Bank Australia personal loans

What personal loans does Bank Australia offer? 

Unsecured personal loans

Bank Australia’s unsecured personal loan is dubbed the ‘Lifestyle Personal loan’ for a reason, as you can use the loan to fund a great range of things from holidays through to renovations. The personal loan comes with a variable interest rate, meaning it will change over the term of the loan to align with the economy. While there is an initial upfront fee that you’ll have to pay when you take out the loan, there’s $0 ongoing service fees, late payment fees or exit fees. You can choose to borrow from $1,000 upwards over a term of 1 to 10 years. We should mention a 10 year term is pretty flexible, as many loans put caps of up to 5 years. Plus, additional payments are allowed on the loan helping you pay it off sooner but there’s no redraw facility available.

Secured personal loans

Bank Australia’s secured personal loan is only available to property owners and requires the property to be used as security for the loan. The variable interest rate that comes with the secured ‘Lifestyle Personal Loan’ is much more competitive than the unsecured alternative, which could potentially save you big bucks in interest over the life of the loan. Other than the interest rate the unsecured and secured loans are relatively similar with the same upfront fees and no ongoing, late payment or exit fees and loans are available over a 1 to 10 year period.

Car loans

Are you shopping for a new car and want a car loan that not only has a competitive fixed rate but low fees as well? Bank Australia’s secured car loan could be the solution to your borrowing needs. As it’s a secured loan the car you’re purchasing will be used as security. The loan’s interest rate is fixed, so you don’t have to worry about your provider lifting the rate and it has no ongoing or late payment fee. While you will need to budget for an establishment fee, it will be wiped if the car you’re purchasing has a 5 star ANCAP crash rating or greenhouse rating of 7+. Terms can range from 1 to 7 years, but this is cut short at 5 years if the car you’re purchasing is a used car. The car loan comes with an extra repayments facility, so you can pay more on your loan when you please and the best part is if you end up paying the loan off early you won’t incur an early repayment fee.

Bank Australia personal loan features at a glance

• Flexible repayment cycles: With Bank Australia’s personal loans you can choose a repayment frequency to suit you e.g weekly, fortnightly or monthly.

• Extra repayments facility: Unlimited additional payments are available with all of Bank Australia’s personal loans without penalty.

• Secured loans: If you want a better interest rate, Bank Australia has the option of putting up your property as security for the loan to score a better deal.

How do you apply for a Bank Australia personal loan?

Once you’re sure a Bank Australia personal loan is right for you, here is some of the information you’ll need to provide:

• Income and employment details
• Value of assets like property, vehicles and savings
• Any balance on other loans, credit cards or overdrafts
• ID verification, such as your driver's licence, medicare card and passport