Commonwealth Bank Personal Loans

My wife lent her car long term to our daughter, to get her out of difficulty with getting to and from work, driving 80km per day. Our trouble began with choosing our long term bank (Commonwealth Bank) when it came to needing a personal loan to… Read more

purchase a replacement car for my wife. Both of us had a very good credit history, so we chose a car then applied for the personal loan. The loan application was completely online, which was a new experience and we had all the required documents. We received a message in the CommBank app asking for 1 payslip and a home loan statement and my wife attempted to upload these but something went amiss. We went into the local branch to be told that nobody deals with personal loans as they are completely online. Fortunately a home loan person was able to help get the uploads done, but then more messages came through requesting more payslips and other documents. The final straw was the bank telling us that we needed a statement from Westpac for our home loan when the loan is with RAMS, a subsidiary of Westpac. Needless to say, after 5 days of torturous bank dealings, CommBank was kind enough to inform us that we didn't meet their lending criteria. The most IMPERSONAL personal loan application ever.

Don't bother going through Commbank for a secured personal loan even if you have exceptional credit score like myself. Found a nice little $20,000 electric car. Applied online and got pre approval so moved onto the next step. After close to a week I got another email telling me I was successful and to accept the contract. I went ahead and… Read more

organised for a mechanical inspection at my cost and a deposit down on the car so I didn't lose it. After accepting the contract and paying out for everything they then decline it?? I can see why people hide money under their bed and refuse to have anything to do with banks. Disgusting is a polite way of saying what multi billion dollar banks put people through.

Better rates with better credit score – I applied for personal loan but didn't like the rates. I have been working with commonwealth for a long time now, so I was disappointed. However, when I worked with a credit repair service to improve my credit score and applied for the loan again, I got much better rates. So, I am kind of neutral but appreciate the better rates anyway. Show details

Quick, easy and hassle-free – My personal loan experience with Commbank was hassle-free and easy. It was completed in less than 24hrs from lodgement of application to transfer of funds in my account. The online application was simple and easy to fill-up. Perhaps, it helped that I am banking with them since 2016 and maintained a good credit file. There were no hidden fees,… Read more

they were upfront about $10 monthly loan fee on top of repayments and their terms and conditions are clear and succinct. You also have the option to choose whether to pay it off quicker. (The local ANZ banker I've spoken to before applying to CBA sort of persuaded me to take 16% interest rate and pay it in 5years; even though, I already expressed that I am keen in 2 or 3years) With this application because it was made online, there was nothing of that sort of pressure at all. Also, I have an impression that CBA do not discriminate for the reasons why you need this personal loan. You can choose 3 or 4 reasons listed in the online application (e.g. debt consolidation, travel, home improvement,etc.) Still referring to that 40-min conversation with ANZ, the consultant said, ANZ do not prefer combining debt consolidation + home improvement reasons into one personal loan because it appears to them that it is wrong that you are consolidating debt and then make some improvement for your house. I never felt these negative feelings with CBA. As with rate, I am satisfied. It is actually lower than ANZ and NAB. Overall experience was exceptional!

Amazing and loving customer service – Deborah at the Commonwealth Bank in Mount Pleasant was so amazing to us. Just moving to Mackay NAB screwed us over, so we went in and Debby took us right in, went through everything carefully and honestly and set us up. I’ll never forget her kindness and pay it forward.

Leave CBA, go elsewhere – Don't waste your time with CBA personal loan, got conditionally approved, and I'm just looking for debt consolidation to reduce monthly cost, due to the low interest rate, got declined the next day?? I have a home loan with CBA, affordability is there..

Waste of time and effort – 0 stars for this absolute waste of my time. As a loyal customer for over 15 years you'd imagine they'd give you some communication or understanding. Apparently not! Pre approved, signed contract, submitted all documents as requested...twice, provided deposit account for dealer, took out insurance even though car wasn't mine yet, put down decent… Read more

deposit and despite putting over half money into it, they decided that because I hadn't worked for 20 days and my payslip wasn't "recent" enough despite providing 3 months worth and proof of employment plus access to my transaction history, I was declined 3 days later- after doing all this mind you.

