BankSA Personal Loans

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BankSA is a provider of personal loans as well as home loans, credit cards, savings accounts, term deposits and insurance products.

What personal loans does BankSA offer?

At the time of writing, BankSA offers four personal loan products:

Unsecured Personal Loan

  • Borrow between $2,000 to $50,000
  • Fixed and variable interest rates available
  • Redraw available on variable rate loans
  • Loan term of one to seven years (variable rate loan) or one to five years (fixed rate loan)

Secured Personal Loan

  • BankSA says you can offer your car as security for a lower rate
  • Borrow between $3,000 to $80,000
  • Fixed and variable interest rates available
  • Redraw available on variable rate loans
  • Loan term of one to seven years (variable rate loan) or one to five years (fixed rate loan)

Get Set Loan

  • Ongoing line of credit
  • Credit limit of $5,000 to $50,000
  • Variable interest rate only
  • Redraw available
  • No fees for early repayment, exiting your loan, or redraws
  • Option of weekly, fortnightly, or monthly repayments

Unsecured Personal Overdraft

  • Ongoing line of credit
  • Credit limit of $500 to $20,000
  • Variable interest rate only
  • No redraw available
  • No establishment fee

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What can you use BankSA’s personal loans for?

Personal loans can typically be used for important life events and large expenses, such as:

  • Buying a car
  • Debt consolidation
  • Holidays
  • Home renovations
  • Weddings and more

Read the product disclosure statement (PDS) from BankSA for any specific details on what you may or may not be able to take out a personal loan for.

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BankSA personal loans FAQs

You can choose a loan term of one to seven years on BankSA’s variable rate loans or of one to five years on BankSA’s fixed rate loans.

There are a number of fees to be aware of when taking out a personal loan with BankSA. At the time of writing. the following fees are listed by BankSA:

  • Establishment fee of $195 (Unsecured Personal Loan and Secured Personal Loan) or $150 (Get Set Loan)
  • Monthly administrative fee of $12 (Unsecured Personal Loan, Secured Personal Loan and Get Set Loan) or $5 (Unsecured Personal Overdraft)
  • $10 per redraw on variable loans
  • $150 early repayment fee if you repay the loan in full within the first 12 months (not applicable to Get Set Loan)
  • $100 early repayment fee if you repay the loan after the first 12 months but before the end of the term (not applicable to Get Set Loan)
  • $9 fee when a direct debit order for payment from another institution is dishonoured

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BankSA’s Get Set Loan comes with a minimum monthly payment of $50 (or 1.25% of the outstanding balance plus total interest charges and administration fee, whichever is higher). BankSA does not list minimum repayment amounts on its other personal loans.

According to BankSA, to be eligible for a BankSA Personal Loan you must:

  • Be 18 years or older
  • Be an Australian permanent resident

When applying for a personal loan, BankSA says you will need the following information at hand:

  • Identification such as Australian driver’s licence, Medicare card, passport, Australian birth certificate or NSW photo card
  • Income and employment details
  • Financial commitment details

BankSA says it has been part of South Australia since 1848 when the bank’s sole employee opened the bank’s books and doors in Adelaide. Since 2008, BankSA has been a division of Westpac Banking Corporation. BankSA says it has South Australia’s largest network of branches and ATMs and serves one in four South Australians.

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Written by: Tamika Seeto | Last updated: May 31, 2019