Unsecured, secured and green secured personal loans all saw fixed rates lowered, with the range of interest rates lowered by 0.50% p.a.
As is usually the case with personal loan lending, there isn't a one size fits all rate, rather a range that depends on the credit worthiness of the borrower.
Unsecured fixed personal loans with CBA now have rates starting at 8.00% p.a (down from 8.50% p.a), up to 20% p.a. (down from 20.50% p.a), with the comparison rate range 9.40% p.a to 21.30% p.a*.
For those paying off a variable rate personal loan with CommBank, unfortunately there were no equivalent cuts.
It's the first time in several months Australia's largest bank has touched its range of personal loans, but the cuts follow term deposit and home loan rates also coming down more recently.
For unsecured personal loans, CommBank is now pretty much in line with Westpac (rates from 7.99% p.a to 20.49% p.a, comparison rate range 9.18% p.a to 21.61% p.a*).
ANZ still offers the most competitive unsecured fixed personal loan rates (7.49% p.a to 19.99% p.a, 8.18% p.a to 20.58% p.a comparison rate*) of the big four, while NAB is now about 50 bps behind (8.49% p.a to 20.49% p.a, 9.54% p.a to 21.49% p.a comparison rate*).
Secured personal loans with CommBank, that you might use to buy a car or another major asset, now have rates starting at 6.49% p.a, all the way up to 10.49% p.a (7.90% p.a to 11.86% p.a comparison rate*).
For eligible energy efficient cars like electric vehicles (EVs), CommBank have a single rate of 5.99% p.a (7.41% p.a comparison rate*), which is the same as Westpac, although the comparison rate is slightly lower there (7.20% p.a*).
To get the Green Option on unsecured loans, you'll need to demonstrate that the money is going towards an energy efficient purchase like solar panels.
The significant difference between the advertised rate and the comparison rate comes from the fees - all these products have a $250 loan establishment fee, a monthly $15 'servicing fee', while other charges for things like early discharge or late repayment can still apply.
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Harry O'Sullivan
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