Variable rate Personal Loan
Whether you’re planning for your big day or the trip of a lifetime, our variable rate personal loan can help.
Why choose a variable rate Unsecured Personal Loan?
$0 extra repayments
Pay off your loan faster by making extra repayments free of charge, with a range of repayment options.#
$0 Exit fee
You're in control with the choice to repay your loan when you want.#
$0 Redraw fee
Unexpected expenses? Access your extra repayments free of charge, at any time with our variable rate Personal Loan.1
Other reasons to choose
- Borrow $2K-$50K: Choose a loan amount between $2,000 and $50,000
- Loan terms to fit your budget: Set your repayments however you want, with your choice of 1 to 7 year loan terms.
- Pay your way: Match your pay day with weekly, fortnightly and monthly repayment options.
- Funds within 60 minutes: After final approval, accept your online contract and funds will be transferred within the hour if you’re already with us*.
Unsecured Personal Loan repayment calculator
Choose your preferred loan options to get an estimated repayment amount~.
Variable rate Personal Loan Rates & Fees
| 7.49% p.a. to 20.59% p.a. | Interest rate range |
| 8.54% p.a. to 21.59% p.a. | Comparison rate range^ |
| 16.09% p.a. | Median rate (Around half of our customers receive the median rate or lower) |
| $2,000 - $50,000 | Borrowing amount |
| 1 - 7 years | Loan term |
Key fees
| $250 | Lending establishment fee## |
| $10 | Monthly loan account fee |
| $0 | Loan discharge fee (exit fee) |
Fees are subject to change.
Our standard variable rate is 14.99% p.a. (comparison rate 16.00% p.a.^)
The rate for some customers is based on personalised pricing. The final rate you’re offered may be lower or higher than 14.99% p.a. (comparison rate 16.00% p.a.^), depending on your personal financial circumstances.
What’s the difference between a fixed and variable rate loan?
A fixed rate loan has an interest rate that’s fixed for the term of your loan. It will not change – helping you plan your finances around set repayments.
A variable rate loan has an interest rate that’s variable – i.e. it could go up or down over the course of the loan term.
Our variable loan also has a redraw feature, which means if you need access to cash, you can withdraw any extra repayment amounts you’ve made at any time1.
Want more stability? Consider our fixed rate Unsecured Personal Loan
I want to use a personal Loan for
Debt consolidation
Stop juggling debts and combine your repayments into a single loan.
Travel
Plan your trip with our personal loans to avoid being stranded in Santorini or helpless in Hong Kong.
How to complete your application
Step 1
Applying online only takes 20 minutes, or 15 minutes if you're already with us.
Step 2
You'll get an answer within 60 seconds of submitting your application. Part of that answer may be that we’ll need to verify some of your details
Step 3
Once we approve your application, you'll be invited to review and accept your contract online.
Step 4
After you accept, we'll send the money to your nominated account. If your account is with us, start spending in 60 minutes*
Let's get started
- You’re aged 18 or over
- You have permanent residency in Australia/NZ OR;
- You’re a non-resident or migrant and hold an acceptable Visa (PDF 1MB), with a minimum 1 year before expiry
- You have a regular, verifiable Australian taxable income
- You have a fixed, verifiable residential address in Australia.
Important information
Any advice on this website is general in nature and has been prepared without considering your objectives, financial situation or needs. Please read the product disclaimer and Terms and Conditions documents and consider your individual circumstances before applying for a BankSA Personal Loan. Credit criteria, fees, charges, terms and conditions apply. Information correct as of 22 May 2024. Interest rates are subject to change.
Our standard variable rate for unsecured variable rate loans is 14.99% p.a. (comparison rate 16.00% p.a.). The rate for some customers is based on personalised pricing. The final rate you're offered may be lower or higher than 14.99% p.a. (comparison rate 16.00% p.a.), depending on your personal financial circumstances.
^Comparison rates: Comparison rates help you understand the true cost of a loan. All comparison rate examples shown are for a personal loan amount of $30,000 and a term of 5 years. WARNING: Comparison rates apply only to the example or examples given and may not include all fees and charges. Different loan amounts and terms will result in different comparison rates. Costs such as loan discharge fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Unsecured Personal Loan repayment terms range from 1 to 7 years. Interest rate ranges and representative examples are based on an unsecured loan of $30,000 borrowed for 5 years:
- The minimum interest rate for an unsecured fixed & variable rate loan is 7.49% p.a. (Comparison rate 8.54% p.a.) with the estimated total amount payable including fees is $36,960.
- The maximum interest rate for an unsecured fixed & variable rate loan is 20.59% p.a. (Comparison rate 21.59% p.a.) with the estimated total amount payable including fees is $49,284.
1A Redraw facility is available on variable interest rate loans only. Redraw requests are subject to approval. Minimum redraw amount is $500 and a $0 redraw fee applies to each approved request. Other fees and charges may apply.
##The lending establishment fee will be deducted from your loan amount. Please read full terms and conditions & fees and charges before making a decision to apply for a BankSA Personal Loan.
*Access to funds within 60 minutes: Available for existing customers who are approved for a personal loan. Loan funds will be disbursed into an existing BankSA transaction account 60 minutes from when e-contract acceptance has been received. Funds requested to be transferred to a non-BankSA account will take up to 3 days.
>>Repayment amount examples: help you understand the estimated weekly cost of a personal loan. All repayment amount examples are shown for a loan term of 7 years with a weekly repayment schedule using the average customer loan amount over the last 12 months. Information as of 27 November 2023
- For a variable rate Unsecured Personal Loan based on a borrowing amount of $15,000 and term of 7 years with a median interest rate of 16.09% p.a. (comparison rate of 17.10% p.a.), the weekly repayment amount including fees is $79.
Loan discharge fee of $150 for a Fixed rate Personal Loan if you fully repay the loan within the first 12 months, or $100 if you fully repay the loan after the first 12 months and before the end of the loan term.
**Personalised rates: The rate for some customers is based on personalised pricing. Instead of a one-size-fits-all approach, personalised pricing allows us to offer more people personal loans at a better rate, based on an assessment of credit history as well as the information provided in the application.
~Repayment calculator & assumptions: Any calculations made by you using this calculator is intended as a guide only. It is for illustrative purposes only and is based on the accuracy of the information provided. The calculation is not an offer of credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The calculations should not be relied on for the purpose of making a decision whether to apply for a personal loan. Weekly and fortnightly repayment calculations – if your monthly repayments are $1000, fortnightly repayments are calculated by dividing $1000 by 2 and rounding up if required ($1000 ÷ 2 = $500). Weekly repayments are calculated by dividing $1000 by 4 and rounding up if required ($1000 ÷ 4 = $250).
Unless otherwise specified, the products and services described on this website are available only in Australia from BankSA - A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.