Bank Australia Personal Loans
Bank Australia: Personal loans with a conscience.
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If you're struggling to repay your personal loan, you can get in touch with the bank directly or read our guide.
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.
How do Bank Australia loans compare?
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 $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:
- 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.
More guides on Finder
Bank Australia Premium Home Loan Package
With a discounted interest rate and the choice of a fixed or variable rate, the Bank Australia Premium Home Loan Package has a long list of features.
Bank Australia Fixed Rate Home Loan
Fixed interest rate loans give you a defence against rising interest rates. You can choose to have a one, two or three-year fixed interest rate period with the Bank Australia Fixed Rate home loan.
Bank Australia Premium Home Loan
The features of the Premium Home Loan make for a flexible, no-frills option for buying a home or other investment purposes.
Bank Australia Bridging Loan
The Bank Australia Bridging Loan is suitable for property investors and owner-occupiers thanks to its competitive interest rates and features. You don’t have to wait until your current property is sold to acquire a new one.
Bank Australia Basic Home Loan
Bank Australia’s Basic Home Loan is an option for those on a tight budget, but still looking to borrow money for a new home. This flexible loan offers a competitive interest rate, no monthly fee, repayment and redraw capabilities.
Bank Australia Line of Credit
If you’re short on cash and need to finance a project such as buying new furniture or even taking a holiday, a Bank Australia Line of Credit may be able to help. A Bank Australia Line of Credit offers a competitive interest rate, flexible repayment options and the ability to make extra repayments. However, before deciding on whether this is the right loan for you, compare your options on finder.com.au.
Personal Loan OffersImportant Information*
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate of 10.5% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants. Note: These rates are available until 2 February 2021. Credit, eligibility criteria and terms & conditions apply.
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
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