Unsecured Fixed Personal Loan

A comparison rate is the interest rate, plus additional fees and charges you will be expected to pay over the loan term. As comparison rates indicate the true cost of a loan, they make it easier to decide which is best for you.

Yes, we support joint personal loan applications.

Yes, you can make additional repayments on your loan without attracting a fee.

Yes. Your loan contract will be set up for monthly repayments initially, but if you prefer to pay in weekly or fortnightly instalments simply call us on 133 282 or drop into a branch and we can arrange this for you.

No, it isn’t possible to top up an existing loan. You can, however, pay it out with a new loan if you want. We don’t charge early payout fees to do this.

A personalised interest rate is determined in large part by your credit score. This is based on a range of factors including your history of repaying loans, credit cards, and other bills. In short, the better your credit score, the lower the interest rate you’re likely to be offered.

Speaking of which, it's worth noting that while submitting a full application will likely result in a small, temporary dip to your credit score, simply getting your estimated personalised rate will not impact it.

The rate you are offered is calculated on your personal circumstances and credit history. A few different factors are considered, including:

• Your credit score
• Information provided in your application
• Existing loans
• The loan amount and your perceived ability to repay the loan.

Credit scores are calculated by looking at various aspects of your credit history and profile. These can include details of any previous applications you’ve made for credit (whether successful or not), details of credit or loan products you have held in the past, your repayment history, any overdue accounts you might have, and information about any court judgements against you.

These are added together to give an overall picture of your ability to repay a loan.

As you might imagine, someone who has never defaulted on a loan will be considered a lower risk than someone with a history of missed repayments, court judgements, or bankruptcy.

Similarly, the more applications for credit on your record, the lower your score is likely to be.

Other factors which can negatively impact a credit score include a history of using ‘payday lenders’ and having open accounts with debt collection agencies.

You’re entitled to a free copy of your credit report every three months from a Credit Rating Bureau (CRB). The CRB must provide the report within 10 days of your request

The two main Credit Rating Bureaus in Australia are:

• Equifax (previously known as Veda)
• Experian Australia Credit Services

To buy a car, you can take out a secured car loan or an unsecured personal loan.

A secured loan is 'secured' against the asset you are borrowing for, in this case your car. This means that if you’re unable to repay the loan for whatever reason, the lender can sell the asset to cover their costs.

As secured loans represent less of a risk to lenders, they generally come with lower interest rates than unsecured loans.

An unsecured personal loan, on the other hand, doesn’t require an asset as security. For this reason, they tend to be used for non-material purchases like holidays and weddings, or for debt consolidation. But you can also use them to buy a car if you don’t want to use your car as security, or if the car you’re buying is over seven years.