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Personal Loans

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Loan Range

Personal Loan

Easily access funds when you need to, for a variety of purposes, using this competitive and flexible loan.

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 11.74% pa
variable interest rate

 12.37% pa
comparison rate1

Apply Online Call 1300 654 822

Green Personal Loan

Be rewarded with a reduced interest rate, when accessing funds for environmentally conscious home improvements.

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 9.35% pa
variable interest rate

 9.97% pa
comparison rate1

Apply Online Call 1300 654 822

Revolving Personal Loan

Easily access funds ongoing, for a variety of purposes, without the need for repeat paperwork.

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 11.74% pa
variable interest rate

Apply Online Call 1300 654 822

Share Loan

Get the finances you need to invest in the share market and build your investment portfolio.

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 10.25% pa
variable interest rate

 10.87% pa
comparison rate1

Apply Online Call 1300 654 822

Student Loan

Get assistance with finance for study related expenses and the ability to defer your repayments.

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 10.74% pa
variable interest rate

 11.37% pa
comparison rate2

Apply Online Call 1300 654 822

Overdraft

Conveniently access extra funds when you need to, using an overdraft facility.

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 13.19% pa
overdraft interest rate

Apply Online Call 1300 654 822

Personal Loan Comparison Table

Compare all personal loans at Victoria Teachers Mutual Bank.

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Loan options

Each loan is different, and everyone will manage their debt differently. When you are taking out a loan, carefully read over all the terms and choose the loan with the options that best suit you.

Below we outline some specific loan options to consider when choosing a personal loan:

Redraw

A Loan Redraw facility is a handy feature that allows you to access funds fast by drawing on money you have already contributed to paying off your loan, above the minimum required payment. When you take out a loan, making additional repayments will help you reduce interest and pay off your loan faster. But if down the line you realise you need some of that money back, redraw will allow you to benefit from your proactive repayment habits.

You want to make sure that there aren’t any fees associated with redraw – they can act as a disincentive to making those extra repayments. Many of our flexible Personal Loans give you access to free Redraw.

Overdrafts

An Overdraft gives you convenient access to funds, even when your account balance reads zero. By arranging an Overdraft, you won’t ever have to lose sleep about overdrawing your everyday account. An Overdraft comes into action when your account balance is depleted, letting you continue to access funds with your ATM card or Visa Debit card. Even though there is no maximum Overdraft limit, to avoid charges we always suggest you pay some funds into the Overdraft when you get the chance. In the meantime, you can spend without worry.

Loan insurance

Sometimes it pays to have a backup. Loan Repayment Insurance will repay your loan if you suddenly find yourself unable to. Whether it is because of illness, involuntary unemployment or even death, loan insurance will help you, or your family, continue repayments regardless. It might mean slightly higher maintenance costs on your loan, but Loan Repayment Insurance will give you peace of mind and added security.

We can assist with all of your borrowing needs. If you need advice or want to arrange a loan, speak to one of our consultants on 1300 654 822.

 

Featured Products

Personal Loan

Easily access funds when you need to, for a variety of purposes, using this competitive and flexible loan.

Find out more

 11.74% pa
variable interest rate

 12.37% pa
comparison rate1

Apply Online Call 1300 654 822

Overdraft

Conveniently access extra funds when you need to, using an overdraft facility.

Find out more

 13.19% pa
overdraft interest rate

Apply Online Call 1300 654 822

 

Managing your loan

Do you have your eye on something special?

We understand that people take out personal loans for all sorts of reasons, and offer a versatile range of loans to match. You should always choose a loan that is manageable and appropriate to your situation.

When you are considering taking on a loan, bear in mind the following:

Choose your loan wisely

It’s important to choose the loan that is right for you. Some loans are quite specialised, designed to help you purchase something specific. For example, as an ethical bank, we offer two loans to reward environmentally friendly purchasing: the Green Car Loan and the Green Personal Loan. You might however want a more general loan, to use the funds for several different expenses. Take the time to consider which loan best suits your needs.

Do the calculations

When you take out a loan, you want to make an informed decision. Take stock of your finances and calculate exactly how much you need. Don’t be tempted to borrow more just for the sake of it if there is any chance you will have difficulty repaying. Use our handy online calculators to get an idea of your affordability and the repayments you will need to make.

Talk things over

Your lender should be happy to provide you with impartial, useful advice. As a customer-owned bank, we exist for your financial benefit. As such, we employ conservative lending practices to ensure you do not overextend yourself financially. Our lending consultants will find the right product for you and walk you through all the finer details of managing your personal loan.

