Are high interest rates making it difficult to repay your debt? Consider a balance transfer with Bank Australia.
Finding your way out of debt can be a difficult process. High interest rate and fees can cause your debt to snowball further into the negative, with no relief in sight. A balance transfer with Bankwest could be what you need to help repay your debt.
If you’re looking to complete a balance transfer with Bank Australia, here is the step-by-step guide you’ll need to increase your chances of approval.
What is a balance transfer?
A balance transfer allows cardholders with an outstanding balance on a high interest credit card to transfer their balance to a new credit card offering a promotional low interest period. The low interest period gives you some breathing room to repay your debt without the burden of high interest rates.
What are the benefits of completing a balance transfer with Bank Australia?
Some of the benefits you could enjoy from a Bank Australia balance transfer include:
- Save on Interest. Bank Australia credit cards offer competitive standard variable interest rates that could help you save on you existing interest charges. This means your money goes directly towards your debt rather than paying off interest.
- Free of debt. Consolidating your debt means you can easily track your finances and steer your money management towards a debt free future.
What else should I consider?
- How much can I transfer? How much you’re approved for will depend on your credit limit, income and financial history. Make sure the credit limit you’re applying for can support your transferred balance, or you’ll have to leave a portion behind collecting high interest in your old account.
- Comparing your options. It is important to do your research and compare credit cards to ensure this is the best offer for you. At the end of the promotional period, the low rate will revert to the much higher standard cash advance rate.
- Are there any transfer fees? Bank Australia will not charge you a balance transfer fee for the transaction.
How to apply for a Bank Australia balance transfer
Before you begin the application process, ensure you meet the following eligibility requirements:
- You are at least 18 years of age
- You are an Australian Citizen or permanent resident of Australia
- You are currently in receipt of regular income
- You have not been bankrupt
Information to have handy
To assist in completing the balance transfer application, have the following information handy:
- Income. Gross (before tax) and net salary (after tax), employment details and any other forms of income (from shares, rental property, etc).
- Assets. Approximate values of property, vehicles, savings, and superannuation.
- Liabilities. Loan balances, repayment amounts, credit card or overdraft limits.
If you are a new Bank Australia customer you may also need to verify your identity. You can do this online via an Electronic Verification search. Completing the ID check will speed up your balance transfer application. To do this you will need to provide one or more of the following documents:
- Driver’s licence
- Medicare card
Step by step process on how to apply for a Bank Australia credit card
Once you have these above details ready you can apply for a Bank Australia credit card online by completing a loan application. The form shouldn’t take more than 15 minutes to complete and you will be provided with an indicative decision within minutes. If at anytime you wish to pause your application, you can save it and come back to complete the remainder of the process at a time that suits you.
Step 1. Select the credit card you wish to apply for
Once you have decided which credit card is right for you, you can click on the green ‘Go to Site’ button on the right hand side of the comparison table.
Step 2. New or resume application
If at any time you saved an application this is where you can pick it up again or if you are beginning a new application select ‘apply for a loan’ under the new application option.
Step 3. Quick Info
Once you’ve been directed to your chosen credit card application, you’ll be required to indicate what your credit limit is.You can base this around the amount of debt you have.
Step 4. Your details
You’ll be required to provide some personal details including:
- How many applicants are applying. This refers to whether you’re applying alone or in a joint application.
- Residential status. Confirm whether you’re a permanent resident or visitor.
- Marital status. Your options will include single, married, de facto relationship and more.
- After tax income. You might need your group certificate here to clarify what you earn after tax.
Step 5. Liabilities
You will need to advise Bank Australia of any liabilities you may have such as loans, leases or store accounts. Details of how much you owe and what your repayments are will also need to be outlined.
Step 6. Assets
Assets include vehicles, savings, real estate, superannuation, shares or anything else of value you own. You will also need to indicate the worth of the asset.
Step 7. Get approval
Based on the details you have provided, you can do a pre-check, which will give you an indication of how your application looks in relation to Bank Australia’s lending requirements.
Step 8. Lending criteria approval
You will then be given an automatic indication as to whether you meet the lending criteria.
If you do not, organise your accounts and ensure you have no overdrafts or anything that would raise a red flag before attempting the application process again.
If you are approved you will be given three options:
- Proceed with your application
- I would prefer to be contacted via phone to discuss my application
- I wish to save the information I have provided and continue my application later
To fast-track your application, select “Proceed with your application” then click on “Continue”.
Step 9. Review and apply for balance transfer offer
The next step is to review the information you’ve provided as well as submit any further details Bank Australia might require. You will also be given the chance to indicate whether you are looking to do a balance transfer by answering “debt consolidation” when asked what the purpose of the loan is. In the further details option add that you are looking to complete a balance transfer.
Step 10. Key facts sheet
Before you can proceed, you are required to open and view Bank Australia’s credit card key facts sheet by clicking on the provided link.
Step 11. Your details
You will have to complete a more thorough outline of your personal details including here:
- Name. Your full name and what you would like to appear on your credit card.
- Address. Your main residential address.
- Gender. This will need to be the same as what’s on your driver’s licence.
- Marital status. Again, this could include married, single, de-facto relationship and more.
- Dependents. Number of children or relatives you care for.
- Residential status. Confirm whether you own your residence or if you’re renting or paying board.
- Contact numbers. Provide the appropriate day time and after-work hours contact details.
- Email address. You may receive confirmation emails and important alerts, so make sure to list your main email address.