A competitive rate to help you finance anything, from debt consolidation to home renovations.
If you’re looking for a personal loan to finance a few different purchases, to consolidate existing debts or to pay for something you can’t use as a guarantee, then you might want to consider an unsecured loan.
This type of loan can be used in any way that you need it and a competitive option is available from BankSA. Offering fixed or variable rates, BankSA’s Unsecured Personal Loan lets you borrow up to $40,000 for a period of up to 7 year(s).
|Product Name||BankSA Unsecured Variable Rate Personal Loan|
|Interest Rate (p.a.)||From 12.99% (variable)|
|Comparison Rate (p.a.)||14.06%|
|Interest Rate Type||Variable|
|Min Loan Amount||$2,000|
|Max. Loan Amount||$40,000|
- Lower minimum loan amount of $2,000
- Choose between a fixed or variable rate
- Flexible repayment options
- Establishment fee of $195
- Monthly administration fee of $12
- Withdrawal fees may apply
Main points to consider about the BankSA Unsecured Personal Loan
This loan comes as a fixed or variable rate option so you are able to choose the type of repayments that will best suit your budget. Rates start from 12.99% for both fixed and variable loans, with a comparison rate of 14.06%. Your individual rate is determined by your credit history and application, with a maximum rate of 19.99%.
While this loan offers competitive rates, keep in mind that you will be charged to use some of the features of the loan, such as the redraw facility, or to repay the loan early. You can take a look at the fees in the table above.
Features of the BankSA Unsecured Personal Loan
- Interest rate. Choose between a fixed or variable rate for the loan.
- Loan term. You are able to borrow your loan amount for between 1 year(s) and 5 year(s) for a fixed rate loan and for between 1 year(s) and 7 year(s) for a variable rate loan.
- Loan amount. Borrow as much as $40,000, with the minimum loan amount set at $2,000.
- Flexible repayments. You can choose to make weekly, fortnightly or monthly repayments.
- Additional repayments. If you have opted for the variable rate loan option, you are able to make additional repayments.
- Redraw facility. A redraw facility is available, but keep in mind there is a $10 fee. The minimum redraw amount is $500.
- Account tracking. Keep track of your repayments and the amount you have left to pay through BankSA’s Internet banking facility.
- Insurance cover. Consumer Credit Insurance is available to protect your loan.
- Fast application. You can apply online and receive a response within 60 seconds. Applications usually take less than 15 minutes.
Fees and charges
When considering your personal loan options, it’s important to weigh up the benefits of the loan against the cost you will incur. Here are some of the fees and charges you can expect from the BankSA Unsecured Personal Loan:
- $195 establishment fee.
- $12 monthly administration fee.
- Payment dishonour fee. You are charged $9 each time a direct debit payment fails.
- $10 redraw fee. This is charged every time you use the redraw facility on a variable loan.
- Early repayment fee. You are charged $150 if the loan is fully repaid within the first 12 months. This is reduced to $100 if you repay the loan after the first 12 months but before the end of the loan term.
You will also pay break costs if you repay the fixed rate loan early.
How to apply
If you’d like to apply for this personal loan, you can click "Go to Site" to submit your application. The form usually takes about fifteen minutes to fill out and you will receive a response within 60 seconds. To be eligible for a loan you will need to be over the age of 18 and have an Australian residential address. You will also need to provide the following information:
- Your name, contact information and proof of your identity
- The name and contact details of your current employer
- Information on weekly after-tax income for each person applying for the loan
- Financial details regarding your assets, savings and investments
- Information about your open credit accounts including the limits of your credit cards and store accounts
- Details of your other expenses
- One personal reference including their name, address and contact information
- Self-employed people will need to provide recent tax information