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)|| |
8.92% p.a.based on $10,000
|Lifestyle Personal Loan (Variable, Unsecured)|| |
12.94% p.a.based on $10,000
|Low Emission Vehicle Loan (Fixed, Secured)|| |
5.45% p.a.based on $30,000
|New Car Loan (Fixed, Secured)|| |
6.66% p.a.based on $30,000
|Used Car Loan (Fixed, Secured)|| |
9.16% p.a.based on $30,000
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.
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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.
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.
Once you’re sure a Bank Australia personal loan is right for you, here is some of the information you’ll need to provide:
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.
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.
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.
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.