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Commonwealth Bank Personal Loans

Commonwealth Bank Personal Loans

2.6 from 15 reviews

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

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateJune 2016

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.

Loan TypeVariable Rate

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


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 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!


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.


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 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 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 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.


Won't give you pay out figure

Charging 17% interest. Went into branch to close my account today as it is at an amount I can afford to pay off. Would not give me my pay out figure. Was told I have to wait as the $200 I transferred from my linked accounts had not hit my account - which is incorrect as I could see the payment. Now I have to wait and endure more 17% interest. This should be criminal I am sick of these big 4 banks taking advantage. Once they "let" me close my loan I will be closing all my other accounts too. Taking my business elsewhere.


Easy to apply

Easy to apply online via NetBank. Approved within 60 seconds. Funds in account that night. Interest rate is a bit high however on variable rate you can smash your payments without penalty and now I'm in a better position financially. That's what I'm doing.


Online process cumbersome and slow

I was buying a car and while I had enough cash, I thought if I took a small loan I would not be caught short if unexpected expenses occurred. I have mortgage with Commonwealth and with another bank. All in good condition, earnings good, no bad history. Should be a breeze. The product I sell for a living involves many clients using finance and I know financial lending criteria.

The problem arose when Commonwealth asked for statements.I have savings accounts, fixed term deposits, cash accounts and share accounts.Banks provide statements at regular intervals.

Commonwealth wanted current statements. So I went to ANZ, no can do. They provide a transaction report but not with your name on it. Went to my other bank, got current statement, for a fee.
I have a storecard which has zero balance for months so the don't send a statement.

Commonwealth accepted my application for a mortgage with much less information. In the end it was too hard. I gave up and extended the limit on my credit card just on case.
Thought it was going to be easy online
Wasn't easy, in fact ridiculously hard


Good

I applied for a personal loan on January 1, 2011 and on January 4 I had the money into my bank account. The process was very quick and easy as I was an existing customer with the bank. The staff are really helpful. The loan I have gets direct debited from my bank account on my pay day and I can (and do) pay additionally so that the loan is paid off early. To pay off the loan off early, unless the term is more than 2 years there is a $125 fee but to me I don't mind paying the fee because it's peace of mind knowing that my loan is gone. The staff at my nearest branch to work (Northcote, Victoria) could not be friendlier as they try and they always greet me by name as I enter the branch to conduct my banking. Only improvement that I could suggest about this loan would be to reduce the $125 fee but otherwise all is well!
I like that by having this loan with the bank that all of my banking products are still with the one financial institution.
The interest rate is a little steep

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