CommBank - Secured Personal Loan

These customers are likely to have the following objectives, needs, financial situation and must meet the eligibility criteria for this product:

Objectives and Needs

• Require a loan for a fixed amount and term, for personal purposes including, but not limited to:
  • Buying a car
  • Debt consolidation
  • Buying an eligible energy-efficient product (such as solar panels)
• Require an interest rate that is usually lower when compared to CBA's Unsecured Personal Loan.
• Require certainty of a fixed interest rate and repayments.
• Ability to make additional repayments.

Financial Situation

• Meet CBA’s credit assessment criteria which includes demonstrating the capacity to make the required repayments without substantial hardship.
• Can choose a loan amount typically between $4,000 and $100,000.

CBA views that its processes in place, including assessing the customer’s ability to meet the repayments of the loan, will mean that the product will likely be consistent with the Financial Situation of the Target Market.

Eligibility criteria

• Be an individual aged 18 years and above.
• Have an Australian residential address.
• Meet CBA’s credit assessment criteria which includes demonstrating the capacity to make required payments on the credit facility without substantial hardship.
• Have a car or be buying a car that:
  • Is unencumbered
  • Is up to seven years old at the time of taking up the loan
  • Is currently registered under the customer’s name or will be registered to the customer (where the funds are being used to purchase the car)
  • Is not written off
  • Has or will have comprehensive insurance cover