CommBank Variable Rate Personal Loan Fast Approval Same Day Funding No Penalty on Extra Repayments

CommBank Variable Rate Personal Loan — Key features

The CommBank Variable Rate Personal Loan is a flexible option for Australians who need quick access to cash with no penalty on extra repayments. It offers variable interest from 7.50% to 20.50% p.a. and a comparison rate from 8.90% to 21.79% p.a., loan amounts from $4,000 to $50,000, and terms between 1 and 7 years.

With same-day funding and a redraw facility, CommBank’s personal loan is aimed at everyday Aussies looking to consolidate debt, renovate, or cover unexpected costs. The unsecured nature means no collateral, though there’s a $250 application fee and a $15 monthly account service fee to factor in.

How the loan works and what it costs

The variable rate means repayments can change with the market, which can work in your favour if rates drop but may rise if the market tightens. Additional repayments are allowed without penalty, helping you reduce interest and payoff time if you can manage extra monthly payments.

The redraw facility lets you access extra repayments should you need them later, providing flexibility uncommon in many standard loans. Be mindful of the application and monthly fees when comparing total cost over the life of the loan, and always check the comparison rate to understand the real cost.

Applying, eligibility and documents

Eligibility is straightforward for most Australians: you need to be over 18 and an Australian citizen or permanent resident. No guarantor is typically required for this unsecured personal loan, which keeps the process simpler and faster for applicants across Australia.

Required documents include proof of identity (driver’s licence or passport), recent payslips or proof of income, and details of your expenses. With everything in order, many applicants get fast approval and can receive same-day funding — a real plus when you need money quickly.

Why choose CommBank and how it compares

CommBank’s Variable Rate Personal Loan stands out for its blend of speed and flexibility: fast approval, same-day funding, no penalty on extra repayments and a redraw facility. For Australians prioritising convenience and control, it’s a strong contender among personal loans in the market.

Still, compare it against other lenders, especially if you’re sensitive to monthly fees or variable rate risk. Use comparison tools to weigh interest ranges, fees and features; for many borrowers the ability to make penalty-free extra repayments and access redraw will tip the scales in favour of CommBank.