CommBank variable rate personal loan with fast approval same-day funding and penalty-free extra repayments

Quick overview for Aussie borrowers

The CommBank variable rate personal loan is a flexible borrowing choice for Australians who need fast cash and sensible repayment options. With same-day funding and a streamlined online application, this CommBank variable rate personal loan suits folks who want control over their repayments without the fuss.

Loan amounts range from $4,000 to $50,000 with terms of 1 to 7 years. Interest rates vary from 7.50% to 20.50% p.a., and a comparison rate typically sits between 8.90% and 21.79% p.a., depending on your profile.

Features that matter to Aussies

One of the biggest perks of the CommBank variable rate personal loan is the ability to make extra repayments without penalty. That feature helps you cut interest if you can pay a bit more some months, and the redraw facility lets you access extra repayments if plans change.

The product charges a $250 application fee and a $15 monthly service fee, so factor those into your budget. The loan is unsecured, meaning no collateral is required, and many borrowers get rapid approval—often within the same day.

How the loan works and who’s eligible

This CommBank variable rate personal loan is variable, which means repayments can move with the market. It’s handy for people who value flexibility and the chance to repay early without penalties. Use it for debt consolidation, renovations, medical bills or a big trip around Oz.

Eligibility is straightforward: you need to be over 18 and an Australian citizen or permanent resident. You’ll supply ID, recent payslips and basic financial info. No guarantor is typically required, which keeps the process simple for most applicants.

Cost, comparison and final take

While the application and monthly fees add cost, the no-penalty extra repayments and redraw make the CommBank variable rate personal loan a competitive option. Compare rates and fees across providers to ensure this CommBank variable rate personal loan fits your financial plan and timeline.

For Aussies needing quick access to funds and practical repayment options, this loan is worth a close look. If fast approval, same-day funding and repayment flexibility rank high for you, consider applying or chatting with a Commonwealth Bank advisor to lock in the best outcome.