Bank Australia Personal Loan Review - Interest rates & fees | finder.com.au

Bank Australia Lifestyle Personal Loan

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Enjoy flexible financing and long loan terms with a Bank Australia Lifestyle Personal Loan.

The Lifestyle Personal Loan from Bank Australia comes with fast approval, and it's unsecured, so you don't have to offer any assets as security. The loan also comes with a competitive variable rate and the ability to made additional repayments, helping you to pay off your loan sooner. Extended loan terms of up to 10 years are also on offer.

Once you apply for this Lifestyle Personal Loan, you can be approved in as little as 24 hours.

11.89% (variable)

Interest Rate (p.a.)

12.94%

Comparison Rate (p.a.)

$1,000

Min Loan Amount

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Details

Product NameBank Australia Lifestyle Personal Loan
Interest Rate (p.a.)11.89% (variable)
Comparison Rate (p.a.)12.94%
Interest Rate TypeVariable
Min Loan Amount$1,000
Max. Loan Amount$50,000
Loan SecurityUnsecured

Main points to consider with the Lifestyle Personal Loan

This personal loan from Bank Australia is unsecured, meaning you won't have to risk your assets, and comes with a competitive variable rate of 11.89% p.a. You can use the loan for whatever purpose you need and you can apply for as little as $1,000. The loan comes with an establishment fee of $150.

Features of the Lifestyle Personal Loan

  • Competitive rates. This loan comes with a competitive variable rate of 11.89% p.a.
  • Flexible repayment options. You're able to repay weekly, monthly or fortnightly repayments so it suits your budget.
  • Repay the loan early. You can make extra repayments and repay the entire loan early without penalty.
  • Loan amount. You can borrow amounts as little as $1,000, making it suitable for a range of purposes.
  • Long loan term. This loan comes with a maximum loan term of 10 years, which is considerably longer than what is offered elsewhere.

How to apply for a Bank Australia Personal Loan

Applying for a Bank Australia Personal Loan is simple and straightforward. If you want to apply, click "Go to Site’" to submit your application. You'll need to meet the following eligibility criteria to apply:

  • Be an Australian citizen or permanent resident
  • Have not been bankrupt
  • Be over the age of 18
  • Are receiving a regular income

The following documents will be required:

  • ID. Your driver's licence, Medicare card or passport.
  • Income. Gross before-tac and net after-tax salary information.
  • Employment. Where you work and your employer's contact details.
  • Liabilities. Loan balances, repayment amounts, credit card or overdraft limits

Compare other personal loans

Data updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
Harmoney Unsecured Personal Loan

From 6.99% (fixed)
7.79%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 24.79% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
Plenti Personal Loan

From 6.39% (fixed)
6.39%
$2,001
3 to 7 years
$0 to $999
$0
You'll receive a fixed rate between 6.39% p.a. and 17.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
Citi Personal Loan Plus
8.90% (variable)
9.18%
$5,000
3 to 5 years
$199
$0
You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a.
A credit limit up to $40,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 30 September 2021.
Alex Personal Loan

From 5.49% (fixed)
5.49%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
You'll receive a fixed interest rate from 5.49% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 3 May 2021
OurMoneyMarket Personal Loan

From 5.35% (fixed)
6.31%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 5.35% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.


⭐ Finder Exclusive: Apply before April 30th to secure a discounted rate of 5.35% p.a. (comparison rate: 6.31% p.a.) for the first 12 months.
NOW Finance No Fee Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
No Establishment Fee
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.


⭐ Finder Exclusive: Get a free $200 Westfield e-gift card once your loan application has settled. Offer ends on 30 April 2021. T&Cs apply.
Latitude Personal Loan (Unsecured)

From 7.99% (fixed)
9.24%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 7.99% p.a. and 22.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly. You can check your interest rate before applying with no impact to your credit score.
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.39% (fixed)
6.39%
$5,000
2 to 3 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.39% p.a. and 17.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
SocietyOne Unsecured Personal Loan (5 years)

From 6.39% (fixed)
6.39%
$5,000
5 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.39% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Wisr Personal Loan

From 6.49% (fixed)
6.76%
$5,000
3 to 5 years
$595
$0
You'll receive a fixed rate between 6.49% p.a. and 19.95% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
CUA Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.39% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
MoneyMe Personal Loans

From 6.25% (fixed)
7.64%
$2,100
1 to 5 years
from $295 to $495
$10
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
Borrow up to $50,000 with no hidden fees or costs. Application process usually takes 5 minutes to complete and is done fully online.
Plenti Variable Rate Personal Loan

From 6.39% (variable)
6.39%
$2,001
1 to 3 years
$0 to $999
$0
You'll receive a variable rate from 6.39% p.a and 16.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
Pepper Money No Fee Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
$0
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $50,000 and use for a range of purposes. Pay no upfront, early repayment or ongoing fees.
CUA Unsecured Variable Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
NAB Personal Loan Unsecured Variable Rate

From 6.99% (variable)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 6.99% p.a. and 18.99% p.a. (7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
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Compare up to 4 providers

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 24.79% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 10.5% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

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14 Comments

    Default Gravatar
    Noel
    November 16, 2018

    what is the maximum sized personal available ?

