Alex Bank is one of the newest entrants in the Australian digital banking landscape. It was founded in 2018 by Simon Beitz and Craig Fenwick, both former executives at Suncorp.

The Brisbane-based bank was licensed as a restricted authorised deposit-taking institution (ADI) by the Australian Prudential Regulation Authority (APRA) in July 2021 and achieved its full ADI status by December 2022, which allowed it to expand its banking capability.

It presently only offers personal loans, with its term deposits and savings accounts in limited release and by invitation only. Public release is slated for some time in 2024.

Alex Bank Personal Loan Features

Alex Bank provides unsecured personal loans with terms ranging from 6 months to 7 years. Customers can borrow between $2,100 and $30,000. Interest rates depend on your credit score, financial circumstances, and how much you’re wanting to borrow.

As they are unsecured, the loans can be used for various purposes like vehicle purchases, home renovations, education expenses or debt consolidation.

Alex Bank also has secured personal loans for the purpose of purchasing new or used cars, with flexible terms of up to 7 years. However these are available through its broker network only, not direct-to-consumer.

Green personal loans are also on offer, with terms ranging from 6 months to 5 years. These loans can be used to purchase anything from electric vehicles, solar panels, rainwater tanks, e-bikes and so on.

Application decisions can be made within one business day.

Alex Bank Personal Loan Fees

Alex Bank loans do not carry establishment fees, ongoing fees, payout penalties, or extra-repayment fees, making them fairly low-cost in relation to fees compared to other providers.

For secured personal loans, Alex Bank charges a $295 establishment fee, and certain legal fees may be charged on all loans - at cost - if the borrower is in default.

Alex Bank Personal Loan Eligibility

To be eligible for an Alex Bank personal loan, applicants must:

  • Be 18 years or older

  • Receive regular income

  • Be an Australian citizen or permanent resident

  • Not have been previously declared bankrupt

  • Have a valid Australian ID such as drivers licence or passport

Loan applications are also subject to credit approval.