Regional Australia Bank Personal Loans
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Variable
6.79%
8.83%*
Unsecured Personal Loan (Excellent Credit Rating) (3 Years Term)
Regional Australia Bank is a customer-owned bank based in Armidale, New South Wales. Because it is owned by its customers, Regional Australia Bank does not have any external shareholders and reinvests profits back into the business.
Regional Australia Bank has been in operation for more than 45 years.
Regional Australia Bank operates bank branches across New South Wales, but does not run offices or branches in other states or territories.
Regional Australia Bank personal loan repayment calculator
Total interest paid
$8,245
Total amount to pay
$38,245
Regional Australia Bank personal loans rates
Product | Advertised Rate | Comparison Rate* | Company | Repayment | Upfront Fee | Features | Go to site | |
|---|---|---|---|---|---|---|---|---|
Variable 6.95% | 7.83% | Enviro Loan | $593 monthly over 5 years | $195 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
Variable 9.99% | 10.88% | Personal Touch Loan | $637 monthly over 5 years | $195 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
Variable 15.99% | 16.91% | Personal Loan | $729 monthly over 5 years | $195 | Redraw facility Extra repayments Fully drawn advance Secured | More details |
- Discounts for green purchases
- Additional repayments allowed
- Free redraw facility
- Above-average interest rates
- Charges an establishment fee
- No branch access outside NSW
Features of a Regional Australia Bank personal loan
Regional Australia Bank offers a range of secured and unsecured personal loans. Customers can use Regional Australia Bank personal loans for a range of expenses, such as home renovations, overseas holidays and car purchases.
Regional Australia Bank personal loan fees vary depending on the loan you choose. Typically, customers are charged an establishment fee, but do not have to pay monthly service fees.
Regional Australia Bank personal loans offer free redraw facility and allow additional repayments.
Regional Australia Bank personal loans – customer service
Customers can receive customer service by phone, online enquiry or within any Regional Australia Bank branch.
The Regional Australia Bank customer service centre is open weekdays from 8am to 6pm and Saturdays from 8:30am to 12pm.
Who is eligible for a Regional Australia Bank personal loan?
- Must be at least 18 years old
- Must be an Australian citizen or permanent resident
How to apply for a Regional Australia Bank personal loan?
- Click ‘Apply Online’
- Confirm your eligibility
- Complete the application
- Submit the application
Regional Australia Bank personal loan review
Regional Australia Bank provides a range of loans that can be used for buying a new car, renovating a home, booking an overseas holiday or consolidating existing debt.
Customers can choose between secured and unsecured personal loans. Regional Australia Bank personal loan fees are generally reasonable. While Regional Australia Bank charges an establishment fee, many of its loans do not have ongoing service fees.
Regional Australia Bank personal loan rates vary from product to product. Its current personal loan interest rates range from moderately low to high. Customers gain access to lower personal loan interest rates if they require a personal loan for eco-friendly initiatives.
Because so many personal loan lenders exist, it is advisable to compare personal loan rates from several different lenders. Comparing one personal loan lender to another will help you find the best personal loan rates for your needs.
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FAQs
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other information, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new 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, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
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 usually 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.
Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford their loans on your income.
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 even the same day, in some cases.
Most lenders will need to you provide the following information in your application for a fast loan:
- Proof of identity
- Proof of residence
- Proof of income
- Details of any assets you own (e.g. car, home etc.)
- Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
- How much you want to borrow
- How long you want to pay it back
- Purpose of your 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.