RateCity.com.au
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RateCity.com.au

Pros

  • Repayment flexibility
  • No-fee option
  • Rate discounts for ‘green’ purposes

Cons

  • Charges an application fee
  • Ongoing account-keeping fees
  • Moderate to moderately high interest rates

Beyond Bank personal loans rates

Product

Low Rate Car/Personal Loan

Real Time Rating™

0.00

/ 5
Interest Rate

6.49

% p.a

Fixed

Comparison Rate*

7.18

% p.a

Fixed

Repayment

$587

based on $30,000 loan amount for 5 years at 6.49%

Upfront Fee

$175

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 7.18% would be $35,211*. Terms from - years

Product

Flexi Car/Personal Loan Fixed

Real Time Rating™

0.00

/ 5
Interest Rate

12.49

% p.a

Fixed

Comparison Rate*

12.75

% p.a

Fixed

Repayment

$675

based on $30,000 loan amount for 5 years at 12.49%

Upfront Fee

$175

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 12.75% would be $40,487*. Terms from - years

Product

Flexi Car/Personal Loan

Real Time Rating™

0.00

/ 5
Interest Rate

12.49

% p.a

Variable

Comparison Rate*

12.75

% p.a

Variable

Repayment

$675

based on $30,000 loan amount for 5 years at 12.49%

Upfront Fee

$175

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 12.75% would be $40,487*. Terms from - years

Product

Line of Credit

Real Time Rating™

0.00

/ 5
Interest Rate

13.49

% p.a

Variable

Comparison Rate*

13.75

% p.a

Variable

Repayment

$690

based on $30,000 loan amount for 5 years at 13.49%

Upfront Fee

$175

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 13.75% would be $41,408*. Terms from - years

Beyond Bank personal loan calculator

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

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 6.49 %

Total interest payable

$0

Total amount payable

$0

Features of a Beyond Bank personal loan

Beyond Bank offers a range of personal loans including no-fee loans, low-rate loans and line-of-credit loans. Customers can choose between variable and fixed interest rates. Beyond Bank offers secured and unsecured loans, with terms of up to seven years.

Typically, Beyond Bank charges an establishment fee, security documentation fee and a monthly account-keeping fee. However, customers do have a fee-free option for loans over $10,000.

Beyond Bank personal loans offer redraw facilities and repayment flexibility, and additional repayments are allowed.

Beyond Bank personal loans - customer service

Beyond Bank can be contacted through several channels including phone, live chat, email and secure message.

Live chat and call centre services are available during business hours. Beyond Bank offers a designated 24-hour phone service for lost or stolen cards.

Who is eligible for a Beyond Bank personal loan?

  • Must be at least 18 years old
  • Must be a permanent Australian resident or citizen

How to apply for a Beyond Bank personal loan?

  • Open the Beyond Bank online application by clicking ‘Get Started’
  • Complete the online loan application
  • Submit documentation

Beyond Bank personal loans review

Beyond Bank offers secured and unsecured personal loans, with both fixed and variable personal loan interest rates.

When you compare personal loan rates, Beyond Bank tends to be in the middle of the spectrum. While Beyond Bank may not offer the best personal loan rates on the market, they are also not the highest. Beyond Bank personal loan rates range from moderate to moderately high. Beyond Bank’s current personal loan interest rates may be discounted depending on certain conditions. Interest rate discounts are available for ‘environmentally friendly’ purposes as well as for Pinnacle Plus and life members.

As a customer-owned personal loan lender, Beyond Bank uses its profits to lower its rates and fees. Beyond Bank fees vary from product to product. Some loans charge establishment fees, monthly fees and security documentation fees, while others are fee-free.

Learn more about personal loans

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:

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.

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 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.

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.

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.

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.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

What are the Westpac personal loan eligibility criteria?

The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:

  • You should be over 18 years old
  • You must be a permanent resident or hold a valid visa with confirmed employment in Australia
  • You should earn a regular and permanent income of at least $35,000 before taxes

If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:

  • Personal details including name, contact information, and residential address 
  • Proof of identity such as drivers licence or passport details
  • If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
  • If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips

Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.

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.

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 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.

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.

Can I merge my personal loan with my home loan?

Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.

However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.

Can you get an emergency loan on Centrelink?

When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.

Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.

Is it hard to improve your credit score?

It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.

As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.