A personal loan lets you borrow money to pay for something special, like a holiday, car, or home renovations. You have to repay it with interest over a fixed term, usually between one and seven years.
Getting the best deal on a personal loan can save you thousands in interest and fees.
Fixed or variable interest rate
With a fixed interest rate, your repayments are fixed and won’t change over the loan term. You’ll know exactly how much will come out of your bank account each month.
With a variable interest rate, your repayments will change if interest rates change. If interest rates rise, your repayments will be higher. If interest rates fall, your repayments will go down.
A loan with a variable interest rate usually has no early exit fee. This might be better if you’re planning to pay the loan back early.
The interest rate you get on a personal loan can be different to the advertised interest rate. Your interest rate depends on things like your credit score, income, expenses, and savings.
Secured or unsecured loan
With a secured loan you provide an asset, such as your car, as security for the loan. If you don’t pay the loan back on time, the lender can repossess your asset and sell it.
With an unsecured loan, you don’t have to provide an asset as security. But the interest rate will be higher, and you may need a loan guarantor. If you fail to pay back the loan, the lender can still take you to court to get back the money you borrowed.
You may also need
If you already have investment property(ies):
Yes. If you want to pay off the loan early and you have the sufficient fund available with you, loan can be paid off early.
Yes. Refinancing option is available if you want to replace existing loan with other Loan to get the better interest rate or to cash out for a required purpose by using equity on the existing property.
Whenever you are in need of financial support, you can contact your mortgage broker to discuss the available options.
We have our head office located in Edmonson Park in Sydney. However, we help clients who need financial assistance anywhere in Australia.
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