Bank Australia Lifestyle Personal Loan
- Interest Rate (p.a.)
- 9.49%
- Comparison rate (p.a.)
- 10.53%
- Min Loan Amount
- $1,000
Summary
A personal loan that stands out with a low application fee in the top 10% of our database.With a high Finder Score of 8.2, the Bank Australia Lifestyle Personal Loan stands out for its low fees. Its $150 application fee is in the top 10% of the lowest in our database and it charges no ongoing monthly fees.
This is offset by a higher-than-average interest rate. At 9.49%, its rate is in the top half of more expensive loans we compare which could make it less suitable for some borrowers.
Pros
-
No security required
-
Extra repayments without penalty
-
Loan term of 10 years
Cons
-
$150 establishment fee
Details
Product details
| Product Name | Bank Australia Lifestyle Personal Loan |
| Interest Rate (p.a.) | 9.49% |
| Comparison rate (p.a.) | 10.53% |
| Interest Rate Type | Variable |
| Min Loan Amount | $1,000 |
| Max. Loan Amount | $100,000 |
| Loan Security | Unsecured |
How does Bank Australia Lifestyle Personal Loan compare?
- Low application fee. Its $150 application fee is in the top 10% of lower fees in our database.
- No ongoing monthly fees. This loan has no ongoing monthly account fees, a charge some competing products have.
- High borrowing amount. The maximum loan amount is higher than many other personal loans we compare.
- Higher than average interest rate. The interest rate of 9.49% is in the top half of higher rates, making it more expensive than many other options.
Main points to consider with the Lifestyle Personal Loan
This personal loan from Bank Australia is unsecured, meaning you won't have to risk your assets, and comes with a variable rate of 9.49% p.a., which is above the market average. You can use the loan for whatever purpose you need and you can apply for as little as $1,000. The loan comes with an establishment fee of $150.
How to apply
Applying for a Bank Australia Personal Loan is simple and straightforward. You'll need to meet the following eligibility criteria to apply:
- Be an Australian citizen or permanent resident
- Have not been bankrupt
- Be over the age of 18
- Are receiving a regular income
The following documents will be required:
- ID. Your driver's licence, Medicare card or passport.
- Income. Gross before-tac and net after-tax salary information.
- Employment. Where you work and your employer's contact details.
- Liabilities. Loan balances, repayment amounts, credit card or overdraft limits
Features of this Loan
- Competitive rates. This loan comes with a competitive variable rate of 9.49% p.a.
- Flexible repayment options. You're able to repay weekly, monthly or fortnightly repayments so it suits your budget.
- Repay the loan early. You can make extra repayments and repay the entire loan early without penalty.
- Loan amount. You can borrow amounts as little as $1,000, making it suitable for a range of purposes.
- Long loan term. This loan comes with a maximum loan term of 10 years, which is considerably longer than what is offered elsewhere.