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9.99%
Fixed
11.24%
Secured Fixed Low Rate (Excellent Credit Rating)
Auswide Bank, formerly Wide Bay Australia, has provided financial services for Australians since its beginnings as a building society over 50 years ago.
Auswide Bank is not considered one of Australia’s major banks, but it does have over 20 branches for their Australian customers to visit.
In addition to personal loans, Auswide also offers customers home loans, bank accounts, credit cards, term deposits, superannuation, insurance and financial advice.
Product | Advertised Rate | Comparison Rate | Repayment | Upfront Fee | Features | Go to site | |
|---|---|---|---|---|---|---|---|
5.90% Fixed | 6.50% | $608 monthly over undefined years | $175 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
6.90% Fixed | 7.50% | $617 monthly over undefined years | $175 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
9.90% Fixed | 10.50% | $644 monthly over undefined years | $175 | Redraw facility Extra repayments Fully drawn advance Secured | More details |
Auswide Bank personal loans encompass a wide range of options for customers, including unsecured, partially secured and secured loans. Fixed and variable interest rates are also available.
Loan terms of up to seven years are available depending on the type of loan chosen by Auswide’s members.
Personal loans up to $75,000 are possible depending on if the loan type is secured or not.
Auswide Bank personal loan rates vary from moderate to high depending on factors such as if the loan is secured or unsecured.
Members who take out an Auswide Bank personal loan can expect upfront fees, monthly fees, early exit penalty fees and missed payment fees.
With over 20 branches, Auswide isn’t one of Australia’s major banks, but does offer in-person customer service throughout the country in addition to online banking services.
Members can also reach Auswide Bank customer service by phone or email.
People looking to secure a personal loan with Auswide Bank must meet the following criteria:
The following application methods are available from Auswide Bank:
Auswide Bank is a smaller-sized bank when compared to other lenders in the Australian market.
The bank offers a wide range of loans that could cater to different needs of those looking to borrow money, such as everyday borrowers, students or home renovators.
Personal loan interest rates from Auswide Bank range from moderate to high. As such, borrowers looking for low interest rates might not be satisfied with what’s on offer from Auswide Bank.
Early exit penalty fees might also be a disincentive for those who are looking to pay off their debts before the term limit. Upfront fees, monthly fees and missed payment fees also apply, which could end up being costly.
Use RateCity to compare personal loans and find the best personal loan rates for your borrowing needs.
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.
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.
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.
Many personal loans, much like home 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.
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.
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).
Many lenders offer online applications for personal loans, which can be convenient for borrowers who don’t have a lot of free time. 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.
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.
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.
However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.
