Apply & Fund an Unsecured Personal Loan, Get $350 Cashback and Pay $0 Establishment Fee (Save $150) @ Commonwealth Bank

20

Go to Deal

shap08 on 01/02/2023 - 16:28 commbank.com.au (195 clicks)
Last edited 01/02/2023 - 16:39 by 1 other user

Receive $350 cashback plus $0 establishment fee (that’s a value of $500) when you apply for and fund an Unsecured Personal Loan. No matter your goal, whether it’s your next set of wheels, simplifying your finances or even your next getaway – we’ve got something to suit you. Simply apply and fund by 27 February 2023. Joint applications are not eligible for the cashback.

From 7.50% p.a. interest rate* (8.20% p.a. Comparision rate**)
Great reasons to choose a CommBank Personal Loan:
Borrow amounts ranging from $4,000 to $50,000
Flexible terms from 1 to 7 years
Weekly, fortnightly, or monthly repayments
Same day access to funds are available if all verification requirements are met by 4pm2

Related Stores

Commonwealth Bank

• 

  smerm07 on 01/02/2023 - 16:29

  +3

  can i take loan, pay back instantly and profit $350?

  • 

    shap08 on 01/02/2023 - 16:30

    +1

    The cashback will be credited to an eligible CommBank Everyday account within 90 days of loan funding. You will not be eligible for the cashback if you close/terminate the Personal Loan facility within 35 days.

    • 

      thisisscotts on 01/02/2023 - 16:33

      +5

      Dammit… it's like these bankers understand how to always make a profit or something…

      • 

        rjams23 on 01/02/2023 - 16:36

        +2

        Which bank ?

    • 

      smerm07 on 01/02/2023 - 16:48

      +1

      bugger. thanks for the clarification.

    • 

      PotatoCakes on 01/02/2023 - 16:54

      +1

      Isnt this still a profit of $320ish dollars?

      Are there any other penalties/fees for immediately paying back loan after 35 days?

• 

  pearl2013 on 01/02/2023 - 16:39

  +1

  I think this is targeted… my offer is $100 cash + $150 wavy of est fee.. woohooo so much money I would spend at least 2 hours of my time to put all my financial supporting docs together..

• 

  Cardorac on 01/02/2023 - 16:53

  +3

  From 7.50% p.a. interest rate*
  Borrow amounts ranging from $4,000 to $50,000
  Flexible terms from 1 to 7 years
  Weekly, fortnightly, or monthly repayments

  So, potentially, I…
  - Borrow $4,000 for 1 year
  - Repay $3,999 in my first monthly repayment (30 days)
  - Repay ~$1 +/- incurred interest at day 36 and close the account

  Wait until day 90, and have the $350 cashback returned into my Commbank account.

  Any other catches?

  • 

    azzman372 on 01/02/2023 - 16:55

    I'm curious to the answer too. But one thing you forgot is the $10/m account fee.
    I couldn't also find if there are any additional fees if you pay off the loan early.

  • 

    cook99 on 01/02/2023 - 17:05

    When I looked into this with a different lender that wouldn't work. The fixed repayments were always set and can't be changed, so if you pay $3999, you first monthly payment (which can't be altered and is calculated based on loan value, interest rate and payment frequency and number of payments) will be more than the $1 owing and subsequently will close the loan off and forfeit the bonus.

    It's not worth it, it doesn't work.

    • 

      Nom on 01/02/2023 - 18:56

      So why doesn't it work?

      Your first payment is $3999 minus the pre set monthly payment.
      That leaves the monthly payment plus $1.
      The monthly payment is made.
      You've got $1 left for the second month.

      • 

        cook99 on 01/02/2023 - 19:20

        Payments are setup at a fixed date and amount from the bank. The $3999 you speak of is an additional payment and not part of that schedule.
        The bank scheduled payments will occur regardless of what additional payments you make.
        If those scheduled payments exceed the remaining balance (as would be the case of $3999 additional), the remaining balance will be your scheduled payment and it will then close the facility early.

