Regional Australia Bank
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
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Pros and cons
- Discounts for green purchases
- Additional repayments allowed
- Free redraw facility
- Above-average interest rates
- Charges an establishment fee
- No branch access outside NSW
Regional Australia Bank personal loans rates
based on $30,000 loan amount for 5 years at 7.83%
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based on $30,000 loan amount for 5 years at 10.88%
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based on $30,000 loan amount for 5 years at 16.91%
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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.
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:
- 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.
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.
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.
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.
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.
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 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.
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 do single mothers need to apply for a personal loan?
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).
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 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
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.