Auswide Bank, formerly Wide Bay Australia, has provided financial services for Australians since its beginnings as a building society over 50 years ago.
Auswide Bank is not considered one of Australia’s major banks, but it does have over 20 branches for their Australian customers to visit.
In addition to personal loans, Auswide also offers customers home loans, bank accounts, credit cards, term deposits, superannuation, insurance and financial advice.
Auswide Bank personal loan repayment calculator
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Pros and cons
- Multiple personal loan options
- Below-average ongoing monthly fees
- Below-average missed payment penalty fees
- Low interest rates not available
- Early exit penalty
- No redraw facility
Auswide Bank personal loans rates
based on $30,000 loan amount for 5 years at 7.55%
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based on $30,000 loan amount for 5 years at 10.54%
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Features of an Auswide Bank personal loan
Auswide Bank personal loans encompass a wide range of options for customers, including unsecured, partially secured and secured loans. Fixed and variable interest rates are also available.
Loan terms of up to seven years are available depending on the type of loan chosen by Auswide’s members.
Personal loans up to $75,000 are possible depending on if the loan type is secured or not.
Auswide Bank personal loan rates vary from moderate to high depending on factors such as if the loan is secured or unsecured.
Members who take out an Auswide Bank personal loan can expect upfront fees, monthly fees, early exit penalty fees and missed payment fees.
Auswide Bank personal loans - customer service
With over 20 branches, Auswide isn’t one of Australia’s major banks, but does offer in-person customer service throughout the country in addition to online banking services.
Members can also reach Auswide Bank customer service by phone or email.
Who is eligible for an Auswide Bank personal loan?
People looking to secure a personal loan with Auswide Bank must meet the following criteria:
- Be over 18
- Have good credit
- Be employed with a history of income
- Be an Auswide Bank member
- Provide collateral (if the loan is secured)
How to apply for an Auswide Bank personal loan
The following application methods are available from Auswide Bank:
- Online application form
- In-person application at an Auswide branch
- By phone
Auswide Bank personal loans review
Auswide Bank is a smaller-sized bank when compared to other lenders in the Australian market.
The bank offers a wide range of loans that could cater to different needs of those looking to borrow money, such as everyday borrowers, students or home renovators.
Personal loan interest rates from Auswide Bank range from moderate to high. As such, borrowers looking for low interest rates might not be satisfied with what’s on offer from Auswide Bank.
Early exit penalty fees might also be a disincentive for those who are looking to pay off their debts before the term limit. Upfront fees, monthly fees and missed payment fees also apply, which could end up being costly.
Use RateCity to compare personal loans and find the best personal loan rates for your borrowing needs.
Where can I get a personal loan?
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
Personal Loans Frequently Asked Questions
What can I use a bad credit personal loan for?
Generally, bad credit personal loans can be used for one or more of the following purposes:
- Debt consolidation
- Paying bills
- Buying vehicles
- Moving expenses
Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.
Can students with no credit history get loans?
It is possible for students with no available history of borrowing or managing money to get a personal loan, though it may be more difficult and/or expensive than for borrowers with a good credit history.
Having no credit history means having no credit score. While many lenders may consider having no credit score to be better than having a bad credit score, they may still consider it riskier to lend to an unknown borrower and may charge higher interest rates or fees than to borrowers with good credit scores.
What is a credit rating/score?
Your credit rating/score is a number that summarises how credit-worthy you are based on your credit history.
The lower your score, the more likely you are to be denied a loan or forced to pay a higher interest rate.
How long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or even the same day, in some cases.
Can I apply for a quick loan online?
While some lenders will require you to provide paperwork in person, many lenders will allow you to make a quick personal loan application online. You’ll still need to provide information on your identity, income, and loan purpose in most cases.
What are the pros and cons of bad credit personal loans?
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.
However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.
How long does it take to get a bad credit personal loan?
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.
Which lenders offer bad credit personal loans?
Several dozen lenders offer bad credit personal loans. These are generally smaller lenders that aren’t household names.
How are credit ratings/scores calculated?
Different credit reporting bodies use different formulas to calculate credit scores. However, they use the same type of information – credit history and demographic profile.
So they’re going to look at how many credit applications you’ve made, who they were with, what they were for, how much they were for and your repayment record. They’ll also look at your age and postcode. They’ll also look to see if you’ve had any bankruptcies or other relevant legal judgements against you.
Your score can change if your demographic profile changes or new information is added to your file (such as a new loan application) or existing information is removed from your file (because it has reached its expiry date).
Can I get a $4000 personal loan if I’m unemployed or on Centrelink?
Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.
If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying, to find out whether they accept borrowers on Centrelink.
Can I get a self-employed personal loan with bad credit?
It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full time employment, so several self-employed personal loans require borrowers to have excellent credit.
If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.
How do I consolidate my debt if I have bad credit?
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.
Can you pay off a quick loan early?
Many lenders will allow you to make extra repayments onto a quick personal loan when you can afford them, or even exit the loan early, which can help reduce the total interest you are charged. Be sure to check your quick loan’s terms and conditions, as some lenders charge early exit fees for paying off a loan ahead of schedule.