Summerland Bank offers a range of variable rate personal loans tailored to meet different borrowing needs.

Notably, on top of relatively competitive interest rates, Summerland also offers discounted rates for borrowers meeting certain criteria.

The bank's personal loan products come with a redraw facility, and the option to make unlimited extra repayments sans fee. Borrowers can take out up to $30,000, payable up to seven years.

What are the personal loans available at Summerland Bank?

General Purpose Personal Loan

As the name suggests, this unsecured personal loan product can be used to finance different purposes. It features a variable interest rate, a redraw facility, and a fast approval process of one to two business days.

Car Loan

Summerland Bank's car loan is available for funding the purchase of new or used cars (under five years old). Vehicles eligible for financing also include motorbikes, scooters, caravans, campervans, motorhomes, and boats.

It comes with a redraw facility, comprehensive coverage options, and fast loan approval so that customers can immediately get the keys to their dream car. Loan amount starts at $5,000.

Equity Plus Personal Loans

A unique product that champions its community spirit, Summerland Bank offers low-interest unsecured personal loans to customers with existing mortgages with them. Instead of providing collateral to unlock reduced rates, borrowers can use the value of their home to secure the loan.

This can be used to fund renovation, construction, and any home improvement projects.

Eco Personal Loans

Need funds to buy an eco-friendly vehicle or to finance environmentally sustainable home systems? This product offers reduced rates and fees on personal loans for eco-conscious purchases, including the following:

• Hybrid or electric vehicles

• Solar panels

• Water treatment/recycling systems

• Rainwater tanks

• Home insulation upgrades

• Energy-efficient window glazings and awnings

• Xeriscaping and irrigation systems

What are the fees charged to customers?

Customers taking out a personal loan from Summerland Bank may be subject to upfront and ongoing fees. Fees vary depending on the loan product.

• Establishment fee: $175 on most loan types, except on the Eco loan where it's $130

• Monthly loan admin fee: $5 on most loan types, waived on Eco loans

• Variation fee: $175 applies should you wish to alter the personal loan terms

• Redraw fee: $25 applies if you have made extra repayments that you wish to redraw

There are no annual fees on Summerland personal loans.

These are correct at the time of writing and are subject to change.

How to apply for a personal loan with Summerland Bank

Potential borrowers can apply online, by phone, or in any Summerland Bank branch.

To be eligible for a personal loan, the applicant must be an Australian citizen aged 18 years and over and have a regular and verifiable source of income.

Upon meeting the standard requirements, would-be borrowers may then fill out the application form with all the necessary details and provide the required documentation, as seen below:

Proof of identity

• Australian passport

• Driver's licence

• Medicare card

Proof of income

• Last two months' payslips (for employed)

• Tax returns (for self-employed)

Financial details

• Recent bank statements

• Savings history

• Details of any existing debts and liabilities

• Details on assets (e.g. property, vehicles)

Expenses

• List of ongoing expenses (e.g. utilities, food, healthcare, etc.)

Applicants will then need to consent to a credit check. According to the bank, loan pre-approval and approval may only take one to two business days.

It's best to directly consult with the bank or check its website to learn more about its personal loans, including the latest rates, fees, and eligibility requirements.