The table below provides an overview of the Personal Loans offered by the Credit Union.
| |
Personal Loan |
Revolving Personal Loan |
Car Loans |
Student Loan |
Share Loan |
| Description |
An unsecured loan with regular repayments for any worthwhile purpose. |
Ongoing finance with the flexibility of Visa Debit card access and control of a Personal Loan. |
A loan to purchase a new car (less than 12 months old) or a used car. |
A loan for education related purposes. |
An unsecured loan with regular repayments for purchasing shares. |
| Establishment Fee |
Yes* |
Yes* |
Yes* |
Yes* |
Yes* |
| Administration Fee |
No |
No |
No |
No |
No |
| Interest Rate (p.a.) |
12.10% |
12.10% |
New Car Loan: 9.35%
Used Car Loan: 10.35% |
Student Loan: 11.10%
Student Loan (deferred): 11.60% |
10.60% |
| Comparison Rate (p.a.)1 |
12.24%5 |
N/A |
New Car Loan: 9.38%2
Used Car Loan: 10.49%3 |
Student Loan: 11.24%3
Student Loan (deferred): 11.74%3 |
11.41%4 |
| Service Fees (Annual) |
No |
$35 p.a. |
No |
No |
No |
| Repayment Frequency |
W, F, M6 |
N/A |
W, F, M6 |
W, F, M6 |
W, F, M6 |
| Additional Repayments Accepted |
Yes |
Yes |
Yes |
Yes |
Yes |
| Early Repayment Penalty |
No |
N/A |
No |
No |
No |
| Redraw Available |
Yes |
N/A |
Yes |
No |
Yes |
| Redraw Fees |
No |
N/A |
No |
N/A |
No |
| Minimum Redraw Amount |
$500 |
N/A |
$500 |
N/A |
$500 |
| Minimum Loan Amount |
No minimum |
$10,000 |
New Car Loan: $10,000
Used Car Loan: $5,000+ |
$500 |
$1,000 |
| Maximum Loan Amount |
No maximum |
$25,000 |
No maximum |
$10,000 |
No maximum |
| Maximum Loan Term |
9 years |
Ongoing |
9 years7 |
7 years8 |
5 years |
| Ability to Defer Repayments |
No |
N/A |
No |
Yes9 |
No |
| Security Required |
May be required |
May be required |
Goods mortgage over vehicle |
Guarantor and/or goods mortgage over vehicle may be required10 |
No |
| |
more info... |
more info... |
more info... |
more info... |
more info... |
Interest rates current as at 1 September 2010.
To download a Comparison Rate Schedule, click here.
- Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
- Comparison rate calculated on a secured loan amount of $30,000 for 5 years.
- Comparison rate calculated on a secured loan amount of $10,000 for a term of 3 years.
- Comparison rate calculated on an unsecured loan amount of $2,500 for a term of 2 years.
- Comparison rate calculated on an unsecured loan amount of $10,000 for a term of 3 years.
- Weekly, fortnightly or monthly repayments.
- This may vary depending on the age of the vehicle.
- Maximum loan term includes deferral period.
- Repayments can be deferred until completion or termination of studies (up to 3 years), with interest accruing from the date the loan is disbursed.
- Each application will be assessed individually and advised if this will be required.
*$20 establishment fee applies to all Personal Loan types (Personal, Revolving Personal, Car, Share and Student) whether secured or unsecured, and is only payable if the loan is funded.
+For car loans less than $5,000, we recommend a Personal Loan.