FAQs
Frequently Asked Questions - Personal Loans from BankSA
- What types of loans are available?
- What can I use a Personal Loan or Get Set Loan for?
- How do I find out about the status of my application?
- Who can apply for a Personal Loan or Get Set Loan?
- How much can I borrow?
- What type of Personal Loan is best for me – a variable or fixed rate loan?
- How long can I take the loan out for?
- What are the establishment and administration fees on new Personal Loans and Get Set Loans?
- How fast is the application process over the Internet?
- Can I make extra payments on my Personal Loan or Get Set Loan?
- Can I redraw any extra payments I've made on my Personal Loan or Get Set Loan?
- How can I increase my existing Personal Loan or Get Set Loan credit limit?
- How do I set up ongoing payments on my Get Set loan?
- What if I want to close my loan account?
What types of loans are available?
You can choose from a Personal Loan or a Get Set Loan. Check out the comparison below to see which loan suits you better.
| Personal Loan | Get Set Loan |
| Borrow from $3,000 up to $80,000 | Borrow from $5,000 up to $50,000 |
| Choose a variable or fixed rate loan | This is at a variable rate only |
| Redraw extra payments you have made on variable rate loans* | Redraw up to your available credit limit at any time |
| No cheque book | A cheque book is optional |
| No VISA debit card | You will receive a VISA debit card |
| Choose a term of 1-7 years depending on the loan amount | There is no set term |
| Interest is calculated daily on the outstanding loan balance and debited to the loan each month | Interest is calculated daily on the outstanding balance, not the approved credit limit |
| To borrow more you need to apply for a new, increased loan | Borrow up to the available credit limit without having to reapply |
| Establishment fee: Unsecured Personal Loan - from $150 Secured Personal Loan - from $195 |
Establishment fee from $150 |
| Monthly administration fee from $7 | Monthly administration fee of $9 |
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Repayments are monthly, however, you can make payments more frequently if you wish, but you may incur break costs^ |
Repayments are monthly, however, you can make payments more frequently if you wish |
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* Subject to BankSA Bank approval. Minimum redraw amount is $500 and a redraw fee applies for each approved request.
What can I use a Personal Loan or Get Set Loan for?
You can use a Personal Loan or Get Set Loan for any worthwhile purpose such as buying a new car, going on a holiday or to consolidate debts.
Who can apply for a Personal Loan or Get Set Loan?
You can apply if you are at least 18 years of age and an Australian resident or citizen.
How do I find out about the status of my application?
We will contact you once we have your application. If necessary, please contact BankSA on 1300 300 196 if you have any enquiries about your application.
How much can I borrow?
If you are a permanent Australian resident you can borrow from $3,000 up to $80,000 with a Personal Loan or between $5,000 and $50,000 with a Get Set Loan.
What type of Personal Loan is best for me – a variable or fixed rate loan?
A variable rate loan gives you flexibility, as you can pay extra off your loan and redraw those extra payments if and when you need them*. The interest rate is not fixed, so it may vary over the term of the loan.
A fixed rate loan gives you the security of knowing what your repayments are and protects you against interest rate rises for the life of the loan. You can pay extra off your loan, but there is a limit on the number of additional payments you can make before break costs apply.
* Subject to BankSA Bank approval. Minimum redraw amount is $500 and a redraw fee applies for each approved request.
How long can I take the loan out for?
- For Variable and Fixed Rate Personal Loans under $15,000, you can choose a term from 1 to 5 years.
- For Variable Rate Personal Loans over $15,000, you can choose a loan term from 1 to 7 years.
- Get Set Loans do not have a set loan term.
What are the establishment and administration fees on new Personal Loans and Get Set Loans?
There is a one off loan establishment fee starting from $150*# and a monthly administration fee from $7 for all Unsecured Personal Loans and Get Set Loans.
For Secured Personal Loans, there is a one off loan establishment fee starting from $195# and a monthly administration fee of $7.
* # Current as at 28th November 2005.
^ Break costs may be payable on a fixed rate loan.
How fast is the application process over the Internet?
It takes approximately 15 minutes to complete your application online. Once we receive your completed online application, you will receive a decision within 60 seconds. Final approval may depend on:
- Verification of the details you have provided
- Your acknowledgement of the Privacy Act and other declarations
- Satisfactory results from our enquiries, including a credit reference check on each loan applicant.
Can I make extra payments on my Personal Loan or Get Set Loan?
Yes. You can make extra payments weekly, fortnightly, or monthly, or whenever you wish on a Variable Rate Personal Loan. However, you may be charged a discharge processing fee depending on how soon you pay off your loan. With a Fixed Rate Personal Loan, there is a limit on how much extra you can pay before break costs apply.
You can make extra payments at any time with a Get Set Loan and as there is no term, you won't be charged fees on the extra payments you make.
Can I redraw any extra payments I've made on my Personal Loan or Get Set Loan?
On a Variable Rate Personal Loan, yes you can. You can redraw up to the amount you have paid in extra payments. The minimum redraw amount is $500 and we charge a $10 fee for each redraw request.
With a Get Set Loan, yes you redraw back up to your available credit limit at any time. There is no minimum redraw amount and you are not charge when you redraw.
How can I increase my existing Personal Loan or Get Set Loan credit limit?
If you already have a BankSA Personal Loan, you can apply for a new, increased loan at any time online, by calling us on 13 13 76 , 8am - 8pm (CST), seven days a week , or by visiting us at your closest branch. If you hold a Get Set Loan you can apply now for a credit limit increase.
How do I set up ongoing payments on my Get Set loan?
You can set up an automatic payment plan so that your Get Set loan repayment is taken out of your nominated account on a weekly, fortnightly or monthly basis. Just complete the automatic payment plan form and fax it back to us.
What if I want to close my loan account?
Please call our Customer Contact Centre on 13 13 76 between 8am - 8pm (CST), seven days a week. Alternatively, call into your closest branch.
