Commonwealth Bank Personal Loans
1.9
34 reviews
PositivevsNegative
21% · 725 · 74%
Loan TypeFixed Rate (7), Variable Rate (6) and Line of Credit (1)
Loan Term3.8 years
Transparency
1.8 (17)
Customer Service
1.9 (18)
Application Process
1.6 (17)
Timeliness
1.6 (17)
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Reviews
Eco Sydney, NSW 2 posts
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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 detailsRaj
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Yes Terrible
Takes weeks and weeks to follow up. You have give same information for all agents 10 times.Ellie 6 posts
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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 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 throu... Read moregh 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.Customer Service
John O.
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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.
T D. Sydney, NSW 4 posts
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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 detailsKristie South East Queensland, QLD 4 posts
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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 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. Show detailsCarl Metropolitan Adelaide, SA 3 posts
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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 with this bank for 50 years. Time to find a bank what knows what they are doing and knows how to treat its customers!! Show detailsCarmelo C. Sydney, NSW
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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 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! Show detailsMike
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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 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. Show details
TransparencyCustomer Service
JPP0309 Melbourne 2 posts
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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 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 ... Read moredeclined 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!Ratika Sydney, NSW 2 posts
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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 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 ...rease l. Sydney, NSW 2 posts
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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 detailskars b. South East Queensland, QLD 2 posts
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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
TransparencyCustomer ServiceApplication ProcessTimeliness
Jess 7 posts
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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 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’... Read moret 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.GAUTAM MacGregor 2615, ACT 21 posts
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"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".LendConnectMoneyPlaceSocietyOneJacaranda FinancePlenti Personal LoanFinance OneMoneyMeWisrMonzi Personal LoansOurMoneyMarketNifty Personal LoansRefinancerMyOzMoneyNOW FinancePepper Personal Loans
Compare best Personal LoansQuestions & Answers
Robert W.
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Do you send money and we have to send it back then you send the whole loan amount
Lis
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Dear commbank,
I've previously had personal loans that have been paid off. I've recently applied for a loan and it was pre-approved and then declined. I phoned to speak to someone regarding the situation and they said they couldnt give me a reason as to why it was declined but they gave me a list that of reasons that it could be. If I continue to apply and get declined will i get a bad credit rating?
Details
Category | Personal Loans |
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Interest Rate | From 5.99% p.a. |
Comparison Rate | From 7.05% p.a. |
Monthly Fee | $10 |
Application Fee | $150 |
Repayment Frequency | Fortnightly, Monthly and Weekly |
Loan Amount | $4,000 to $100,000 |
Security | Secured and Unsecured |
Loan Term | 1 to 7 years |
Rate Type | Fixed and Variable |
Redraw Available | Yes |
Line of Credit Available | No |
Contact info for Commonwealth Bank Personal Loans
- ABN: 48123123124
Extra Information
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