BankSA opened its doors in South Australia in 1848 as the Savings Bank of South Australia. After humble beginnings as a savings institution and small lender, it has grown to service many of the state’s residents. Now a division of Westpac Banking Corporation, it offers a variety of services including transaction accounts, credit cards, investment platforms and home and personal loans.
Features of a BankSA personal loan
BankSA offers unsecured and secured personal loans and unsecured personal overdrafts for a variety of purposes, including debt consolidation, car financing, wedding financing and holidays. Approved borrowers can take out loans of between $3000 and $80,000 depending on their loan purpose and serviceability. Both fixed and variable rates are available and the loans come with a number of flexible features, such as redraw facilities, the option to make extra repayments and to make repayments when it suits.
What RateCity says
For a regional lender, BankSA offers a broad range of personal loans to suit a variety of borrowers. Its loans come with a range of flexible features, such as extra repayments, redraw facilities and repayment frequency options that are likely to appeal to many looking for a personal loan.
However, given branches are located in South Australia, the loans may not be suitable for borrowers in different states who value branch access.