Protect your purchase

If you take out a loan to buy something special, go the extra step and investigate insurance to protect it. Insurance can’t stop the unexpected happening, but it will mean your loss won’t be as great if it does.

Manage your repayments

Making sensible repayments will always help you reduce and manage your debt. Selecting a loan with flexible repayment conditions in the first instance will help you manage your loan. Choose a loan with low fees that accepts additional repayments. Most of our loans offer those terms to make managing your loan easier. Making additional repayments will help you reduce the interest you are charged and pay off your debt sooner.

With our extensive range of personal and car loans, we can help you secure and manage the funds you need. Our consultants will be able to talk you through managing your personal loan on 1300 654 822.

 

Featured Products

Personal Loan

Access money when you need it with the flexible and competitive Personal Loan. Find out about our Personal Loan at Victoria Teachers Mutual Bank.

Find out more

 11.74% pa
variable interest rate

 12.37% pa
comparison rate1

Apply Online Call 1300 654 822

Revolving Personal Loan

The flexible Revolving Personal Loan gives you ongoing readily available finance. Find out about our Revolving Personal Loan at Victoria Teachers Mutual Bank.

Find out more

 11.74% pa
variable interest rate

Apply Online Call 1300 654 822

 

Your credit rating

Do you have a healthy credit rating?

When you need finance, your credit rating can be the deciding factor in whether you receive it. Having a strong credit rating will give you a stronger financial footing.

Read on to discover how your credit rating works and how you can protect it:

How does credit rating work?

You hear so much about the importance of credit rating, but how does it really work? A credit rating is a risk assessment tool banks use when deciding whether to grant a loan. Every time you apply for a loan or credit, your application will be registered with a credit reporting body. Whenever you apply for finance, the credit provider will check your credit rating to see if there is any risk in lending you money. If you have a bad credit rating, you will find it much more difficult to receive your loan. Only registered credit providers can list a default and access your credit file.

What does a credit rating record?

Your credit report details your credit history and some key personal information. This will include any and all credit or loans that you have applied for, defaults overdue by over 60 days, any relevant debt collections or legal proceedings and other credit infringements from the last 5 years. Serious infringements will be recorded for 7 years. The report might also contain your recent repayment record and credit limits. To help verify your identity, they will have your full name, date of birth, current and past addresses, employment history and drivers licence details.

How do I protect my credit rating?

Avoid a bad credit rating by undertaking the following precautions:

  • Always pay your loans and bills, even utility bills, on time to avoid defaults.
  • If you are experiencing financial difficulty, speak to your credit provider and make arrangements to avoid deeper debt.
  • Ensure that your file is accurate and current. If you’re in doubt contact all three Australian credit reporting bodies: Veda, Experian and Dun & Bradstreet.
  • Fix up any outstanding debts as soon as you can so they cannot be held against you.
  • Be vigilant to avoid identity fraud. Fraudsters might assume your identity and obtain finance dishonestly, so always dispose of personal information safely and be wary of what you put online.
  • Regularly monitor your credit file to ensure it’s in order, at least once a year is best.

What if I already have a bad credit rating?

If you made a mistake in the past that is still haunting you today, there are steps you can take to rectify it. Talk to your credit provider about the negative listing on your file and provide proof that you have since repaid the debt. Make sure that your file is updated to avoid problems in the future.

We have flexible personal loans to suit your needs and offer the support to help you manage them. Talk to one of our consultants today on 1300 654 822 to seek advice or arrange a loan with us.

 

Featured Products

Personal Loan

Easily access funds when you need to, for a variety of purposes, using this competitive and flexible loan.

Find out more

 11.74% pa
variable interest rate

 12.37% pa
comparison rate1

Apply Online Call 1300 654 822

Revolving Personal Loan

Easily access funds ongoing, for a variety of purposes, without the need for repeat paperwork.

Find out more

 11.74% pa
variable interest rate

Apply Online Call 1300 654 822

 


Important Information
Interest Rates effective 25 May 2015. Interest is calculated daily. Interest rates are per annum, current at the time of printing and are subject to change without notice.
1. Comparison rate calculated on an unsecured loan amount of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees and other loan amounts might result in a different comparison rate.
2. Comparison rate calculated on a secured loan amount of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees and other loan amounts might result in a different comparison rate.