The account fees and interest rate were competitive with other banks and I was allowed the flexibility to pay the loan off earlier than the timeframe in the contract with no additional penalties for doing so.
The service to my wife when buying this product was courteous and efficient. A pleasure to work with. Differentiating on price is difficult in the Australian banking sector, however service is another thing entirely!
I was phoned by my personal banking officer to check on how I was going with the loan and loan repayments even though I hadn't missed a repayment and suggested we could review it because a better product had become available which would make significant saving for me over the term of the loan. I was very impressed as the bank was thinking of me and not their bottom-line. Certainly not like past experience with other banks.
We took out a personal loan for our son to buy a car which was fine but then the bank said it would be a great idea to change the loan into his name for a credit rating which we did. Not only were we charged $550.00 initially but the interest rate was higher, this was absolutely disappointing as it took the loan back up. When we questioned as to why they did not let us know they said that they thought it was standard that we should know, I mean I am not a banker.
A Bank is a Bank but not Bank SA, it is a great Bank! Helpful, honest and guess what the staff have ears and they hear! They hear what you say, ask and listen then surprise surprise......they answer your questions and provide any information that would help and clarify what was asked! It's the EARS.
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Personal loan comparisons on Mozo - rates updated daily
Low Rate Personal Loan
8.21% p.a.based on $30,000 over 5 years
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 8.00% would cost $36,647.51 including fees.
*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. WARNING: 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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