If they'd taken the time to communicate to me, they'd understand that the reason I hadn't worked was because I had a serious car accident, went to ICU and lost my car as a write off...hence can't drive into work!! Maybe thats the reason I'm applying for a car loan at all so I can resume? Ha... Anyway, I knew when I read the reviews I should have expected it. I would have saved a bunch of time and energy perhaps if I went with another company.

It's cruel to string people along, I guess that's why they make billions of $$ in profit from our hardship. As saying goes if you can't go with them, go around them!!

False Hope – I should have listened to the reviews. Was attracted to the low rates. Got conditional approval for a car loan. Upon providing all the relevant documents, Declined. Well they had collected TONS of data from us. For them its a win, too bad for us, lost time and effort. Left us hanging. Show details

Approved (twice) for secured car loan then denied credit for no apparent reason when picking up the cheque – I have been a Commonwealth Bank client for over 30 years. Recently I applied for a secured car loan over the phone. It was conditionally approved with a 6.99% interest rate, on the proviso that my payslips reflected the correct income I had provided (they did) and that I also provide a copy of the compliance certificate and a copy of the invoice… Read more

from the car dealership. Just to be sure, I went into my local Commonwealth Bank branch to chat face-to-face with a loans specialist. There I gave her a copy of my payslips and spent an hour going through all the figures and details. I was looking to borrow 25k. I had 10k saved (that I had done so at an amount of $250 a week for many months). The loan repayments were to be $117 per week. She also pre-approved the loan and told me I could go and search for my vehicle!

I was so excited, I took my son (who has ASD) to the dealership to test drive the car I had had my eye on for the past fortnight. It was exactly what I was looking for and at a good price too! The dealership gave me a good deal and I paid the $500 deposit and signed paperwork. Total car cost- 34k (2 year old CX-5) including on-road costs (which also included the trade-in of my 13 year old Mazda 2). I would be using $9000 of my own (saved) money and $25,000 would be the bank loan. The car would be a secured loan. Current market value based on year and mileage- 38k. In the days following I organized the new car insurance policy and the cancellation of my existing car insurance policy.

I emailed all required paperwork to the loans specialist at my West Lakes, South Australia branch who set up a time with me mid week to finalize everything and pick up the cheque....

The loans specialist contacted me on the day I was due to pick up the cheque to ask I come in 30 minutes later, leaving a voicemail to say they were just finalizing everything for me to collect the cheque... So imagine my 'surprise' when I go to the bank for her to advise me that it has been declined on the basis of my income (suitability)....!!! She had calculated I was $13 a FORTNIGHT short ....!!!!!

To say I am upset or mad is a complete understatement. Not to mention my humiliation and embarrassment explaining this to the car dealership and family and friends.

The loans specialist (Leonie) escalated this to her branch manager (Luisa) for review who then sent it to the head credit department for further review. The next day I get the call that it is still declined yet no one can really explain why when it was conditionally approved (twice) beforehand.

I have made a complaint to the complaints department of the CBA and I have also contacted the ombudsman who believes I have a fair case against CBA. They agree an investigation needs to be completed and a resolution needs to be negotiated. A call this afternoon from the CBA complaints department has now unravelled the fact that it was apparently NOT my income that was the concern but instead something to do with the DETAILS of the car....... I'm not sure what this means and so far, no one has been able to elaborate.

Today I have had to have time off work to try and sort out this loan and liase with the car dealership. Lost hours at work. Ironic. In addition I have paid for insurance on a car that is still sitting in a car yard that might not even be mine. And the insurance on my current car will have been cancelled in a few days (currently trying to reinstate the insurance on my Mazda 2 and have been on hold to the insurance provider for over 2 hours now and still counting): all because of the incompetence of this bank. Not to mention my children who are now also upset as they were excited like me at the prospect of getting a new car ESPECIALLY my son who has ASD who doesn't understand we are no longer able to get the car.

