Auswide Bank Review for Potential Borrowers
Auswide Bank Review for Potential Borrowers
This review of Auswide Bank will help you gain a better understanding of Auswide Bank. We look at how Auswide Bank became the Financial Times fastest growing business in Australia and the factors that differentiate Auswide Bank from their competition. This Auswide Bank review will also detail the products available through auswidebank.com.au and the requirements that Auswide Bank asks of all potential borrowers.
Auswide Bank Review – Basic Figures for 2022
Website
Logo
ABN
40 087 652 060
Credit License:
239686
Loan Amount
$20,000 – $5,000,000
Loan Term
Up to 25 years
Unsecured Loans?
Secured
Lender Requirements
Be based in Queensland
Provide a secure asset
- Have an ABN or ACN
Required
- Bank statements from the last 6 months
- A business plan
Response Time
normally within one hour. Money in the bank in 24h.
Easy to Apply
Yes, fully online
The Nitty-gritty
Online Reviews
None
Awards and Recognition
None
Minimal Interest Rates
10.15% P.A. Fixed Rate
10.74% P.A. Comparison Rate
Credibility & Company Story
Auswide Bank (formerly Wide Bay Australia) is helping Australians achieve home ownership, create wealth, access banking & financial services that make their life easier and help them to protect their assets and loved ones from financial loss or hardship.
We’ve been around for over 50 years and provide an extensive range of personal and business banking products and services issued directly or in partnership with leading service providers via branches, strategic relationships and online & digital channels.
Auswide Bank has an Australian Credit Licence and an Australian Financial Services Licence issued by ASIC and is an Authorised Deposit-taking Institution prudentially supervised by the Australian Prudential Regulation Authority.
Even though we are a smaller bank, we believe it’s the small things that make us different and make a big difference for our customers and communities.
In a fast paced, complex and impersonal world the small things are often sacrificed. It’s easy to feel forgotten, but we believe it’s the small things that can give life meaning and create real value to our customers.
At Auswide Bank, it’s the small things that really make us different, especially when you compare us to the ‘big banks’ and the banks ‘owned’ by the ‘big banks’.
We’re proud Australians, and in everything we do, we work hard to make a difference for you.
We know every action we take and every decision we make creates a big difference to your banking experience and financial position.
Auswide Bank is friendly and flexible. We are responsive and responsible. We are agile and nimble. We listen and then we deliver. Though we may be small we make a big difference in our customers’ lives.
Small things really matter to us here at Auswide Bank. Like attention to detail, delivering on our promises and ‘going the extra mile’!
Auswide Bank products and services are competitive and offer features that make a big difference to our customers no matter where you live.
Auswide Bank Compatibility
Buy a Car
Buy a Boat
Home Improvements
Debt Consolidation
Holiday Expenses
Any Other Purpose
No matter what the purpose all Auswide Bank personal loans have the same great features such as:
- Competitive fixed interest rates
- Redraw your advance personal loan balance~
Find out more - Low establishment and monthly account fee
- Convenient monthly repayments
- The ability to pay off your loan sooner with additional repayments
- From 1 – 7 years loan repayment terms available
Auswide Bank Rates & Pricing
How does the Auswide Bank Business Term Loan work?
You can apply for a minimum of $20,000 up to $5,000,000, with an option to choose between a fixed rate or variable rate. Depending on whether you have a commercial or residential asset, this will impact your loan terms. With commercial security you can get up to 15 years to repay the loan, whereas securing a residential asset can increase your term to 25 years. You can apply for business loans online or over the phone.
Once you have been approved for your loan amount, you will receive a personalised Business Banking Manager who will help you through the process.
Features of the Auswide Bank Business Term Loan
Some features include:
- Large borrowing rate. You can borrow from $20,000 up to $5,000,000.
- Fixed or variable rate options. You are able to choose between a fixed rate or a variable rate option, each with their own advantages. With a fixed rate loan, you know what the repayments are going to be because you have locked in that interest rate. With a variable rate loan, you have the option to make extra repayments without charge.
- Personalised support. Once you have been approved for your loan, you will receive a Business Banker who is dedicated to help your business thrive.
- Varied loan terms. You can have up to 15 years on commercially secured loans or up to 25 years with a residentially secured business loan.
- No account fees. There is no fee when you use a Visa Debit Account.
- Frequent payments. You can make more frequent payments, such as larger repayments than scheduled or lump sum payments throughout the duration of your term.
- Redraw option. You are able to redraw and access any extra money you’ve deposited into the loan. This is only available with the variable rate loan option.
- Internet banking. You have access to Internet, mobile and phone banking for your convenience. This means you’re able to check your loan balance, account history and send secured emails at the touch of a button.
- Startup businesses can apply. With this loan, startup businesses can be eligible to apply. All you need is a very detailed business plan that outlines future cash flow projections and future trading. Auswide Bank needs to see that you’re going to meet your commitment to this loan.
How much will the loan cost?
There are a variety of fees you should expect with this loan:
- An establishment fee of 0.5% of your loan amount with a minimum of $600.
- A fixed interest rate lock-in fee if you decide to lock in the rate prior to the loan being drawn up, which is 0.15% of the loan or $250.
- An account service fee of $20 a month.
- If you decide to switch interest types (for example, fixed to variable) there is a fee of $500.
- Break costs which are quoted to you at the time of your request to switch.
- A $20 fee if you request a fund transfer to another Australian financial institution on the same day.
Auswide Bank Review Summary
Name: Auswide Bank
Summary
This business term loan offered by Auswide Bank has large minimum and maximum amounts, ranging from $20,000 up to $5,000,000. This loan is secured. Depending on the type of security you offer, you can get a limit up to 70% the value of commercial property or 80% the value of residential property. Your term will depend on the security offered, with up to 50 years for commercial or up to 25 years for residential security. Your interest rate will also vary based on the security and whether the rate is fixed or variable. For residential security, your variable rate will be 7.05% p.a., while for fixed it varies from 6.29% p.a. to 6.89% p.a. For commercial or other security, the variable rate is 7.35% p.a., while it ranges from 6.69% to 7.29% p.a. for fixed. The establishment fee will be 0.5% of the loan amount, the minimum being $600. There will also be a valuation fee, solicitor fees, compliance costs and legal agent fees, costs for which vary. The rate lock fee will be greater of 0.15% of loan amount or $250.
Overall
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Credibility - 93%
93%
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Client Reviews - 88%
88%
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Website - 98%
98%
-
Compatibility - 97%
97%
Pros
- Large borrowing rate
- Fixed or variable rate options
- Personalised support
- Varied loan terms
- No account fees
- Frequent payments
- Redraw option
- Internet banking
- Startup businesses can apply
Cons