BankSA's Get Set Loan is a flexible credit solution where you'll only be charged interest on the amount you use.
If you’re looking for a flexible line of credit that you can draw on when you need it, and only pay for what you use, the Get Set Loan from BankSA might be worth considering. Find out how the line of credit works and how much it costs in this review.
Main points to consider with the Get Set Loan from BankSA
|Product Name||BankSA Get Set Loan|
|Interest Rate (p.a.)||From 17% (variable)|
|Comparison Rate (p.a.)|
|Interest Rate Type||Variable|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$50,000|
|Monthly Service Fee||$9|
- Flexible line of credit
- Debit and cheque account combined in one account
- No set repayment term and no expiry date
- Application fee of $150 applies
- An administration fee of $9 applies
- $9 payment dishonour fee
The Get Set Loan comes with a variable rate of 17% p.a. which will only be charged on your outstanding balance. There is also no set expiry for the loan, so you can keep it open as long as you need. You can apply for a credit limit up to $50,000 and withdraw funds as and when you need them. The loan comes with an establishment fee of $150.
Features of the Get Set Loan from BankSA
By taking out this loan you’ll be able to enjoy the following features:
- Interest only charged on what you use. When you draw any of the available credit from this loan, you’ll be charged a variable rate of 17% p.a..
- Credit limit range. Depending on the credit limit you need and what you are approved for, you could have an available limit of anywhere between $5,000 and $50,000.
- Flexible repayments. You can make additional payments above the minimum monthly payment at any time. The minimum payment is outlined in your loan contract.
- No loan expiry. The line of credit has no set expiry date and there are no fixed repayment terms as long as your account remains in good standing.
- Loan protection. With BankSA’s Get Set Protect, you’ll be covered if you lose your job, fall ill, have an accident or pass away and are unable to meet your loan repayments.
- Account management. BankSA makes it easy for you to access and use your money through Internet banking. You can receive eStatements as well as track and manage loan repayments using BankSA’s Internet Banking facility.
Fees to keep in mind
The following fees apply with this loan:
- Establishment fee: $150
- Monthly fee: $9
How you can apply
You can apply for the Get Set Loan online by clicking the "Go to Site" button on this page. You are eligible to apply if you meet the criteria outlined below:
- You're over the age of 18
- You have an Australian residential address
Make sure you have the following information handy to speed up your application:
- Your current employer’s name, their address and main phone number
- Weekly after-tax income for each person applying for the loan
- Details of your assets, savings and investments
- The amount owing on your current credit and store cards
- Information regarding your other expenses
- Name and contact information for one personal reference
- If you’re self-employed, you’ll need your recent tax information
The application will take approximately 15 minutes to complete and you’ll receive an immediate response.
While BankSA's Get Set Loan is a competitive option, comparing your options before submitting your application can help you be more certain you've found the right loan.