      Default Gravatar
      Nikki
      November 16, 2018

      Hi Noel,

      Thanks for getting in touch! The approved amount of a personal loan is a case-by-case basis. This is determined by the lender’s approval of your loan against your credit history and current financial status. The minimum loanable amount is $1000 but the this loan comes with a maximum loan term of 10 year(s), which is considerably longer than what is offered elsewhere.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Best,
      Nikki

    Default Gravatar
    Frankie
    March 29, 2018

    Do I have to open a Banks Australia transaction account if I apply for a lifestyle personal loan?

      Avatarfinder Customer Care
      May
      March 29, 2018

      Hi Frankie,

      Thank you for your inquiry! No, even if you don’t have a Bank Australia transaction account, you can still apply for the Lifestyle Personal Loan. You’ll get approved for the loan if you meet all the eligibility criteria set by the bank.

      Cheers,
      May

    Default Gravatar
    dee
    November 3, 2017

    I have two credit cards and a personal loan, would it be possible to get another personal loan to consolidate the credit cards?

      Default Gravatar
      Jonathan
      November 4, 2017

      Hi Dee,

      Thank you for your inquiry. We understand that you wanted to put them all together in one repayment plan.

      Generally, this is allowed as long as you meet the lender qualifications and your creditworthiness is sufficient. You may compare your options for debt consolidation. Eligibility requirements and loan agreements vary on each lender, so you may want to read through their Terms and Conditions and/or speak to a loan specialist prior to getting one.

      On that page, we have three tabs that give you a selection of whether to choose a personal loan, a credit card, or bad credit loans. Take note that your choice would depend on your underlying circumstances and needs. If you need further advice, you may consult a personal loan broker.

      Hope this helps.

      Cheers,
      Jonathan

    Default Gravatar
    Lou
    October 1, 2017

    For consolidation loans, to consolidate credit cards, so I need statements for each card going back 6 months? Just trying to get any documentation together before applying.
    Thanks

      Default Gravatar
      Maria
      October 2, 2017

      Hi Lou,

      Thank you for reaching out to Finder.

      It’s possible that you’d be asked to supply your credit card’s statements from which the debt would be consolidated from.

      However, as the requirements are different between lenders, it would be best to read the details, as well as the Product Disclosure Statement/ Terms and Conditions of the option, and confirm the exact documents needed directly from them.

      Also, you may find useful information from our Debt Consolidation page.

      I hope this helps.

      Best,
      Maria

    Default Gravatar
    scott
    July 31, 2017

    Would like to consolidate my loan and credit card and get a little extra for a couple of things to get done at home.

      Default Gravatar
      Liezl
      July 31, 2017

      Hi Scott,

      Thanks for reaching out.

      You may check your debt consolidation options and see which one would best suit your needs. Please make sure you confirm that you meet the eligibility criteria before you submit your application, as rejected loan applications can have a negative impact on your credit score.

      Cheers,
      Liezl

    Default Gravatar
    ash
    March 20, 2015

    is there any bank who gives loan on newstart allowance

      Avatarfinder Customer Care
      Shirley
      March 20, 2015

      Hi Ash,

      Thanks for your question.

      There are a few lenders who will consider you for a loan when you are receiving Newstart payments. If this is your sole income, you can find lenders who may consider you to borrow from our list of unemployed loans.

      You can also compare lenders who offer loans to Centrelink recipients loans to Centrelink recipients and other government and community assistance programs that you can apply.

      Please ensure you compare your options and meet the criteria and kindly read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply for the loan.

      Cheers,
      Shirley

    Default Gravatar
    Matthew
    November 29, 2014

    How long does a bankmecu personal loan take to be approved?

      Avatarfinder Customer Care
      Shirley
      December 1, 2014

      Hi Matthew,

      Thanks for your question

      Once you have submitted your application, bankmecu will generally have an answer for you within 24-48 hours.

      Cheers,
      Shirley

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