Regional Australia Bank Personal Loans
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 | |
|---|---|---|---|---|---|---|---|---|
6.95% Variable | 7.83% | Enviro Loan | $593 based on $30,000 loan amount for 5 years | $195 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
9.99% Variable | 10.88% | Personal Touch Loan | $637 based on $30,000 loan amount for 5 years | $195 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
15.99% Variable | 16.91% | Personal Loan | $729 based on $30,000 loan amount for 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
If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.
Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.
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.
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.
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 documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.
If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.
If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.
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.