When looking to secure a personal loan, it is important to be familiar with the bank’s interest rates, APR and what considerations they require from any perspective borrower. Bank Australia offers a Bank Australia Personal Loan with a typical rate of repayment at 11.89 percent variable with a comparison rate of 12.94 percent.
When looking to apply for a loan from Bank Australia, the lowest minimum amount available is $1,000 and comes with an establishment fee of $150. When looking to apply for a loan from Bank Australia, it is important to note that all loans are unsecured, meaning there is no risk to personal assets.
Bank Australia Personal Loan Conditions
A Bank Australia personal loan is determined upon the following conditions. For those looking to apply, they must be either an Australia citizen or have become a resident of the country on a permeant basis. It is also integral to being accepted for a personal loan that applicants are over the age of 18, are currently employed or receiving a regular income that can be quantified to confirm their eligibility for loan repayments. Unfortunately, those who have had to file for bankruptcy in the past are not eligible for a Bank Australia loan.
Bank Australia Personal Loan Application Process
Although there are certain criteria applicants must meet in order to apply for a personal loan with Bank Australia, it is still a relatively simple and quick process. When applying for a personal loan, customers will need to show proof of ID and confirm their income, employment and household liabilities.
When deciding where to apply for a loan, Bank Australia offer the competitive repayment rate of 11.89 percent. There are no penalty fees if customers wish to repay their loan earlier than agreed and as the minimum loan amount is only $1,000, this means it can be accessible and used for a range of purposes, not just larger projects.
Despite the low threshold lending amount, Bank Australia allow the generous repayment time frame of up to 10 years. This means there is plenty of time for customers to consider how they wish to repay the loan amount and creates a less pressurized return schedule than those offered by competitor banks and loan companies.
Bank Australia are also able to offer a repayment schedule that is completely personalized to applicant’s financial circumstances. This means customers can repay fortnightly, weekly or monthly depending on what works best for their individual needs