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.
BankSA personal loan repayment calculator
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Pros and cons
- Flexible repayment options.
- Multiple loan amounts, up to $80,000
- Online application
- Redraw subject to approval.
- Upfront establishment fees
- Ongoing fees
BankSA personal loans rates
based on $30,000 loan amount for 5 years at 8.60%
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Fixed up to 17.4%
based on $30,000 loan amount for 5 years at 12.57%
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based on $30,000 loan amount for 5 years at 13.81%
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Features of a BankSA personal loan
BankSA offers unsecured and secured personal loans and unsecured personal overdrafts for a variety of purposes. Approved borrowers can take out loans of between $3,000 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 weekly, fortnightly or monthly.
BankSA personal loans can be used for a range of different purposes, including:
- Debt consolidation
- Car financing
- Wedding financing
- Wide range of other uses
BankSA personal loans – customer service
Customers looking to contact BankSA customer service can call a personal banking hotline from Monday to Saturday, 8.00am to 8.00pm (AEST).
Other ways to contact BankSA include:
- Online banking
- Online live chat
Who is eligible for a BankSA personal loan?
To be eligible for a BankSA personal loan, you’ll need to meet the following criteria:
- Be at least 18 years old
- Be an Australian citizen, permanent resident or have a valid visa
- Be an Australian citizen or permanent resident
- Use the loan for personal use only
How to apply for a BankSA personal loan?
Applications for a BankSA personal loan can be made online. The process takes around 10 minutes and involves the following steps:
- Once you’ve compared and selected a personal loan, apply on the BankSA website
- Once your application is completed, BankSA will review your application
- If your application is approved, BankSA will send you a contract which can be accepted online
- Upon final approval, the funds will be credited to 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
- Contact details for a reference
BankSA personal loans review
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 repayment and redraw facilities that are likely to appeal to many looking for a personal loan. Borrowers also have the option of choosing between weekly, fortnightly and monthly repayments.
BankSA personal loans do have flexible features and reasonable rates; it’s worth noting that there are charges for features like redraws and early repayments. In addition, borrowers will pay an application fee, as well as an ongoing monthly loan fee.
A personal loan from BankSA can be used for a wide range of purposes, ranging from debt consolidation to holidays, wedding and buying a car. With a few personal loans on offer, borrowers can choose between fixed or variable interest rates and a secure or unsecured loan option.
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Where can I get a personal loan?
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
How long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
Are there low doc personal loans?
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.