Commonwealth bank personal loan requirements

Commonwealth bank personal loan requirements

Last Updated on February 6, 2023 by admin

Do you know you can Borrow with Confidence when you apply for Commonwealth bank Person loan with the right options at a rate you can afford. If you are having a minor financial challenge and can’t access funds to pay for all your necessary needs.

This include finance to buy a new house,  get a new automobile,  consolidate debt – like credit card debt – into one monthly payment, funds to plan for your marriage or just a special vacation. Australia  Commonwealth bank loan provides you a solution to cover piled-up expenses and get you going.

Getting Commonwealth bank personal loans are one of the easiest loans to acquire.They are unsecured loans, which means one does not need to offer collateral.The credit facility is designed to provide customers  to Unlock a world of possibilities, fulfill your future plans today with an unsecured Personal Loan

Being out of cash can happen to anyone as the commonwealth bank is providing every customer the opportunity to access unlimited funds and be happy once more.

Whatever the reason, a personal loan can be a great way to help you achieve your dreams sooner. Nothing can be more suitable than a Commonwealth Bank Personal Loan.

CB Personal Loans features:

1. Competitive Interest Rates
2. Fast application and closing process
3. Professional and friendly service
4. Terms up to a maximum of 60 months
5. No penalty charges for prepayment

Various type of commonwealth  personal loan

The bank offers their customers varieties of loans; this allows the borrower to choose the package that suits their needs. They include variable rate loans, fixed-rate loans, and secured personal loans.

1. Fixed Rate Loan:

The fixed rate loan interest rate remains unchanged for the entire term of the loan or for a part of the loan term. customers can Make up to $1,000 in extra repayments per year without a fees and Borrow from $4,000 to $50,000,They can predict the future repayment with accuracy since the payments are not affected by future changes in interest rates. It means that the loan costs and monthly payments will remain the same during the entire period of the loan.

 

2. Variable Rate Loan

The Variable Rate Loan interest changes according to changes in market interest rates. Unlike a fixed-rate loan.It’s also called “adjustable” or a “floating” rate) is an interest rate on a loan or security that fluctuates over time because it is based on an underlying benchmark interest rate or index that changes periodically with the market.

Customers will be ask to make Remediable funds through their redraw facility and borrow from $4,000 to $50,000.  The rate of interest is 13.50% p.a. with a comparison rate of 14.37% p.a.

 

3. Secured Personal Loan:

The secure personal  loan allows customers to borrow money against the value of an asset like a car or savings. Secured loans may carry lower interest rates, but they also carry risk.Most personal loans are unsecured, based primarily on your creditworthiness

This loan allows borrowers to take out money for the purpose of purchasing a new or used car that is less than five years old. Customers may borrow amounts from $10,000 with a fixed interest rate and repayment schedule for the duration of the loan. Interest rates on this type of loan are lower than those of Personal Loans because the car is used as security.

Borrowers can Stay in control with a fixed interest rate and repayments for the term of the loan. The credit facility goes up to $1,000 in extra repayments per year without a fee and borrow from $4,000 to $100,000

Requirements

To qualify for Commonwealth bank personal loan you should meet the following criteria:

1. Proof of your income with two receive payslips, or if you’re self-employed two years’ tax returns and a Tax Assessment Notice
2. Details of your savings, loans and credit cards from other institutions
3. Proof of ID such as your passport, drivers or firearms licence or proof of age card
Details of the car you’re purchasing if applying for the car loan
4. Be over the age of 18
5. Have a good credit rating
6. Hold Australian citizenship or permanent residency or be a New Zealand citizen or hold a 457 visa
7. Not be an undischarged bankrupt or be unemployed
8. Live in Australia
9. Meet the minimum income requirements

How to apply

There are two ways you can apply for the loan, by online (internet banking or mobile app) also the borrower can contact the customer center for more details.

Source: commonwealth bank

Meet Ogbeide Frank, popularly known as perere, a blogger who loves writing about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies

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