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Find out whether Beyond Bank is the right option for you when comparing personal loans with Savvy.

Written by , updated on October 4th, 2023

Beyond Bank Australia is a mutual bank headquartered in Adelaide which services several states across Australia with a range of products, including banking, finance and insurance.

One of their products is a personal loan, so it’s important to be able to know exactly what it is and how it works before you dive headfirst into the application process.

You can find exactly what you need all in one place with Savvy, as we break down Beyond Bank’s personal loan offer and enable you to compare a range of other personal loans to help you make the right call for your needs.

It won't affect your credit score.

*Please note that Savvy does not represent Beyond Bank Australia for their personal loan product.

The features and benefits of Beyond Bank personal loans

Interest rates starting from 6.49% p.a.

Depending on the product you choose, you can take advantage of Beyond Bank personal loan interest rates as low as 6.49% p.a. (7.18% p.a. comparison rate).

Borrow upwards of $2,000

They also offer loans ranging from as little as $2,000 and up, enabling you to access financing to cover smaller financial needs as well as larger investment requirements.

Free early repayments

You won’t have to worry about incurring any fees for attempting to pay your loan out ahead of schedule, as you’ll be able to do so free of charge with Beyond Bank.

Take advantage of a free redraw facility

On top of the free additional repayments, you’ll have access to a redraw facility should you ever need to access funds quickly without applying for another loan.

Pre-approvals available

If you’re using your personal loan to purchase an important asset or item for your home, getting pre-approval gives you a clear idea of what your budget is likely to be.

Take up to seven years to repay your loan

Most importantly, you can take your time when it comes to repaying your loan, stretching your loan out over as many as seven years to ensure you’re comfortable in doing so.

The pros and cons of Beyond Bank personal loans

PROS

Secured or unsecured options

If you own a valuable asset to serve as collateral for your loan, you’re capable of using it to secure a lower rate or opting for an unsecured loan instead in line with your preferences.

Online loan applications

The application process for your personal loan will be conducted 100% online, meaning you won’t have to make any trips to a branch to speak with a representative in person.

Line of credit available

On top of the more standard personal loan, you can also choose to take out a flexible personal line of credit and withdraw funds at your own pace.

CONS

Establishment and ongoing fees

You’ll be required to fork out a $175 establishment fee (unless you’re a life member of Beyond Bank) and $5 each month for your personal loan, adding up to hundreds of dollars overall.

Significant rate increases for unsecured loans

The lowest rates advertised here apply to secured loans, with unsecured finance starting at rates 5% p.a. to 6% p.a. higher as a minimum, costing more in the process.

Not as cheap as other lenders on the market

When comparing loans with Savvy, you’ll find a variety of lenders who can offer personal loans with lower interest rates than Beyond Bank, providing you with more affordable options.

Beyond Bank personal loans explained

What personal loan products does Beyond Bank offer?

There are three different types of personal loan products offered by Beyond Bank, so it’s important to be able to accurately distinguish which is the best for your individual situation before you apply. Of course, it pays to compare personal loans in Australia with Savvy before starting the application process, as you may find an offer with better rates, fees and features which end up suiting you better. You can also use our personal loan repayment calculator for a Beyond Bank loan (or one from any other lender) to give you an idea of what it may end up costing you overall. The products to choose from with Beyond Bank are:

Low Rate Personal Loan

This is a secured personal loan at the low rate advertised above. This product represents Beyond Bank’s cheapest in terms of interest rate and enables borrowers to access upwards of $5,000 on their personal loan. The loan comes with a fixed interest rate and redraw facility, as well as no penalties for early repayment.

Flexi Personal Loan

The Flexi Personal Loan is similar in many ways to the Low Rate offer but doesn’t come with any security requirements. This means you won’t be required to attach an asset such as your vehicle to serve as collateral for the loan. Whilst it may seem like providing you with a lower-risk option (the risk of losing your asset is low anyway), you’ll have to pay a much higher rate as a result (from 12.49% p.a. and 12.75% p.a. comparison).

Line of Credit

A line of credit is quite different from a personal loan. You’re approved for a set amount and can withdraw funds from it whenever you need them. This avoids the need to manage a lump sum from the get-go, which may benefit many borrowers. This finance type comes with variable interest rates starting at 13.49% p.a. and no ongoing fees and minimum amounts of $2,000.

How can I submit my personal loan application with Beyond Bank?

The application process with Beyond Bank is a fast and simple one. It’s important to familiarise yourself with this process before you start, though, as it can save you from avoidable hiccups and ensure you receive your funds quickly. The steps to follow along this process are:

Submit your application

First and foremost, fill out the form on Beyond Bank’s site. This is to find out information about you and your financial situation to help them find out whether you’re a suitable candidate to take out a personal loan.

Consult a Beyond Bank specialist

A member of the bank’s team will get in touch with you after you submit your application to make sure that you’re eligible and advise you on the next steps to take in the loan process.

Send through your documents

You’ll need to send through your supporting documentation to confirm that what you’ve included in your application is accurate and up to date, so copies of things such as photo ID, payslips and bank statements will be required.

Sign your loan contract and receive your funds

Once they’re happy with your application, you’ll be notified of approval and sent a contract to sign confirming the details of your agreement. After you’ve returned this to them, the funds can be transferred directly into your nominated account.

Frequently asked personal loan questions about Beyond Bank

Do I have to be a Beyond Bank member to apply for a loan?

No – you don’t have to have been a member before applying for a personal loan with Beyond Bank. However, once you’re signed up for your loan, you’ll automatically become a member and a part-owner of the bank (as mutual banks are co-owned by their members).

Am I eligible to take out a personal loan with Beyond Bank?

There are several key criteria which can apply to your personal loan, namely in terms of your age (you must be 18 years old or over to get a personal loan) and you must be an Australian citizen, resident or living on an accepted visa as a temporary resident. If the latter, you’ll be required to choose a loan term which ends before your visa. You’ll also have to be earning a stable, consistent income which is enough to support your loan repayments.

Can I get approved for a personal loan on a low income?

Yes – provided your repayments can be managed comfortably and consistently, you’ll be able to access a personal loan as a low income-earner. The more you earn, the more you’ll be eligible to borrow and the more likely your chances of approval. We’re partnered with flexible lenders who can accommodate low income and other factors, so you can compare with us to find out more.

Can I apply for my personal loan with a guarantor?

Yes – a guaranteed personal loan is often a popular option with borrowers who may not have a perfect financial or credit history. Even those who have a good, but not great, history may use a guarantor to access a lower interest rate and maximise their borrowing power.

How many personal loans can I have at one time?

The amount of loans you can take on at once depends on your income and credit history. High income-earners who have a strong record of repaying loans may be able to take on three at once but, for the most part, the maximum you can have at any given time is two. Some people may only be accepted for one, so it depends on what your situation dictates. You can use Savvy’s personal loan repayment calculator for Beyond Bank to find out what a single personal loan may cost.

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Name: Beyond Bank Personal Loans Review
Creator: Savvy
Published: 2022-03-22T12:13:37+10:30

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Beyond Bank Personal Loans Review