Bank Australia, recognised for its strong stance on ethical and sustainable banking, extends these values to its personal loan offerings.
With a focus on meeting various financial needs while upholding environmental responsibility, the bank’s personal loan products can cater to a unique segment of the market.
Bank Australia personal loan review
Bank Australia markets two personal loan products: One for homeowners and one for all other borrowers.
The loans can be used to fund just about anything a borrower’s heart desires, such as debt consolidation, home renovations, or a significant life event.
Types of Personal Loans
Bank Australia offers two types of personal loans:
-
Lifestyle Personal Loan: This loan is unsecured and versatile, allowing borrowers to fund various personal needs like holidays, debt consolidation, or renovations. The variable interest rate might fluxuate over the loan term.
-
Lifestyle Personal Loan - Property Owner: Available for property owners, this loan offers a lower variable interest rate as the borrower's property secures the loan. It is particularly beneficial for those seeking competitive rates.
-
The bank also offers car loans, which InfoChoice has detailed separately.
Bank Australia personal loans: Features and benefits
Flexible repayment options
Borrowers can choose their repayment schedule - weekly, fortnightly, or monthly.
Extra repayments and redraw facilities
Extra repayments are allowed without penalty, helping borrowers pay off loans faster.
Redraw facilities are available for those with a Property Owner loan, allowing borrowers to access extra repayments if needed.
Green loan initiatives: Aligning with environmental values
The bank has integrated its sustainability mission into its personal loan products.
These initiatives reflect the bank's broader commitment to the environment.
Eligibility
-
Applicants must be at least 18 years old and residents in Australia (permanent residents or with relevant work visas)
-
A regular income is necessary, ensuring borrowers can manage their loan repayments effectively
-
A good credit history is typically required, reflecting the borrower's ability to manage loans responsibly
Fees
Fee Type |
Description |
Establishment Fee |
$150. A one-time fee charged for setting up the loan. |
Ongoing fees |
$0 |
Late repayment fee |
$0 |
Early repayment fee |
$0 |