BankSA Unsecured Variable Rate Personal Loan
Borrow from $2,000 up to $50,000. Interest rates are variable and personalised based on your credit score.
BankSA’s Unsecured Personal Loan lets you borrow from $2,000 up to $50,000. Loan terms range from 1 to 7 years. As this loan is unsecured, you can borrow without using an asset as security. Interest rates are variable, meaning that your repayments will fluctuate only a monthly basis depending on the market interest rate. Interest rates are also personalised based on your credit score and personal financial circumstances. If your credit history is good, you’ll receive a lower rate, while less than perfect credit will result in higher rates. The rate ranges from 8.89% p.a. to 18.90% p.a. There is also an establishment fee of $195 and a monthly administration fee of $12.
From 8.89% (variable)
Interest Rate (p.a.)
Comparison Rate (p.a.)
Min Loan Amount
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 8.89% p.a. for both fixed and variable loans, with a comparison rate of 9.99% p.a. Your individual rate is determined by your credit history and application, with a maximum rate of 18.90% p.a.
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 and 5 years for a fixed rate loan and for between 1 and 7 years for a variable rate loan.
- Loan amount. Borrow as much as $50,000, 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
Compare other personal loans
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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