Between maintaining a home, paying for a car and servicing a mortgage, retaining constant cash flow levels can be quite challenging. A personal loan can make a significant difference in such cases. The loan can be the assistance that a family requires to pay for that second car, dream wedding or home renovation. Auswide Bank Personal Loan are suitable for almost any purpose. The amount that you can get depends on various aspects such as the features of the specific product and your borrowing power.
Auswide is one of the banks that offer personal finance products to customers in Australia, including loans. Before people knew it as Auswide Bank, its name was Wide Bay Australia, a financial institution that was to help Australians build wealth, own homes and access banking services. Auswide launched in 1966 as a local building society that served as an alternative to big banks. Wide Bay Australia decided to convert into a bank in 2013 to offer the services of a conventional banking institution. In 2015, Auswide merged with Queensland Professional Credit Union (Your Credit Union) and grew its assets to over $3 billion. The Auswide Bank personal loan is one of the products that the institution offers to its broad category of customers.
What to Expect
The minimum personal loan amount that a customer can get at Auswide is $3,000 and the maximum is $50,000. Borrowers get a 9.90% fixed rate and 10.54% comparison rate per year. The loan repayment terms are 1 to 7 years. Auswide charges a $5 a month service fee and $175 establishment fee. Customers should check other fees carefully before applying for an Auswide Bank personal loan. The bank allows borrowers to make additional payments to the monthly loan installments, which means paying off the loan sooner than expected. Auswide has a redraw facility that allows clients to withdraw the advance payments, including for fixed-rate loans.
Applying for an Auswide Bank Personal Loan
Anyone who wants to apply for loan products at Auswide will find the process simple and fast. The personal bank loan is available to any Australian citizen or permanent resident who is at least 18 years old. Auswide offers online applications. An applicant is required to fill an Australian Post ID form for verification. If the bank approves the application, the borrower signs a contract and uploads it online. Then, the applicant picks the method that he or she will use to get the funds.
Calculating Auswide Bank Personal Loan
A customer who wishes to apply for Auswide Bank Personal Loan should know what it will cost. An online calculator can help with this task. This tool shows the interest that a loan generates, the monthly installments and APR. Take the example of a client who intends to take out a $5,000 loan that is to be repaid over two years. At a fixed rate of 7.50%, the loan will attract $382.02 in interest and the fixed monthly repayments will be $225.0. Borrowers should be aware that the duration of a loan dictates the size of the monthly installments. Applicants should know that calculators don’t factor in the fees included in the loan.
Personal loans can be a life-saver for many people. Borrowers only need to find the right products.