BankSA Secured Personal Loan

Get a personalised interest rate and a lower rate with a secured loan. Interest charges and fees apply.

This fixed rate secured personal loan offers personalised interest rates ranging from 4.99% p.a. to 12.99% p.a. The rate you will qualify for will depend on your credit history. You can offer your car as loan security and can borrow up to $80,000 for the purchase of a new or used car. Conditions apply on the type of car you can offer as security.

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From 4.99% (fixed)

Interest Rate (p.a.)

6.13%

Comparison Rate (p.a.)

$3,000

Min Loan Amount

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Details

Product NameBankSA Secured Personal Loan
Interest Rate (p.a.)
From 4.99% (fixed)
Comparison Rate (p.a.)6.13%
Interest Rate TypeFixed
Min Loan Amount$3,000
Max. Loan Amount$80,000
Loan SecuritySecured

How does the BankSA Secured Personal Loan work?

This secured loan by BankSA allows you to use your car as security for the loan. In return, you get a lower rate of interest, compared to the unsecured loan. The vehicle must be registered in your name once purchased. It should be 12 years old or less at the end of the loan term and should never have been extensively damaged or written off. It also needs to be covered for 1 year’s full comprehensive car insurance. BankSA offers personalised interest rates, so depending on your credit score, your rate will differ.

What features does the BankSA Secured Personal Loan offer?

  • Secured loan. You can offer your car as loan security and get a lower interest rate.
  • Fixed rate. With a fixed rate, your repayments will remain the same every month, even if the market rate changes.
  • Personalised rates. With personalised interest rates, your rate will depend on your credit history. If you have a good credit score, your rate will be on the lower spectrum. If your score is middling, your rate is likely to be higher.
  • Flexible loan term. Your loan term can be between 1 to 7 years.
  • Borrow from $3,000 upwards. The minimum loan amount is $3,000. You can borrow up to $80,000.

How much does the BankSA Secured Personal Loan cost?

There are a number of costs associated with the Secured Personal Loan. These include:

  • Loan principal
  • Fixed interest rate ranging from 4.99% p.a. to 12.99% p.a.An establishment fee of $195
  • A monthly loan account fee of $12

The comparison rate, which includes interest and fees, ranges from 6.13% p.a. to 14.06% p.a.

You may also be charged the following:

  • Loan discharge fee of $150 if you repay your loan within the first 12 months
  • Loan discharge fee of $100 if you repay the loan after the first 12 months and before the end of the loan term

What are the pros and cons of the BankSA Secured Personal Loan?

Pros

  • Lower interest rate. Compared to the unsecured loan option, you get a lower rate by offering loan security.
  • Personalised rates. With personalised rates, you will be rewarded for good credit behaviour with a rate in the lower range.
  • Fixed rate. With a fixed rate, you know exactly what your repayments will be.

Cons

  • Risk of repossession. Secured loans come with the risk of repossession if you default on the loan. You could lose your asset.
  • Personalised rates. While good credit behaviour will be rewarded with a rate in the lower range, the opposite is also true. If your credit record isn’t perfect, you’re likely to receive a higher rate.

Am I eligible to apply for the BankSA Secured Personal Loan?

To apply for this loan, you need to:

  • Be over the age of 18
  • Be a permanent resident or citizen of Australia or NZ, or if you’re a non-resident or migrant, hold an acceptable visa
  • Receive regular, verifiable Australian taxable income
  • Have a fixed, verifiable residential address in Australia

How do I apply?

You can apply for the loan online through the BankSA website. It will take 10 minutes for existing customers and 20 minutes for new customers.

To apply, you will need to provide information on the following:

  • Proof of income
  • Current debts, including instalment purchases like Zip Pay
  • Regular monthly expenses, including phone bills and insurance

Have all the required documents at hand to speed up the process.

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