Auswide Bank (previously known as Wide Bay Australia) was launched almost 50 years ago as an alternative lender to the major banks in Australia. Today, the challenger brand offers an extensive range of banking products across home loans, credit cards, term deposits, superannuation and of course personal loans.
When it comes to Auswide Bank’s personal loans, you can opt for either a secured or unsecured loan for a range of borrowing reasons including but not limited to cars, motorcycles, boats, overseas travel and weddings.
Rates and fees verified as correct at 20 January, 2020. Other information correct at the time of writing.
|Product||Interest rate from||Comparison rate from*||Upfront fee|
Fixed New Car Loan (Up to 18 months old, Secured)
6.50% p.a.based on $30,000
Unsecured Personal Loan (Fixed)
10.49% p.a.based on $30,000
† 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.
Have a boat, cash or family guarantee? Well, you could use one of these to score yourself a better personal loan deal. That’s right with Auswide Bank’s secured loan option if you put up collateral or a guarantee for the personal loan, you’ll potentially receive a better interest rate and could borrow more too. For instance, while the unsecured option only allows you to borrow up to $50,000, with the secured alternative the cap sits at $75,000 and you can set up the term for 7 years (rather than just 5 years with the unsecured option). You’ll also have your choice of either a fixed or variable interest rate, so you could lock in your rate to protect yourself against rate rises or leave it variable which means your rate will change according to the market.
Don’t have an asset to secure your loan with? No worries, as Auswide Bank also offers a competitive unsecured personal loan deal that comes with either a fixed or variable interest rate. If you go for the fixed interest rate option you’ll get the peace of mind of repayment consistency but the downside of a locked in rate is your interest rate will be slightly higher than the variable rate option. With Auswide’s unsecured personal loan you can choose a repayment length of 1 to 5 years and can borrow an amount between $3,000 and $50,000. The loan comes with the flexible feature of an extra repayments facility, which ultimately means you could pay off the loan early by depositing additional cash into the personal loan on top of your regular repayments. But keep in mind, there is a fee for paying off your loan in the first year.
Dreaming of zipping the streets of your area in some new wheels? Thankfully, Auswide Bank also provides several car loan options. If your car is under 18 months old, then you’ll be eligible for the new car loan but if your car is any older your borrowing match through Auswide will be their used car loan alternative. What’s the difference between the two? Well, they are pretty similar as both options allow you to choose between a fixed or variable interest rate, let you borrow between $5,000 and $75,000 and make extra repayments on your loan. The only main differences is with the new car loan your variable rate will be lower and you can take out the loan for a longer period of 7 years, compared to only 5 years with the used car option.
Fees: All of the personal and car loans from Auswide Bank come with an establishment fee, ongoing fee and early repayment fee if you try to pay out one of its loans in the first 12 months.
Free online statements: You can stay up to date with your loan through the free statements available online.
Monthly repayments: With all of Auswide Bank’s personal and car loans, repayments are limited to being set up monthly, which could be an issue if you get paid on a weekly or fortnightly basis.
Extra repayments facility: Auswide Bank gives you the flexibility to pump additional payments into any of their loans thanks to an extra repayments facility. Just make sure you budget for the early repayment fee if you’re planning on paying out the loan in the first year!
Whether you’re searching for a competitive personal loan to pay for a home renovation or your upcoming trip overseas, it’s important the provider you sign up with offers everything from great customer service to convenience. Our customer reviews section is a great place to read up on how your potential personal loan provider is rated by everyday Aussies. To read reviews of Auswide Bank’s personal loans simply click here.
You can apply for either a personal loan or car loan through Auswide Bank by visiting one of its branches or by completing its pre approval request form online. Here are some of the information and documentation Auswide Bank will request: