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Special interest rates offered for Unsecured Variable and Fixed Rate Personal Loans for medical education costs at colleges and institutions listed below.
Borrow $4,000–$50,000 with 1–7 year loan terms available.1
Make repayments and track your loan in the CommBank app.
This special interest rate does not apply to CommBank Secured Personal Loans. Find out more about CommBank Secured Personal Loans.
Usually 8.50% p.a. – 20.50% p.a. for Unsecured Variable Rate loans.
The representative rate is 16.00% p.a. for Unsecured Variable Rate loans.3
Usually 9.53% p.a. – 21.39% p.a. for Unsecured Variable Rate loans.
The representative rate is 16.94% p.a. for Unsecured Variable Rate loans.3
Other fees may also be payable such as a late payment fee.
Usually 8.00% p.a. – 20.00% p.a. for Unsecured Fixed Rate loans.
The representative rate is 15.50% p.a. for Unsecured Fixed Rate loans.3
Other fees may also be payable such as a late payment fee.
If your college does not appear in this list of colleges, a CommBank Personal Loan can still be used for education expenses.
To access this offer, you’ll need to call us 8am-7pm Monday to Friday or 9am - 2pm on Saturday (Syd/Melb time) and submit your application. If approved, you’ll need to review and accept your loan documents and provide supporting documents online
For a personal loan with a fixed interest rate, you lock in an interest rate that stays the same over the life of the loan. You can only make up to $1,000 in extra repayments a year and you cannot redraw any additional repayments you’ve made.
For a variable interest rate personal loan, the interest rate can change, up or down, over the life of the loan. You can make unlimited extra repayments, which can help you save on interest payments over the life of the loan. You also have the flexibility to redraw available funds from your redraw facility.
A secured personal loan is a loan guaranteed by an asset, such as a car. The lender uses this asset as security, which means that if you don’t make the agreed repayments the lender can take possession of the asset and sell it to cover the cost of the loan. The secured personal loan interest rate is always a fixed rate. A medical education interest rates does not apply to this type of loan.
An unsecured loan means that you don’t have to provide any security for your loan. While the interest rate on an unsecured personal loan is usually higher than a secured loan, it also offers a little more flexibility and a quicker and easier application and funding process, since you won’t need to provide us with details of the asset you’re using as security (e.g. a car).
Yes, if applying for the medical education interest rate on an unsecured personal loan, you can add other loan purposes and we will honour the medical education interest rate on the entire loan amount.
Yes, if you have an existing Personal Loan and would like to apply for the medical education interest rate, you’ll need to apply for a new Personal Loan. Loan increase applications aren’t eligible for the medical education interest rate.
However, you can select to refinance an existing CommBank Personal Loan in your new Personal Loan.
~ Offer available for a limited time. Apply and fund an Unsecured Fixed Rate or Unsecured Variable Rate Personal Loan between 5 November 2024 and 25 February 2025 to save $250 on the establishment fee (comparison rate calculations are inclusive of this offer).
Unsecured Fixed Rate Personal Loan interest rate (with special rate applied) is set out below. Comparison rates and examples are based on a $30,000 unsecured fixed rate loan over 5 years:
Unsecured Variable Rate Personal Loan interest rate (with special rate applied) is set out below. Comparison rates and examples are based on a $30,000 unsecured variable rate loan over 5 years:
1 For unsecured personal loans, $50,000 is the maximum we’ll lend (subject to loan type and purpose). Up to $120,000 is available on Secured Personal Loans.
2 Additional repayments made on a fixed rate loan are not available to be redrawn. An early repayment adjustment is charged if loan is fully repaid with 12 or more months remaining on loan term, and we reasonably estimate we will incur a loss or administrative cost. View the Personal Loan Terms and Conditions (PDF).
3 At least half of our approved customers will receive the representative rate or lower.
4 Comparison rates are calculated based on an unsecured loan of $30,000 over a term of 5 years. WARNING: Comparison rate is true only for examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Interest rates, fees, terms and conditions may be subject to change (although we won’t change a fixed interest rate during a fixed rate period). We’ll let you know of any changes in accordance with our contract.
5 The loan amount for medical education purposes must not exceed the course fees on the invoice supplied.
An excellent credit history is determined by, among other things, paying your bills and making loan repayments on or ahead of time, being disciplined with your credit applications, and not overextending yourself financially.
Actions which can negatively impact your credit history include missing bill or loan repayments, defaulting on your credit facility, or making a large number of credit applications in a short period of time. You can find out more about how your credit score is calculated and tips for improving your credit score at our Credit Score Information Hub.
We’re required to have Target Market Determinations (“TMD”) for each of our loan products. Browse our current Personal Loan TMDs
This guide doesn’t consider your individual objectives, financial situation or needs. Before basing any decisions on this information please:
Applications for finance are subject to the Bank’s normal credit approval. View the Personal Loan Terms and Conditions (PDF). Full terms and conditions will be included in our loan offer. Fees and charges payable. Commonwealth Bank of Australia ABN 48 123 123 124. Australian credit licence 234945.