I would completely understand and agree if my payslips reflected a different income amount to the income I had originally recorded; or if my credit file did not check out; or if I had misinformed the bank about any liabilities or defaults. But this was NOT the case. I have also previously paid off loans with the CBA but this apparently does not matter, just like the loyalty of a client does not seem to matter any more.

Commonwealth Bank have wasted my time and pushed my mental health over the edge. I will be leaving the CBA and will be changing my kids' accounts too.

Absolutely disgraceful CBA. Get your act together. One star too many.

Saving account dispute Rejected – I live in Qld and someone spent $514.00 in my saving account in Perth and reported to Combank immediately. Dispute was lodge for more than 51 days. Later got a message that my dispute was not successful coz either one of my family or myself spent the money.

Got a message that I was conditionally approved for Steppay – Got a message that I was conditionally approved for Steppay, clicked the apply then got rejected! For F sakes dont send me Spam! I have good savings and only wanted to use this possibly on Amazon as they dont accept Afterpay. Show details

CommBank or ConBank? – Commbank conditionally approve, then waste your time and money getting you to put deposit on car, insurance, tax invoice etc (that part was a nightmare as commbank refused to request it, and car yard refused to give unless commbank requested it). Spent a week just to be told oh wait, you are casual (working 50+ hours a week for the last 18 months… Read more

mind you) so we cant help. Why don't they check payslips first rather than last? How ridiculous! So I now have a big fat enquiry from them on my credit rating when they had no intention of approving the loan. Thankfully another company were happy to, for the same rate! I will be dumping commbank after this absolute joke of an experience.

Zero for everything – Worst service. Almost every staff member had NO idea at all about the process. Some staff members even talked badly about their own employer. One said 'Now, why have we asked you to come in to the branch'. Signed paperwork last night, told funds would be in the account in half an hour, still waiting at 1230 next day. Absolutely pathetic. Been… Read more

with this bank for 50 years. Time to find a bank what knows what they are doing and knows how to treat its customers!!

Waste of time going for a personal loan – I was conditionally approved and then got declined, been with bank for 35 years, paid a homeloan, never had bad credit or anything, first time asking for a personal loan waste of time, went from call center personal loan to cba branch personal loans, they kept on passing this back and forth to each other. I just wanted a loan I even had to reduce… Read more

it multiple times to see if I can borrow less very bad service for CBA, finding excuses wouldn't go for CBA no trust anymore!

They will waste your time – I was conditionally approved and encouraged to apply. Went through the application process and completed everything. I was approved and received the contract with the rate and schedule. Then I received a message that requested more documents. Uploaded all of them as well. Two days later, the contract message disappeared and the section in the app… Read more

disappeared as if I have never applied or received any contract. I wasn't even told that it was declined. When i asked them what happened they simply said the amount you requested is more than the loan capacity you got. They have verified my income 30% below my current income which interesting gets deposited in the CBA account on a regular basis.

I would rate a zero if I could! – My initial application I got conditionally approved was sent a contract but then they requested more documents. So I uploaded everything. Next minute I get declined. So I called up and asked what was going on? The guy helped me out and fixed up a few things on my application and asked for me to send through more things such as letter of… Read more

employment, TAX NOA, payslips, all the account statements of my debts. Submitted a new application, and after multiple back and forth with them continuing to request for me to send more documents through, I got declined again!! I have been a loyal customer for 30 years but they have never ever helped me with anything so GOODBYE commonwealth and thanks for nothing. I am moving on and closing all of my accounts with you!

Very Pathetic system they have – I applied for a personal loan , it got approved and after that they wanted some documents which i provided after a day they asked me clear my credit card to finalizing my personal loan .. when i called them i asked them what if i pay my credit card and then you declined my personal loan ? they said before that we cannot finalize your personal loan… Read more

application whilst you have to pay your cc.. i paid and after 10 mins i got declined ... very very bad services i wish i could move my whole banking system to anz at least they are very much clear ...