        Let's say $4000 loan, 13.5% interest, monthly payments. This works out to be 12 $359 payments. ($4000 + $299 interest).
        Those payments are scheduled as monthly at establishment.

        If you pay $3999 that is an additional payment, leaving $1. At end of month 1 $359 is scheduled. $1 is taken being the balance, facility closed, no cashback.

        Only way it could work is leaving slightly more than $359 X 3 as a balance and let scheduled payments come off for 3 months, and hope the cashback works after 90 days before scheduled payments #4 closes facility.

        In this case you can still profit but it's a risk.
        You'll still pay $80 of interest on that $1078 balance, but may be worthwhile.
        When I looked it was borrowing $55k, hence the interest left was far exceeding the bonus cashback offer (or maybe it was Qantas points?), Either way was nowhere near worth it.

        This one may be but I can't be bothered with setup and risk of something going wrong personally.

        • 

          Nom on 01/02/2023 - 20:14

          @cook99:

          If you pay $3999 that is an additional payment, leaving $1. At end of month 1 $359 is scheduled. $1 is taken being the balance, facility closed, no cashback.

          I'm saying you should be paying $3640, not $3999.

          This would leave your balance at $360.

          Then once the automated $359 is taken, your account is still alive with $1 until the next month, taking you over the 35 day minimum 😎

          • 

            cook99 on 01/02/2023 - 23:09

            @Nom: You might be right mate, on that part
            "The cashback will be credited to an eligible CommBank Everyday account within 90 days of loan funding. You will not be eligible for the cashback if you close/terminate the Personal Loan facility within 35 days."
            The one I applied for was no cashback if terminated before cashback paid which was best case 90 days.

            Although Early Payment Adjustment discussed below would claw back all that avoided interest anyway. Still no deal for me

            • 

              Nom on 01/02/2023 - 23:19

              +1

              @cook99:

              Although Early Payment Adjustment discussed below would claw back all that avoided interest anyway. Still no deal for me

              Yeah, understood, I agree this messes everything up.

              • 

                cook99 on 01/02/2023 - 23:25

                @Nom: Always worth a try, I felt so burned going through all the way to approved loan only to discover they were too clever with clauses.

                Good chat, look at us disagreeing on the internet then coming together and one party (me) admitting they were wrong, this is not what the internet is about, deeply unsettling turn of events

                • 

                  Nom on 01/02/2023 - 23:36

                  @cook99: Haha, to be fair I don't think any bank really wants to just give us free money, so I would generally expect all the various conditions to make it impossible to just collect the cashback and come out ahead 😎

                  It would be surprising if you could actually win !!

        • 

          Spazmos on 01/02/2023 - 23:03

          @cook99: is redraw allowed? can't we just redraw the $3999 like a day or two before the auto payment date, then after repay the remaining minus $1 to keep the loan open?

          • 

            cook99 on 01/02/2023 - 23:06

            @Spazmos: I haven't gone through all terms of this one, the NAB one I tried was super restrictive and all the ozbargainer loopholes were shut

• 

  backupper1 on 01/02/2023 - 18:00

  +3

  If you close loan early then you will be charged a 'Early Payment Adjustment'.

  The language used cannot get dodgier than this, straight up say that we will charge early closure fees/fine, using fancy terms doesn't hide the fact that they don't want to let go off a person once trapped in their loan cycle. 😄

  • 

    cook99 on 01/02/2023 - 19:27

    Lol on top of my long rant above they basically charge you whatever interest you avoided as a break fee, this is absolutely not a deal if chasing a cashback only.

    Basically best case is $51 profit by getting a $4k loan at 13.5% and paying $299 interest. Hard pass considering forms process, credit check and setup involved. But if you want a $4k interest free loan it works out okay I guess. 🤷‍♂️

    • 

      backupper1 on 01/02/2023 - 23:22

      +1

      Not at all worth the effort.

      • 

        cook99 on 01/02/2023 - 23:23

        +1

        Thanks for backing me up. Username checks out ✅

• 

  bought on 01/02/2023 - 18:00

  +2

  Loan shark in disguise