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Bank Australia Lifestyle Personal Loan

Advertiser disclosure

The details shown below are for a variable loan of at least $1,000

The details shown below are for a variable loan of at least $1,000

Choose the version of this loan that suits you best

  • Loan: $1,000

  • Loan: $1,000

Interest rate from
11.89% p.a.
Comparison rate from
12.94% p.a.based on $10,000
over 3 years
Upfront fee
$150
Interest rate from
7.89% p.a.
Comparison rate from
8.92% p.a.based on $10,000
over 3 years
Upfront fee
$150

Mozo editorial review Bank Australia Lifestyle Personal Loan

Last updated: 14 May 2020.

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What's hot
  • No service fees
  • No early repayment penalty
  • 2019 Mozo Experts Choice - Australia’s Best Customer Owned Bank
What's not
  • $150 application fee
Mozo snapshot

Coming from the 2019 Mozo Experts Choice Australia’s Best Customer Owned Bank, the Bank Australia Lifestyle Personal Loan offers flexibility, minimal borrowing restrictions and next to no fees. Borrowers can take out anywhere from $1,000, there’s no maximum loan amount. Bank Australia also offers a wide range of loan terms from 1 to 10 years, and you can make extra repayments throughout the life of the loan without being slapped with a fee every time you do.

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Key features

Whether you are funding your wedding, home renovation or next holiday adventure, Bank Australia’s Lifestyle Personal Loan could be the loan you’ve been searching for as you can borrow a minimum of $1,000 with no maximum limit. 

Bank Australia’s Lifestyle Personal loan is an unsecured loan so you won’t have to worry about offering up collateral, like your house or car; however, this does mean you’ll face a hefty interest rate. This unsecured loan comes with a 11.89% (12.94% comparison rate*) with loan terms spanning from 1 to 10 years. 

But while there is a hefty interest rate to consider, borrowers have the ability to choose their own repayment schedule, whether that’s weekly, fortnightly or monthly, and can make early repayments for free if they want to. Keep in mind though, there is no redraw facility on this loan so if you make extra repayments, you can’t access those funds later on. 

While you will save on fees throughout the life of this loan as there are no service, late payment or exit fees on this personal loan, you will face a $150 fee when you first apply.

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Who is it good for

The Bank Australia Lifestyle Personal Loan could be a good option for a borrower who wants flexibility when it comes to making repayments, and doesn’t want to provide security.

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Any catches

While there are complimentary extra repayments on this loan, there is no redraw facility so think carefully before putting more money towards the loan, as you won’t be able to get your hands on it later if you need to.

Details

Rates and fees information correct as at 25 November 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Variable

  • 11.89% p.a.variable

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

Fees
  • $150.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

Other financial bits
  • $1,000.00

  • none

  • 1 Year

  • 10 Years

  • Unsecured

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • none

  • none

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.

Details

Rates and fees information correct as at 25 November 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Variable

  • 7.89% p.a.variable

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

Fees
  • $150.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

Other financial bits
  • $1,000.00

  • none

  • 1 Year

  • 10 Years

  • Residential Property

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • none

  • none

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.

Customer Reviews

How are Bank Australia personal loans rated by the Mozo community?

Overall
7.6/10
Price
7.7/10
Features
7.4/10
Customer service
7.5/10
Convenience
7.2/10
Trust
7.9/10

Latest reviews of Bank Australia Lifestyle Personal Loan

  • 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
  • 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
  • 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

About Bank Australia

Bank Australia is a customer owned bank. Formerly bankmecu, Bank Australia has over 130,000 customers which act as shareholders of the bank. It offers a full range of products including home loans, savings, credit cards and loan products, and because its shareholders are its customers, they benefit from lower rate and fees. Bank Australia also invests up to 4% of its profits in various community projects every year.

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