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Beyond Bank Low Rate Personal Loan

This personal loan has a fixed rate with no break fees. Interest charges and fees apply.

The Beyond Bank Low Rate Personal Loan is a secured loan which means you will have to provide an asset as security. The repayments will be fixed, making it easy to predict and budget for. You can use the loan funds for a number of reasons, including the purchase of a vehicle or for domestic or personal expenses. While this loan does not carry break fees, there are a number of other costs associated with it. These include interest charges, loan establishment fees and monthly administration fees among others.

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From 6.49% (fixed)

Interest Rate (p.a.)

7.18%

Comparison Rate (p.a.)

$5,000

Min Loan Amount

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Details

Product NameBeyond Bank Low Rate Personal Loan
Interest Rate (p.a.)
From 6.49% (fixed)
Comparison Rate (p.a.)7.18%
Interest Rate TypeFixed
Min Loan Amount$5,000
Max. Loan Amount$80,000
Loan SecuritySecured

How does the Beyond Bank Low Rate Personal Loan work? 

This fixed rate personal loan is a secured loan. You will have to offer an eligible asset or a Security Deposit Agreement to secure it. You can use the loan funds for a number of purposes, including to finance a vehicle, home renovations, holidays or to consolidate your debt. This loan comes with a fixed rate. This means that your interest repayments will be the same every month, making it easier to predict and budget for. 

What features does the Beyond Bank Low Rate Personal Loan offer? 

  • Secured loan. This loan is secured, requiring an asset as collateral.
  • Fixed rate. You get the certainty of knowing what your interest repayments will be. This makes budgeting easier.
  • Pre-approval available. Your personal loan can be pre-approved. This will allow you to make your purchase knowing you’ll receive the loan.
  • Terms up to 7 years. Your loan term can range from 1 to 7 years.
  • No break fees. You can pay your personal loan early without penalty.
  • Redraw facility. You can redraw your additional repayments via Internet and mobile banking for free. The minimum redraw amount is $500. A fee of $35 will apply for staff-assisted redraws.

How much does the Beyond Bank Low Rate Personal Loan cost? 

The costs associated with this loan include: 

  • Loan principal
  • Fixed interest rate of 6.49% p.a.
  • Loan establishment fee of $175
  • Security documentation fee of $25
  • PPSR search fee of $17.50
  • PPSR registration fee of $17.50
  • Monthly administration fee of $5

The comparison rate, which includes interest charges and fees, is 7.18% p.a.

What are the pros and cons of the Beyond Bank Low Rate Personal Loan?

Pros

  • Fixed rate. This loan comes with a fixed rate, making it easy to predict repayments. 
  • No break free and free redraw. You can pay off your loan early without incurring a penalty. You can also access your extra repayments for free through the online redraw facility. 

Cons

  • Risk of repossession. Secured loans come with the risk of your asset being repossessed if you default on your loan. 

Am I eligible for this loan?

To be eligible for the loan, you must: 

  • Be 18 years old or older 
  • Be an Australian citizen, permanent resident or hold an acceptable visa

How do I apply for this loan?

You can apply for the loan online via the Beyond Bank website. The application will take around 10 minutes to complete. You will have to provide your employment details, address, driver’s licence and your assets and liabilities. You will also need to provide proof of income and bank statements. Have these documents at hand to make the process easier.

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