Bank Australia Personal Loans

Rates and fees last updated on

Bank Australia: Personal loans with a conscience.

As Australia’s first customer owned bank, Bank Australia (formerly known as bankmecu) has been working closely with the community since 1957. With every one of its 125,000 personal customers a shareholder, this cooperative business works with the same standards as a bank, but with greater levels of customer service.

Any profits made by Bank Australia are invested back into the bank and not paid to shareholders like high-street lending institutions. This means it can offer products that have low rates and low fees. No matter what you need, Bank Australia might offer a personal loan that fits your situation.

Bank Australia Lifestyle Personal Loan

Bank Australia Lifestyle Personal Loan

from

11.89 % p.a.

variable rate

from

12.94 % p.a.

comparison rate

  • Competitive variable rate
  • Loan terms up to 10 years
  • Borrow as little as $1,000
Security Logo

100% confidential application

Bank Australia Lifestyle Personal Loan

Apply for a Bank Australia Lifestyle Personal Loan and get competitive interest rate offer with a flexible range of repayment options.

  • Interest rate from: 11.89% p.a.
  • Comparison rate: 12.94% p.a.
  • Interest rate type: Variable
  • Application fee: $150
  • Minimum loan amount: $1,000
Go to site

How do Bank Australia loans compare?

Rates last updated November 19th, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Monthly Repayment Product Description
Bank Australia Lifestyle Personal Loan
From 11.89% (variable)
12.94%
$1,000
1 to 10 years
$0
$150
A competitive variable rate loan that gives you ten years to repay.
Bank Australia Personal Loan Property Owner
From 7.89% (variable)
8.92%
$1,000
1 to 10 years
$0
$150
Take advantage of long loan terms and use the funds for any purpose Note: Loan only available to property owners
Bank Australia Car Loan
From 6.45% (fixed)
6.66%
$1,000
7 years
$0
$150
A competitive rate and the ability to offset your car’s carbon emissions for the loan term.

Compare up to 4 providers

Bank Australia also offer a range of credit cards, with interest starting at 9.39% p.a.

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 .

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.
Was this content helpful to you? No  Yes

Related Posts

This page was last modified on 26 October 2017 at 5:18pm.

SocietyOne Unsecured Personal Loan

Based on your risk profile, you will receive a tailored rate between 7.5% and 20.14% with a SocietyOne personal loan.

DirectMoney Unsecured Personal Loan

This unsecured loan features tiers of interest rates from 8.5% p.a. to 19.95% p.a. based on your credit history.

NOW FINANCE Personal Loans

Get rewarded with a low interest rate for your good credit history. Rates from 8.95% p.a. to 16.95% p.a. depending on your credit score.

Westpac Unsecured Personal Loan

Borrow up to $50,000 for a term of up to 7 years with the unsecured Loan from Westpac

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

4 Responses

  1. Default Gravatar
    January 29, 2015

    Interested in personal loan to fix my car as i have two sick children my credit rating is good I have no debts only applying for a small amount I receive disability pension , carers allowance, and family tax a and b

    • Staff
      ShirleyJanuary 30, 2015Staff

      Hi Lauren,

      Thanks for your question.

      Please note that finder.com.au is an online comparison service and is not a product issuer. If you would like to discuss your eligibility or options with bankmecu, please get in touch with them directly.

      Cheers,
      Shirley

  2. Default Gravatar
    laurenJanuary 6, 2015

    Suitable personal loan to fix my car and rego expenses as i am on a disability pension

Ask a question