers whose deposit fits 95% loan to value
Who should look elsewhere
- Borrowers who plan to clear a personal loan balance before the term ends
- Card shoppers after a flat rewards rate or points on their spending
- Home buyers who want a long initial fixed rate
How Commonwealth Bank Ltd compares
9.6 vs 8.0
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Where Commonwealth Bank Ltd is available
- Available
- Australia
- Licence in Australia
- AFSL (Australian Securities and Investments Commission), checked September 26, 2026
- Licence in Australia
- Australian credit licence (234945), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does a Commonwealth Bank personal loan cost?+
The fixed rate personal loan is arranged directly with the bank, with an origination fee of $0 (usually $250). The published representative example shows a comparison rate above the advertised rate once fees are included, so the real cost sits higher than the headline figure. Amounts run AUD 4,000 to AUD 50,000 over terms of 12 to 84.
How quickly is a personal loan paid out?+
Funding can be same-day once the loan is approved, the contract is accepted and verification is finished by four o'clock on a weekday, Sydney and Melbourne time. Same-day funding is the standout feature here, since only 30.8% of lenders on the site offer it.
Is Commonwealth Bank regulated?+
Yes. The lending entity, Commonwealth Bank of Australia, is listed with the AFSL (Australian Securities and Investments Commission) and holds Australian credit licence 234945. Lending comes from the bank itself rather than a broker, so the contract sits with one counterparty.
What does the Low Fee card cost to hold and borrow?+
The Low Fee card charges an annual fee of AUD 0 and a purchase APR of 20.99%, with a currency conversion fee of 3.5% on overseas spending. The perks listed under Up to 55 days interest free on purchases, Complimentary Purchase Security and Extended Warranty insurance provided by Cover More and Travel Booking flight and hotel booking access in the CommBank app (Hopper) include interest free days on purchases, purchase protection and extended warranty cover, and instalment plans on recent purchases.
Can I repay the personal loan early without a charge?+
No. Free early repayment is not offered on the personal loan, so clearing the balance before the term ends is not on free terms. Across the site, 79.4% of lenders do allow free early repayment, which leaves Commonwealth Bank Ltd on the cautious side of the market.
Who is eligible for a personal loan?+
Applicants must be adults who live and are eligible to work in Australia, holding Australian or New Zealand citizenship, permanent residency or an eligible visa. You also need employment or regular income, a credit rating of good, and no bankruptcy under way. The application runs a hard credit check.
How do I reach help?+
Support runs through chat, phone and help centre, so questions can be handled by phone, live chat or the help centre without leaving the app. Phone is the most common channel on the site at 74.4%, with the help centre close behind on 79.6%.
What do the home loans offer?+
The fixed rate home loan starts at an initial rate of 6.78% with an APRC of 8.31%, held for 1 and carrying a product fee of AUD 395. Borrowing runs to 95% loan to value, covering purchase, remortgage, first time buyer and buy to let lending.
Sources
- commbank.com.au checked September 26, 2026
Backs: Headquarters, Legal entity, Support channels, Licences
“Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit licence 234945”
- commbank.com.au/about-us/our-company.html checked September 26, 2026
Backs: Founded
“Commonwealth Bank was founded under the Commonwealth Bank Act in 1911 and commenced operations in 1912”
- commbank.com.au/credit-cards.html checked September 26, 2026
Backs: Card kind
“A credit card allows you to borrow money from a bank, giving you access to a predetermined amount of funds, known as your credit limit”
- commbank.com.au/credit-cards/credit-cards-in-australia.html checked September 26, 2026
Backs: Annual fee, Pricing model
“including annual fees (although CommBank does not have these)”
- commbank.com.au/credit-cards/low-fee.html checked September 26, 2026
Backs: APR, Currency conversion fee, Perks, Rewards rate, Rewards type
“Low Fee Credit Card purchase interest rate 20.99% p.a.”
- commbank.com.au/home-loans.html checked September 26, 2026
Backs: Purpose
“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, 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: Arrangement fee, Rate type
“Establishment fee, upfront cost payable when accepting a loan: $0 (usually $250)”
Compiled from 10 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Headline rate, Minimum deposit, Deposit protection.
Commonwealth Bank Ltd
Australians who want a card, a personal loan and a home loan handled by one bank