Bank Australia Personal Loans
What personal loans does Bank Australia offer?
At the time of writing, Bank Australia offers the following personal loan products:
- Lifestyle Personal Loan – Property Owner: Home Owners can borrow money for any purpose at a lower interest rate. Features include the ability to make extra payments, fixed regular payments and availability of a redraw option.
- Lifestyle Personal Loan: Features include the ability to make extra repayments and fixed regular payments.
Bank Australia also offers car loans. Bank Australia says it will offset your vehicle’s carbon emissions for the life of the loan. Additionally, if you purchase a Low Emission Vehicle, you are eligible for a 1% interest rate discount to your loan and to have the establishment fee waived.
What can you use Bank Australia’s personal loans for?
Personal loans can typically be used for important life events and other large expenses, such as:
- Buying a car
- Debt consolidation
- Home renovations
- Weddings and more
Bank Australia says its personal loans can be used for any ‘worthwhile’ purpose. Read the product disclosure statement (PDS) from Bank Australia for any specific details on what you may or may not be able to take out a personal loan for.
Bank Australia personal loans FAQs
Bank Australia says its personal loans have a maximum loan term of 10 years. Bank Australia does not specify a minimum loan term.
There are a number of fees to be aware of when taking out a personal loan. At the time of writing, Bank Australia advises that its personal loans come with a $150 establishment fee. However, according to Bank Australia this fee will be waived where the loan purpose is for sustainable home improvements.
Bank Australia says it charges no monthly fee and no early repayment penalty on its personal loans. However, it advises that other fees and charges may apply. Bank Australia says information about fees is available on request.
Bank Australia does not list specific minimum repayment amounts on its personal loan products. However, its personal loans do require fixed regular payments to be made either weekly, fortnightly or monthly. Bank Australia also allows additional repayments and does not charge a penalty for early repayment of the loan.
According to Bank Australia, to be eligible for a Bank Australia Personal Loan you must be:
- At least 18 years of age
- An Australian citizen or permanent resident of Australia
- Currently be receiving a regular income
- Maintained a good credit history for the past five years
- Be borrowing at least $1,000
When applying for a personal loan, Bank Australia says you will need details about the following at hand:
- Income – gross (before tax) and net salary (after tax), employment details and other income details (for example from shares or a rental property)
- Assets – approximate values of property, vehicles, savings, superannuation etc.
- Liabilities – loan balances, repayment amounts, credit card or overdraft limits etc.
If you are not a Bank Australia customer, you will also need identification such as your drivers licence, Medicare card or passport.
Bank Australia was established in 1957 as the CSIRO Co-Operative Credit Society. Since then, it has joined together with 72 credit unions and co-operatives to become Australia’s first customer-owned bank. Bank Australia says it has ‘clean’ money because it’s never loaned to industries that it says does harm such as coal, nuclear weapons, gambling, tobacco and live animal export. By joining Bank Australia, it says you also become a part-owner of its 927 hectare Conservation Reserve.