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Bank Australia Personal Loans

Bank Australia is a customer-owned alternative to the big four banks. In addition to personal loans, Bank Australia also offers a range of banking products such as home loans, credit cards, savings accounts, insurance and financial planning. Bank Australia can be contacted via phone or email and has a small number of branches to visit across several states of Australia.

Bank Australia personal loan repayment calculator

Thinking about taking out a personal loan with Bank Australia? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Bank Australia personal loan compare with various products.

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Bank Australia Personal Loans rates

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Features of a Bank Australia personal loan

Bank Australia’s personal loans have a number of features that may suit borrowers in different financial situations. Bank Australia personal loans can be used for a range of purposes, including debt consolidation, investments, renovations and home improvements.

Bank Australia personal loans can be paid back over a term of one to 10 years, and loan amounts start at $1,000. Bank Australia personal loans have variable interest rates and can either be secured or unsecured. Property owners may be eligible for a discounted interest rate by applying for a dedicated personal loan. It’s worth noting that this particular loan can’t be used to purchase a new car, but can be used for a range of other investments. Bank Australia offer a separate car loan product.

Other features of Bank Australia personal loans include flexible repayment options, which give borrowers the option of making weekly, fortnightly or monthly repayments. All Bank Australia loans allow borrowers to make unlimited additional repayments and there are no early exit penalties for borrowers who wish to pay out their personal loan before the term.

Bank Australia personal loans can be used for a range of different purposes including:

  • Debt consolidation
  • Weddings
  • Holidays
  • Medical bills
  • School fees
  • Renovations
  • Shares

Bank Australia personal loans – customer service

Bank Australia customers can contact the bank online, via email or over the phone. There is also a handful of branches across the east coast of Australia. Borrowers can also contact customer service via:

  • Online enquiry
  • Email
  • Phone 8:00 am to 8:00 pm AEST, Monday to Friday
  • In store

Who is eligible for a Bank Australia personal loan?

To be eligible for a Bank Australia personal loan, you’ll need to meet the following criteria:

  • Be 18 years or older
  • Be an Australian permanent resident or have an eligible Australian visa
  • Have a regular source of income and employment
  • Have a good credit history for the past five years

How to apply for a Bank Australia personal loan?

To apply for a Bank Australia personal loan, borrowers can apply online through the Bank Australia website, in store or over the phone. The application process is simple and involves the following steps:

  • Once you’ve compared personal loan options, you can apply online through the Bank Australia website
  • Bank Australia will then review your application
  • If approved, you can accept the contract online or in a branch
  • Once accepted, the funds are paid directly into your loan account

At the time of application, you’ll need to provide the following documentation:

  • Proof of identity
  • Proof of income and employment
  • Details of any other financial commitments
  • Details of additional assets

Bank Australia personal loans review

In terms of interest rates, Bank Australia’s personal loan rates are slightly higher than the market average. In saying that, these personal loans do offer flexibility by way of unlimited additional repayments, a comparatively low application fee and no ongoing loan fees.

Borrowers have the option of choosing to repay their Bank Australia personal loan weekly, fortnightly or monthly, and also have the option to pay out their personal loan early without penalty.

Borrowers can select a term of one to 10 years when applying for a Bank Australia personal loan.

Bank Australia is owned by its customers, rather than by shareholders, which means that all profits are reinvested back into the bank and community. Bank Australia prides itself on providing Australians with a community-focused alternative to big banks.

Before applying for a Bank Australia personal loan, always do your research and compare your personal loan options to make sure you’re getting a loan that suits your budget, needs and lifestyle.

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