BankSA personal loans – Get the best of South Australian finance
BankSA has quite a solid customer base, especially in South Australia, where one in four locals have signed up for its financial products and services. Behind the scenes, the lender is a division of Westpac Banking (following a merger) and has a history dating back to 1848. Though it has many offerings like credit cards and home loans, this guide only considers BankSA personal loans, one of its popular products.
BankSA personal loan specs
- Loan amounts – $2,000 -$80,000
- Loan terms – 1-7 years
- Interest rate range – From 7.49%
- Interest rate type – Fixed or variable rate
- Pros – Quick online application, especially if you’re a member. You can also borrow up to $80,000, which gives you more flexibility.
- Cons – BankSA charges establishment fees, ongoing monthly fees, and redraw fees which adds up to more finance costs.
Types of personal loans offered by BankSA
- Unsecured personal loan. Interest rates start from 9.99% (fixed) or 12.99% (variable). You can borrow between $2K and $50K without using an asset as security. Since it’s a general-purpose loan, it’s suited for things like debt consolidation, weddings, or other things like school fees and unexpected costs.
- Secured personal loan. Your car guarantees the debt, and this lowers your interest rate. Rates start from 7.49% (fixed) or 12.74% (variable), and you can borrow between $3K and $80K. The money can also be used on anything, especially new or used car purchases. Find more details in our BankSA car loan guide.
Fixed rate or variable rate?
Secured and unsecured personal loan options from BankSA both come with a fixed rate or variable rate choice. The main difference between the two is that a fixed rate doesn’t change, so it’s possible to calculate your repayments and budget for the future.
While a variable rate doesn’t give you this security, it allows you to make extra repayments that you can withdraw any time you need them (redraw facility). Fixed rates don’t come with a redraw facility, plus there’s a limit to the extra repayments you can make before break costs apply.
Lastly, fixed rate loans come with terms of 1-5 years, while variable rate loans offer more flexibility with terms of up to 7 years. Repayments can be made weekly, fortnightly, or monthly for both options.
Fees and charges
- Establishment fee of $195
- Monthly admin fee of $12
- $10 per redraw on variable loans
- Early repayment fee of $150 for an early payoff within the first 12 months
- Early repayment fee of $100 for an early payoff after the first 12 months
- Break costs are also applicable to fixed rates. Other fees may also apply, and fees and rates are subject to change.
What else does BankSA offer?
You can also apply for a BankSA personal overdraft. While BankSA personal loans are doled out as a lump sum, a personal overdraft allows you to access funds a bit at a time and according to what you need.
It’s great for unexpected expenses since you don’t have to reapply each time you need extra funds. This product comes with a variable rate of 14.99%, borrowing limits of between $500 and $20,000, and a $5 monthly admin fee.
What you need to qualify
BankSA personal loan criteria require that you:
- Be at least 18 years old
- Have a regular and permanent pre-tax income of at least $35,000 per year
- Be a permanent Australian resident or have confirmed employment if you’re a non-resident
In terms of documentation, you’ll have to provide the following:
- Income details dating back 3 months (only if you don’t have a BankSA account that receives your pay). This information includes payslips, bank statements, and rental income.
- Recent tax information if you’re self-employed.
- Details about your assets, savings, investments, existing liabilities, and regular monthly expenses.
Applying for BankSA personal loans
If you like what you see from BankSA and decide to apply, click “Go to Site” for the personal loan you want. Submitting your application takes only 10 minutes if you’re an existing customer or 20 minutes if you’re new. Remember to double-check your details before you send everything through.
If you’re successful, BankSA will send you a contract that you have to sign before the funds can show up in your bank account.
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