UniBank is a mutual bank created for the university sector. Being a mutual bank means that UniBank is owned by its members rather than by external stakeholders.
UniBank was established in 1964 as the University Staff Credit Society. After decades of serving university staff and their families, and several changes in name, the credit union was renamed UniBank in 2015.
UniBank operates bank branches in Western Australia, New South Wales, Queensland and the ACT.
UniBank personal loan repayment calculator
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UniBank personal loans rates
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based on $30,000 loan amount for 5 years
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All Purpose Personal Loan
based on $30,000 loan amount for 5 years
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- No ongoing fees
- Flexible repayment schedules
- Allows additional repayments
- Charges an application fee
- Moderately high interest rates on some loans
- Limited branch access
Features of a UniBank personal loan
UniBank is a personal loan lender that provides a selection of loans to its members. UniBank personal loans can be used for a wide variety of expenses, including travel, vehicles or debt consolidation.
Though specific features vary from loan to loan, most UniBank personal loans have no ongoing fees, allow additional repayments and offer flexible repayment schedules. Borrowers can choose to make repayments weekly, fortnightly or monthly.
UniBank personal loans have a maximum amount of $80,000.
UniBank personal loans – customer service
Members and potential customers can contact UniBank over the phone, by email or by visiting any nearby UniBank branch. Phone enquiries are available on weekdays, from 8am to 7pm, and on Saturdays, from 9am to 3pm.
Who is eligible for a UniBank personal loan?
- Must be an Australian citizen or permanent resident
- Must be aged 18 years or over
- Must be or become a member of UniBank
How to apply for a UniBank personal loan?
- Click ‘Apply’
- Select either ‘I’m a member’ or ‘Become a member’
- Complete the online application form
- Submit the online application
UniBank personal loans review
UniBank provides a range of personal loans that may be suitable for everyday borrowers, students, travellers and those looking to consolidate their debt.
UniBank charges a one-off application fee but does not charge monthly or ongoing fees. A late fee does apply if repayments are not made on time.
While features vary, most UniBank personal loans allow extra repayments to pay the loan off faster as well as flexible repayment schedules. UniBank personal loans have a maximum amount of $80,000.
In terms of personal loan interest rates, UniBank sits in the middle of the market. They don’t typically offer the lowest rates on the market, but they are not the highest either. In general, UniBank personal loan rates vary from moderately low to moderately high.
If you’re looking for the best personal loan rates on the market, it’s important to compare personal loan rates between several lenders.
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If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
The No Interest Loans Scheme (NILS) allows low-income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.
There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.
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 finance 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 pay off the new loan.
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.
Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.
Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension.
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 be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.
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.
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.
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.