Bank Australia Personal Loans

Bank Australia (formerly known as bankmecu) is Australia's first customer owned bank. They offer two types of personal loans, a Lifestyle Personal Loan which you can use for various purposes, and a Lifestyle Personal Loan specifically for homeowners. This is an unsecured loan, with loan limits up to $100,000. The loans have a variable rate, which means that your repayments could change from month to month. While both loans are similar, the loan for property owners has a lower interest rate. It starts from 7.89% and its uses are limited to personal purchases or investments. The personal loan has wider uses but features a higher interest rate starting from 11.89% p.a, and an establishment fee of $150.

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Name	Product	Interest Rate (p.a.)	Comparison Rate (p.a.)	Min Loan Amount	Loan Term	Application Fee	Monthly Service Fee	Monthly Repayment
Bank Australia Lifestyle Personal Loan Green Company		11.89% (variable)	12.94%	$1,000	1 to 10 years	$150	$0		You'll receive a variable rate of 11.89% p.a. Apply for what you need starting from $1,000 and have up to 1 years to repay. Early and additional repayments allowed.	More Info	Compare	loading Fetching your data...
Bank Australia Personal Loan Property Owner Green Company		7.89% (variable)	8.92%	$1,000	1 to 10 years	$150	$0		You'll receive a variable rate of 7.89% p.a. Homeowners can benefit from more competitive rates without risking their property. Apply for amounts from $1,000 and enjoy flexible repayments.	More Info	Compare	loading Fetching your data...

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Bank Australia offer the following types of personal loans for borrowers looking to renovate their home or fund a holiday and everything in between.

• Lifestyle Personal Loan. The lifestyle personal loan from Bank Australia can be used to get the things you've always wanted, but haven't had the upfront cash to afford. This personal loan can also be used to consolidate multiple debts into the one account. With a maximum loan term of 10 years and the ability to borrow anywhere from $1,000, you can fill your home with new furniture, finally take that well deserved vacation or get yourself a new set of wheels.
• Lifestyle Personal Loan - Property Owners. Property owners can enjoy a discount on the variable interest rate of the lifestyle personal loan for personal purchases or investments. This loan is not allowed to be used to finance the purchase of a new car, but is allowed for other investments that increase your assets. The loan terms extend to 10 years with loan amounts that start at $1,000.

Features and benefits of a Bank Australia personal loan

• Flexible repayment options. With a personal loan from Bank Australia, you choose how you want to make your repayments. You can schedule weekly, fortnightly or monthly repayments to coincide with when you receive your pay check.
• Additional repayments. All of the personal loans offered by Bank Australia give you the opportunity to pay the loan off quicker with unlimited additional repayments.
• Low application fee. As a customer owned bank, Bank Australia have a low loan application fee. The fee for applying for a Bank Australia personal loan is $150.

What other products does Bank Australia offer?

• Borrowing. In addition to personal loans, Bank Australia has a full line of loans available including home loans, car loans and investment loans.
• Credit cards. You have three different Visa credit card options to choose from with Bank Australia, including Platinum Rewards, Low Rate and standard Visa products.
• Savings. Bank Australia gives you incentive to save with five different savings accounts to choose from including an incentive saver which gives you bonus interest when you make monthly deposits without any withdrawals.
• Insurance. You can secure your belongings and just about anything else with the array of insurance covers offered through Bank Australia.

How to apply for a personal loan from Bank Australia

In addition to the features offered with their personal loan products, Bank Australia also offers you the convenience of applying online. Before you begin, check to make sure that you meet the following eligibility requirements:

• Age. You must be 18 years of age or older to be considered for a personal loan.
• Residency. Permanent residents and Australian citizens only are eligible for personal loans from Bank Australia.
• Employment. You must be currently employed and receiving a steady salary to be eligible for a Bank Australia personal loan.
• Credit. Applicants who have previously filed for bankruptcy will not be considered for a Bank Australia personal loan.

If you are able to meet these requirements proceed to the online application by clicking apply. You should have the following documentation close by for easy reference:

Required information

• Income. You'll need to provide information about your gross and net income from your salary as well as any other regular income you may receive. This could include income from investments. Your employer information will also be required.
• Assets. The online application will require you to provide an approximate value of all of your assets including all savings, property and vehicles.
• Liabilities. Have a complete listing of all of your current debts including credit cards, any other loans or overdrafts on hand when you apply for a personal loan offered by Bank Australia.