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Minimum and maximum loan periods vary between 6 months and 10 years. Comparison
interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between
$1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan
of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the
examples given and may not include all fees and charges. Different terms, fees or other loan
amounts might result in a different comparison rate. These rates can change without further
notice. All rates quoted are per annum. For more information regarding fees click on "View
fees & additional info +" for each product or contact the provider.
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Bank Australia personal loans – Choose better rates and fees
Bank of Australia personal loans provide you with clean funds that support your financial needs and the planet. Learn how you can tap into Bank Australia’s responsible banking services and make a difference in the world, all in the comfort of your home.
Types of Bank Australia personal loans
According to Bank Australia, a personal loan is often a better choice than a credit card if you’re planning on making fixed and regular payments. You can enjoy either of two options from Bank Australia should you decide to apply:
- Lifestyle Personal loan. This unsecured personal loan is suitable for all sorts of situations where you need something, but cash is not readily available. It gives you the funds to make purchases or payments without saving for the full upfront amount required. The flexible minimum loan amount of $1,000 means you can also fix minor cash flow problems without borrowing more than you need. Amounts go up to $100,000 while terms cap off at 10 years. Generally, the details of the personal loan you qualify for depend on your unique circumstances.
- Lifestyle Personal loan – Homeowner. As the name suggests, this option is targeted at property owners who want to borrow low rate funds for any purpose. Credit limits also start from as low as $1,000 up to $100,000 with a maximum loan term of 10 years.
Bank Australia also provides car loans, and it promises to offset your car’s carbon emissions during your entire term. Find out more about Bank Australia car loans and the rate discount available for this type of product.
Features of personal loans from Bank of Australia
Bank Australia personal loans have a long list of features that could make them a cut above the rest for you:
- Fixed regular payments. Having regular repayments means there will be fewer unwanted surprises for your budget. To work out your monthly repayment, play around with our Bank Australia personal loan calculator until you find a budget-friendly amount.
- Flexible repayment options. It’s up to you and your pay cycle to decide whether you prefer to make repayments on a weekly, fortnightly, or monthly basis.
- Minimum fees. You pay an affordable application fee, and the good news is there are no early payout fees. However, ask for Bank Australia’s full terms and conditions plus fees and charges to make sure you’re aware of any other applicable fees.
- Extra repayments. Bank Australia welcomes your additional repayments. What’s more, they won’t penalise you for it.
- Redraw facility. If you’re a homeowner, you have the added advantage of availing yourself of previous repayments when you need to.
Bank Australia personal loan uses
Personal loans from Bank Australia are available for a variety of reasons, including:
- Debt consolidation
- Holiday and travel
- Dental bills
- Educational expenses
How to apply for Bank Australia personal loans
Make your online application for a Bank Australia personal loan by clicking “Go to Site” in our product table. Before you sign up for your chosen option, ensure that you’re at least 18 years of age and an Australian permanent resident. You’ll also need details of your:
- Income and employment – both gross and net salary plus any supplementary income such as from shares or rental property
- Assets – estimated values of property, vehicles, and other assets
- Liabilities – for instance, credit balances, repayment amounts, and credit limits
- Identity – if you’re not a Bank Australia customer, you need to provide a driver’s licence, passport, or suitable ID to have your identity verified online
While you’re still here, you can also check out other options and lenders on the Australian market to see how Bank Australia credit products compare.
What makes Bank Australia different?
There are more Bank Australia financial products to benefit from, including credit cards, savings accounts, home loans, and insurance products. But that’s not the most interesting thing about this credit provider. It’s Australia’s first customer-owned bank with a green agenda.
Bank Australia uses its banking tools responsibly by not investing in the fossil fuel industry. The bank also partly owns a Conversation Reserve and runs on 100% renewable electricity, among other impressive achievements and initiatives.
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