Eligibility requirements:
- Age: You must be at least 18 years old.
- Residency: Australian or New Zealand citizen, or an Australian permanent resident.
- Income: Must meet the minimum income requirements set by the bank.
- Credit History: A good credit rating is required for loan approval.
- Employment: Must be employed or have a regular income source.
Commonwealth Bank Personal Loan application steps:
- Apply Online: Complete the easy online application in about 15 minutes.
- Instant Response: Get a decision within 60 seconds of submitting your application.
- Review Contract: If approved, review and accept the contract sent to you.
- Verification: Provide any additional documents if required by the bank.
- Receive Funds: Once verified, you may receive your funds on the same day.
Frequently asked questions
How long does it take to get approved for a Commonwealth Bank loan?
Approval can happen within 60 seconds if you meet the requirements and submit all necessary documents promptly.
Is it required to explain why credit is being used?
No, you are not required to explain the purpose of the loan, allowing you flexibility in how you use the funds.
Do I need to have a good credit score to be approved for a Commonwealth Bank loan?
Yes, a good credit score is important for securing a competitive rate and increasing your chances of approval.
Can I apply for a loan if I am self-employed?
Yes, self-employed individuals can apply, but you will need to provide proof of consistent income to qualify.