Westpac vs Commonwealth Bank
Both lenders side by side, using only what each publishes on its own website. Full detail and sources sit in the standalone reviews: Westpac and Commonwealth Bank.
| Westpac | Commonwealth Bank | |
|---|---|---|
| Advertised rates | 6.49% - 12.99% p.a. fixed (secured car loan); EV 5.74% - 8.49%, hybrid 6.49% - 10.29%; unsecured personal loan 7.29% - 22.19% p.a. All personalised to the borrower's profile | Secured car loan 6.79% - 10.79% p.a. fixed; unsecured personal loans 7.25% - 22.25% p.a. fixed or variable; EV rates from 5.79% p.a. under the EV Access Program |
| Comparison rate | 7.90% - 14.34% (car); 7.16% - 9.88% (EV); 8.69% - 23.48% (unsecured) | 8.20% - 12.16% secured car / 8.65% - 23.53% unsecured |
| Approval speed | Response in 60 seconds; existing Westpac transaction account holders can access funds within an hour of contract acceptance, up to 3 business days to other banks | Response within 60 seconds of submitting the online application |
| Best suited for | buyers who want a major-bank fixed-rate car loan, especially EV or hybrid buyers chasing the discounted green tiers, or existing Westpac customers who value a 60-second response and same-day funding | buyers with a good credit rating wanting a major-bank secured car loan, published EV rate discounts or pre-approval before shopping |
| Fees | $250 lending establishment fee (added to the loan); $15 monthly loan account fee; $175 prepayment fee if a loan with a term over 2 years is fully paid out within 2 years (extra repayments themselves are free); $15 missed payment fee; Establishment fee waived on debt consolidation loans over $20,000 until 30 September 2026 (reduced to $100 for $10,001 - $20,000) | $250 establishment fee; $15 monthly loan service fee; $20 late payment fee; $15 early repayment adjustment on fixed loans paid out with 12+ months remaining |
| Credit profile fit | Rates are personalised within the advertised ranges, so strong profiles land near the floor. Published eligibility: 18+, citizen, permanent resident or acceptable visa holder with 12+ months validity, fixed verifiable Australian address, and regular taxable income with a recommended minimum of $25,000 before tax. Car loans require the vehicle to be 7 years old or less, never written off, with comprehensive insurance noting Westpac as financier. | Requires a good credit rating; rates at the lower end go to excellent credit histories, and CBA states at least half of approved customers receive the representative rate or lower. Not available while going through bankruptcy. |
Rates and fees current as at 13 Aug 2026. Rates and fees are subject to change by the lender at any time.
*The comparison rate is based on the lender's published example and is true only for that example. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Westpac: strengths and trade-offs
- + EV loan from 5.74% p.a., among the bank's lowest advertised consumer rates
- + 60-second response and funds within an hour for existing customers
- + No balloon structure and free extra repayments
- - $250 establishment plus $15 monthly account fee, reflected in comparison rates up to 23.48%
- - $175 prepayment fee if you pay out a longer loan within the first 2 years
Commonwealth Bank: strengths and trade-offs
- + True secured car loan up to $120,000 with rates from 6.79% p.a.
- + 60-second response on online applications
- + Published EV rates down to 5.79% p.a. for eligible borrowers
- - $250 establishment plus $15 monthly service fee
- - Car used as security must be 7 years old or less
Neither lender is ranked or recommended over the other. Rates are personalised, so the better lender for you depends on your profile; a Loanseekers enquiry compares both, and the rest of our 70+ lender panel, without affecting your credit score.
Ready to check your finance options?
Compare options through 70+ lenders. Fast online enquiry, no obligation, no impact on your credit score to enquire.