Launched in 1986 Arab Bank Australia is a subsidiary of Arab Bank, which provides banking solutions to customers across the Middle East and Northern African region. In Australia this challenger brand has nine branches across Sydney and Melbourne, allowing you to speak to a branch manager in person about your borrowing needs.
While Arab Bank Australia specialises in home loans, it also offers a suite of personal loans including a secured option which requires you to put up an asset as security or alternatively an unsecured option. Both types of personal loans allow you to choose between a fixed or variable interest rate. Okay, let’s delve deeper into each option...
Rates and fees verified as correct at 25 January, 2020. Other information correct at the time of writing.
| Product | Interest rate from | Comparison rate from* | Upfront fee |
|---|---|---|---|
| Secured Personal Loan (Fixed) abal banking | 11.30% p.a. | 12.13% p.a.based on $30,000 | $200 |
| Secured Personal Loan (Variable) abal banking | 12.90% p.a. | 13.72% p.a.based on $30,000 | $200 |
| Unsecured Personal Loan (Fixed) abal banking | 14.00% p.a. | 14.81% p.a.based on $30,000 | $200 |
| Unsecured Personal Loan (Variable) abal banking | 15.60% p.a. | 16.41% p.a.based on $30,000 | $200 |
† Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.
If you have a car, boat or guarantee you can apply for Arab Bank Australia’s secured loan option. The asset you put up will be used as security for the loan, so this means failing to pay the loan could result in your asset being seized. If you know you can diligently repay your loan, going for the secured loan option will save you big bucks in interest, due to the low interest rate attached. Loan amounts can range from $5,000 to $50,000 and you can choose to pay it off over a term of between 1 and 5 years. The secured loan comes with either a fixed interest rate, which means your repayments won’t change or a variable rate that can alter depending on the market.
Alternatively, for borrowers who don’t hold an asset to use as security there is an unsecured loan available through Arab Bank Australia. While this will mean your assets won’t be put at direct risk if you default on the loan, your interest rate will be higher than the secured rate option. When you take out the unsecured loan, you can lock in your rate with a fixed interest rate or leave it variable. Loans can also be taken out for a period of 1-5 years and you can potentially borrow between $5,000 and $50,000.
Repayment flexibility: Both the secured and unsecured loan options from Arab Bank Australia let you set up your repayments on either a weekly, fortnightly or monthly cycle.
Extra repayments: If you’re a borrower who wants to make additional payments on your loan, you’ll be happy to hear that all of Arab Bank Australia’s personal loans come with an extra repayments facility. But keep in mind with the fixed rate loan fees may apply if you try to pay out the loan early.
Fees: All of Arab Bank Australia’s personal loan offerings come with an upfront fee that you will have to pay when you first take out the loan and a small ongoing fee that will be charged on a monthly basis.
If you want to know how Arab Bank Australia’s personal loans rate when it comes to price, customer service and features we recommend reading customer reviews from past and present customers here.
To apply for a personal loan from Arab Bank Australia you’ll need to head to your local branch in the Sydney or Melbourne area and bring the following docs with you:
