Borrowers needing funds to finance a big purchase, home renovation, holiday, or debt consolidation are offered secured and unsecured personal loan options by Australian Unity Bank.

Australian Unity's personal loans feature generally competitive variable rates, especially for secured loans, as well as flexible payment terms with options to choose payment frequency and redraw funds. Compared to larger banks, however, its product range is more limited.

Australian Unity personal loans reviews highlight responsive and helpful customer service as its strengths. As with any product or service, customer experiences vary.

Personal Loans Available at Australian Unity

Secured Personal Loan

Australian Unity's secured personal loan comes with a variable rate, lower compared to unsecured personal loans' rates due to the collateral required to back the debt. It can be used for personal purposes, including buying a vehicle, completing home improvements, taking a holiday, or consolidating debts.

Suitable for: Borrowers in good credit standing, have sufficient income to support repayments, and have acceptable security when required.

Features:

• Loan amounts: $5,000 - $20,000

• Flexible repayment frequency

• Unlimited additional repayments

• Redraw facility

• Repayment holiday*

Unsecured Personal Loan

Australian Unity unsecured personal loan is designed for borrowers seeking to secure a loan to fund a holiday or home improvement project without an asset as collateral. It features a variable interest rate, which is higher, as it typically is with its type, compared to a secured personal loan.

Suitable for: Borrowers with no assets to secure against the loan.

Features:

• Loan amounts: From $5,000

• Not secured against an asset

• Flexible repayment frequency

• Unlimited additional repayments

• Redraw facility

• Repayment holiday*

*If the loan is in advance

Australian Unity Personal Loan Fees

Borrowers of personal loans offered by Australian Unity pay the following fees:

• Establishment fee: $199

• Redraw fee: $50 (staff-assisted); free for self-serve

Other fees may apply, depending on the circumstances, i.e., a loan re-documentation fee will be charged if documents need to be reprepared due to a change in requirement by the customer.

How to Apply for a Personal Loan with Australian Unity

To apply for a personal loan with Australian Unity Bank, interested borrowers must go to its website and select the loan product that suits their needs.

To be eligible, you must:

• Be at least 18 years old

• Be an Australian citizen or a permanent resident

• Have a stable and verifiable source of income

• Be in good credit standing

The bank requires the following information:

• Identification (valid driver's licence or passport)

• Proof of income (recent payslips)

• Details of assets

• List of liabilities

Once all necessary documents are complete, submit everything, including the filled-out online application form. The bank will assess the application, which may include a credit check and verification of provided information.

If approved, Australian Unity will extend a loan offer pending acceptance. Once accepted, the funds will be disbursed to the borrower's nominated account.

As with most lenders, the approval process varies depending on several factors, including the completeness and complexity of the loan application.

Please note that Australian Unity has announced plans to transfer its banking operations to Bank Australia by late 2025. This transition may affect the availability of certain products and services. Ensure you stay informed about any changes that may impact your loan application or management.