Who can apply for a personal loan?

You need to be 18 years of age or over and a member of the Bank or eligible to become a member.

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How long does it take to apply?

Online or phone applications usually take 10-15 minutes. And you can also apply at any of our branches.

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How quickly can I get my loan?

Conditional approval is typically within 24 hours (weekdays). You will then need to confirm your employment and income and sign the offer. Once these documents are approved, funds will be released according to loan conditions.

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Do I need to provide security?

In most cases, no. However, in some circumstances we may ask for security such as motor vehicle loan.

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How much can I borrow?

Use our borrowing power calculator to get an idea of how much you can borrow.

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What is a comparison rate?

A comparison rate combines the interest rate with most upfront and ongoing fees to the overall cost in one figure. This gives you a clearer picture than just the advertised interest rate. They are based on a standard example to make it easier to compare loan options, though it doesn’t include costs like early exit or redraw fees.

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Can I make additional payments or repay my loan early?

Yes. You can make additional repayments anytime with no fee on any personal loan with a variable interest rate.

Additional repayments to a fixed rate loan may result in incurring a break cost.

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Can I redraw extra payments I make on my loan?

Yes. Once registered and if your personal loan is a variable rate loan, you may be able to redraw amounts you have paid in excess of your required loan repayments. Your loan must be at least one repayment in advance at the time you request the redraw. There is no fee and no minimum redraw amount.

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How do I register for the redraw facility?

A registration form to complete is included with the loan documents you receive after approval of the loan. Once you return these forms and your loan is funded, we will register the facility for you. Also see Redraw information in the Manage your personal loan section on this website. Redraw is only available on variable rate loans.

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How do I make loan repayments?

You can choose weekly, fortnightly or monthly repayments by one the following methods:

• Direct from your salary
• Periodical payment from your transaction account
• Phone, mobile or Internet Banking
• Electronic transfer or deposit from another financial institution

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How is interest calculated and when is it debited?

Interest is calculated daily on the unpaid loan balance. It is debited on the last calendar day of the month.

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Will my interest rate be variable or fixed?

You can choose between fixed interest rate and variable interest rate loan products.

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How do I pay the application fee?

When you submit your loan application, we will ask for authorisation to debit the fee from your loan account on approval or from your savings account if you withdraw your application or let it lapse.

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Can I increase my loan in the future?

Yes, you can apply to increase your personal loan. Any request is regarded as a new application and normal lending criteria apply.

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