7.7 / 10

based on 538 reviews as rated by Mozo community

Bank Australia personal loans

Are you looking for an alternative lender to the big banks in Australia? Do you like the thought of borrowing from a customer owned provider? Then Bank Australia could be the financial institution for you.

Bank Australia, formerly known as Bankmecu is 100% owned by its members, which means rather than passing on profits to shareholders, the financial provider passes on profits to its customers by offering competitive personal loan deals. Want to find out more? Read on as we provide a full run through on the different personal loans available from Bank Australia.

Bank Australia offers the following personal loans

Rates and fees verified as correct at 04 December, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Lifestyle Personal Loan (Variable, for Property Owners, Secured)

7.89% p.a.

8.92% p.a.based on $10,000
over 3 years

$150

Lifestyle Personal Loan (Variable, Unsecured)

11.89% p.a.

12.94% p.a.based on $10,000
over 3 years

$150

Low Emission Vehicle Loan (Fixed, Secured)

5.45% p.a.

5.45% p.a.based on $30,000
over 5 years

$0

New Car Loan (Fixed, Secured)

6.45% p.a.

6.66% p.a.based on $30,000
over 5 years

$150

Used Car Loan (Fixed, Secured)

8.95% p.a.

9.16% p.a.based on $30,000
over 5 years

$150

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. 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.

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.

Bank Australia personal loans overview

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

How are Bank Australia personal loans rated?

Mozo users have rated Bank Australia personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
Bank Australia personal loans
Overall
7.6/10
Price
Features
Customer service
Convenience
Trust

15 Reviews

Recent Bank Australia personal loan reviews

Bank Australia Lifestyle Personal Loan review
Overall 10/10
Extremely satisfied customer

I applied for a personal loan on Monday and it was approved/made available by Thursday.

Read full review

I applied for a personal loan on Monday and it was approved/made available by Thursday.

Price
9/10
Features
9/10
Customer service
10/10
Convenience
8/10
Trust
9/10
Less
Lee ann, Victoria reviewed over 2 years ago
Bank Australia Lifestyle Personal Loan review
Overall 8/10
Great customer service & fast correction of issues

The ease and promptness of having a personal loan application was fantastic. When I needed a replacement card, the limited options of branches open on a Saturday to withdraw cash was very frustrating.

Read full review

The ease and promptness of having a personal loan application was fantastic. When I needed a replacement card, the limited options of branches open on a Saturday to withdraw cash was very frustrating.

Price
8/10
Features
7/10
Customer service
9/10
Convenience
5/10
Trust
9/10
Less
Jeanette, Victoria reviewed almost 5 years ago
Bank Australia Lifestyle Personal Loan review
Overall 7/10
Good

Never had a problem with them .

Read full review

Never had a problem with them .

Price
5/10
Features
6/10
Customer service
6/10
Convenience
6/10
Trust
7/10
Less
Rona, Victoria reviewed over 5 years ago
Bank Australia New Car Loan (Fixed) review
Overall 9/10
Fantastic customer service and great products

I am really pleased to be in a credit union with CSIRO and science teachers, we have a lot of really good programs with environmental emphasis and social responsibility.

Read full review

I am really pleased to be in a credit union with CSIRO and science teachers, we have a lot of really good programs with environmental emphasis and social responsibility.

Price
9/10
Features
5/10
Customer service
7/10
Convenience
8/10
Trust
10/10
Less
Rosalie, Victoria reviewed over 5 years ago

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