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.
Auswide Bank personal loan repayment calculator
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Pros and cons
- Multiple personal loan options
- Below-average ongoing monthly fees
- Below-average missed payment penalty fees
- Low interest rates not available
- Early exit penalty
- No redraw facility
Auswide Bank personal loans rates
based on $30,000 loan amount for 5 years at 7.55%
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based on $30,000 loan amount for 5 years at 10.54%
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Features of an Auswide Bank personal loan
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.
Auswide Bank personal loans - customer service
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.
Who is eligible for an Auswide Bank personal loan?
People looking to secure a personal loan with Auswide Bank must meet the following criteria:
- Be over 18
- Have good credit
- Be employed with a history of income
- Be an Auswide Bank member
- Provide collateral (if the loan is secured)
How to apply for an Auswide Bank personal loan
The following application methods are available from Auswide Bank:
- Online application form
- In-person application at an Auswide branch
- By phone
Auswide Bank personal loans review
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.
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.
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.
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.
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.
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.
What are the Westpac personal loan eligibility criteria?
The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:
- You should be over 18 years old
- You must be a permanent resident or hold a valid visa with confirmed employment in Australia
- You should earn a regular and permanent income of at least $35,000 before taxes
If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:
- Personal details including name, contact information, and residential address
- Proof of identity such as drivers licence or passport details
- If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
- If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips
Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.
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 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.
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.
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.
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.
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.
Can I merge my personal loan with my home loan?
Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.
However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.
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).
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