Bank Australia Lifestyle Personal Loan
- Interest Rate (p.a.)
- 9.89%
- Comp. Rate (p.a.)
- 10.93%
- Min Loan Amount
- $1,000
Summary
Borrow from $1,000 up to $50,000 with terms up to 10 years. Costs include interest charges and establishment fees.
Bank Australia’s Lifestyle Personal Loan has borrowing amounts from $1,000 up to $50,000. Loan terms can range from 1 to 10 years. The interest rate is variable, which means that your repayments can fluctuate on a month to month basis, depending on the market interest rates. The rate starts from 9.89% p.a. The loan comes with an establishment fee of $150, and allows for extra repayments. As long terms are long, your monthly payments may be small but you’ll pay more in interest over the long run. For a loan of $50,000, with terms of 10 years, your monthly repayment will be $715 per month for 10 years, but the total interest payable over 10 years will be $35,702.
Pros
-
No security required
-
Extra repayments without penalty
-
Loan term of 10 years
Cons
-
$150 establishment fee
Details
Product details
| Product Name | Bank Australia Lifestyle Personal Loan |
| Interest Rate (p.a.) | 9.89% |
| Comp. Rate (p.a.) | 10.93% |
| Interest Rate Type | Variable |
| Min Loan Amount | $1,000 |
| Max. Loan Amount | $50,000 |
| Loan Security | Unsecured |
Main points to consider with the Lifestyle Personal Loan
This personal loan from Bank Australia is unsecured, meaning you won't have to risk your assets, and comes with a competitive variable rate of 9.89% p.a. You can use the loan for whatever purpose you need and you can apply for as little as $1,000. The loan comes with an establishment fee of $150.
How to apply
Applying for a Bank Australia Personal Loan is simple and straightforward. If you want to apply, click "Go to Site'" to submit your application. You'll need to meet the following eligibility criteria to apply:
- Be an Australian citizen or permanent resident
- Have not been bankrupt
- Be over the age of 18
- Are receiving a regular income
The following documents will be required:
- ID. Your driver's licence, Medicare card or passport.
- Income. Gross before-tac and net after-tax salary information.
- Employment. Where you work and your employer's contact details.
- Liabilities. Loan balances, repayment amounts, credit card or overdraft limits
Features of this Loan
- Competitive rates. This loan comes with a competitive variable rate of 9.89% p.a.
- Flexible repayment options. You're able to repay weekly, monthly or fortnightly repayments so it suits your budget.
- Repay the loan early. You can make extra repayments and repay the entire loan early without penalty.
- Loan amount. You can borrow amounts as little as $1,000, making it suitable for a range of purposes.
- Long loan term. This loan comes with a maximum loan term of 10 years, which is considerably longer than what is offered elsewhere.
Compare other personal loans
Compare alternatives
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
Compare other products from Australian Mutual Bank
- Australian Mutual Bank credit cards
- Australian Mutual Bank home loans
- Australian Mutual Bank savings accounts