ZERO stars – 9k loan approved then funds reversed. Had signed for car, organised insurance paid 3.3k for upgrades etc. 13 k saved. Now I'm left to clean up mess no doubt at cost to myself and at the mercy of loan sharks. No help given, rude customer service. ZERO. Show details

Pathetic. So annoyed that I’m changing banks – After being a commbank customer for 23 years and having personal loans with them in the past, I had gone off the band wagon and never wasted my time trying to lend through them for reasons that I can’t remember. I recently decided to give them a go and tried to borrow 15k against a 40k car - the rest I would pay in cash... cash that is sitting in… Read more

my account mind you! I had conditional approval within minutes and now it has come back with a decline... I have an excellent credit rating and plenty of income, yet they have declined saying they don’t like the look of my 6k credit card that I currently owe 1k on. I even applied inside the bank to talk to someone and had it re entered at the bank managers advice. DECLINED TWICE!!! Well, I’m done now, I will close my accounts and bank elsewhere.

"Terrible" is an understatement!! – I would give them -5 stars if I could. They will waste your time & you will get no where with your personal loan application. Not sure if their staff know what they are selling or how they should sell the product. They have probably got a checklist on their screen & I don't think they have any knowledge. Anyway I rate them as " Hopeless".

constructive advice - Not CBA fault – I did all my research on my eligibility, I was not a CBA customer, CBA assured me I was eligible. My Loan was instantly declined on my application, I already transferred by bank account over to CBA. Turns out I was a "High Risk" Because I was not a long term banker, & My first Loan & I had only been in my Job for 5 months so I was declined. CBA… Read more

staff were Lovely about it & thought it would be approved & apologised and offered me credit card deals. Turns out if you are not a banker for 3 months or more with a bank lender you will most likely get higher interest rate!!! I shopped around worried about being declined again & doing more research I ended up going with Rate setter!! I was approved within 2 hours. I also looked at Credit wise, Money place, Nat Loans which all were good! I am still a CBA customer with my bank accounts & it wasn't anyones fault.. Lenders do not discuss there risk assessments criteria to you & alot of banking staff don't even know lol I still think if your a CBA customer and have good account conduct then it would be a simple easy loan but non bank lenders will probably give you a cheaper loan without account keeping fees. Nothing against CBA I still bank with them staff were cool.

No reward for loyalty worst bank I have ever dealt with. GOODBYE Commonwealth! – I have been a Commonwealth customer for 20 years . I have had numerous loans in the past with them and a home loan . My recent experience with them was disgraceful much like every other customer here, I was approved and then declined no reason why. I am in a better financial position I have ever been in as I sold my house and banked the cash and… Read more

still declined. Not only that they treated me like I was an idiot through the process. All my savings and money from my house sale will be taken out of Commonwealth Bank and all accounts closed. 20 years of loyalty means nothing, if you bank with them get out!

ING no bank fees here I come.

Easy to deal with – Reasonably easy to deal with bank, was able to pay off my personal loan in under agreed time with little hassle. No hidden fees, bank was upfront regarding fees, just had a little trouble turning off the direct debit Show details

Terrible service – Personal loan approved and then declined in next day with no reason.dissapointed. what a waste of time to go to branch to supply residency document. wouldnt recommend this terrible service to anyone. Show details

good customer service fast loan application – I took out a fixed loan, and I was pretty happy on the customer service transparency of fees charged. The interest rates may not be cheap however there are no sneaky charges involved. I recently took out a loan with ratesetter, supposedly because of all the good reviews and I have already paid double the amounts I would of paid with Commonwealth bank.

Approved then Declined!! – I had applied for personal loan with cba, i also bank with. I get an immediate email congrats you have been pre-approved in principal, providing that send all necessary documentations for verification. Within minutes of this email, i checked back online internet banking and seen progress email for personal loan that its been declined? This was on… Read more

a Friday week ending. I hadn't sent paperwork in yet? Come next Monday i get a text and several emails stating currently awaiting documentation for verification please send us to process? After explaining that yes pre-approved and declined all at same time why you need documentation if its declined? She stated that it must be a online computer glitch because they want to process the loan asap?! Confused, but Forwarded documentation for verification immediately and haven't heard anything since? Can Cba temporarily decline an application even though i was emailed pre-approved in principle for personal loan. Just confused after i paid off in full no missed payment on my current credit card too! No faith at the moment, over this confusion!

Its almost like, hey we might approve you? Um minutes later so swift um yeah declined! then a whole weekend goes by then you're bombarded with email and texts, calls awaiting on documents?! Setting you up, hoping your'e application is approved and it was an error? After discussing in detail with the CBA consultant who contacted, its was declined minutes after it was pre-approved! She in-turn, stated possible scenario is temporarily declined if we don't receive necessary documentation for verification! But not to hold my breath or any merit as to what it could mean!! Wow the lack of professionalism or even understanding what's going on or an explanation, why go about it in this fluff about way! No Confidence whatsoever! years of being a loyal customer! Oh well new bank!

Changed my Direct Debit amount without consent – I have a Personal Loan with CBA and had nominated a direct debit amount that was higher than the minimum monthly repayment amount - You know, so I could pay the debt off faster, therefore reducing the interest I have to pay them. Without my consent they changed my nominated direct debit amount to the minimum repayment amount. When I rang to ask… Read more

why they said "It's a bank wide change because previously people who would have paid their loan off before the original loan term will now be paying their loan off within the full loan term" - Translation, we want to keep people in debt for longer so we can earn more interest from them.

After all the Royal Commission stuff that CBA is getting blasted for you would think they would try to act more honestly, all I was doing was paying down my debt faster than they liked so they changed my payments without notifying me or getting my consent to do so. Shame on CBA.

Not great !!!! – I applied for a loan to consolidate all of my credit cards and other small loans with cba , i have never had any issues with them at all and had been banking with them for a number of years. They approved the loan and said the money would be transfered into my account within 24 hours , i could then bpay all of the debts myself and send screen… Read more

shots to show the bank i have made the payments.

Well 2 days later still no money ? So i called the bank to find out if there was any problems , they said they had made payments on my behalf and wrote them all cheques and had posted them through the mail !!

I told them that they had said that i could bpay as it would have been faster and also i could pay the exact figure , they then said that the rules had just changed and they couldnt let me do that anymore ! But to have been told would have been nice but no contact telling me the rules had changed.

The bank i found out had overpayed each credit card and loan by over 200 dollars so money in which i didn't need to borrow at all !! In total by overpaying all my debts they added on an extra 1000 dollars to the total loan amount that i didnt need. I then had to call and try claim back the overpayments myself which took over an hour on the phone .

and then 6 days after i had been granted the loan they took full first payment !!! When i was told i have a months grace.

The bank were not helpful and just tried to make constant excuses of why they had done this and that and also they then charged me then for going overdrawn when they shouldnt have even took the the first payment for a month ! shocking i definitely wouldnt use them again for a loan.

Great Experience – I have banked with Commonwealth for 30 years and never had a personal loan. I applied for a variable loan and they have been fantastic. Called on a Monday night, the staff member i spoke to was very friendly and efficient and the money was in my account on Wednesday afternoon. I am able to make extra payments and can redraw if needed. I would recommend Commbank to everyone.

Easyto apply – We were in the bank applying for a car loan when the finance officer said he could consolidate all our other loans and credit cards into one bill. We were approved fairly quickly, it all went very smoothly. While the interest rate may not be the best, all the banks appear to be about the same.

Wouldn't approve debt consolidation loan – I needed to consolidate my debt badly and if the loan was approved I would have saved $600 per month. CommBank told me that my credit score was fine, however the system has declined me due to not meeting the lending criteria as it appears to them that I can't afford the replayments???!! . I was already paying $1000 a month on all my debts and they… Read more

wouldn't help me. I applied for a loan with a different lender and was approved Instantly and now save $600 a month with my new loan. So much for being a loyal customer to CommBank for 19 years and they can't help you when you need help the most.

Slow and misleading loans personal – applies for small amount today and it says same day funding yet they haven’t even looked at my application? Show details

Terrible service – Wouldn’t recommend to my worst enemy as I was approved for a loan then declined 2 days later I was very disappointed