Who knows who offers the Lowest % Personal Loan

**Sorted** · 03-05-2007, 04:31 PM

I am looking at getting a Personal loan - it will be unsecured.

Who knows who has the cheapest rate atm as there are 1,000s on the internet and it would take weeks to find the cheapest :(

If members could help me out that would be awesome abd nayve advise who not to go through

joe260 · 03-05-2007, 04:38 PM

i dont think mine is cheap but mines 11% thats through credit union australia. i can tell u dont go to places other than banks. i got a loan from this random place and they charged 100% i was stupid and didnt read the form before signing. banks i recon would be the best way to go

XR6_661 · 03-05-2007, 04:41 PM

NAB have pretty good ones....

4.9 EF Futura · 03-05-2007, 05:01 PM

You'll find the difference between the banks to be negligible.

I know for a fact that some SA credit unions wipe the floor with the banks on PL rates - but will be difficult accessing some of these institutions. Australian Central and Community CPS are large and prob avail on the eastern states.

Also consider when assessing them:

- application fees
- break costs (if they charge an economic break cost, it can be MASSIVLEY expensive to pay the loan out if there has been a change in interest rates).

If its a reasonable $$$ amount ($20k+) they might waive app fees or tune the rate for you.

Fordgirl, 11% unsecured is a good rate. Been a while since i looked at PL unsec rates but major banks would be charging over 12% based on movements in interest rates. (im assuming this discussion is restricted to fixed rate products).

CUA is a monster of a credit union, i would put them on the shortlist for cheking out Dr Hemi.

I think you'll struggle to get the one answer you're looking for here tho. Actually i think for a member to specifically recommend a product would constitute financial advice and be a breach of the corporations act lol.

**Sorted** · 03-05-2007, 05:28 PM

Quote:

Originally Posted by 4.9 EF Futura

Actually i think for a member to specifically recommend a product would constitute financial advice and be a breach of the corporations act lol.

LOL guess who works with the FSRA?

Yeah I have seen them for 12.99 but not lower

I am a member of MECU Credit Union but their rate is 12.99

**Polyal** · 03-05-2007, 05:29 PM

My westpac one is good, cant remember the exact % but its low.

brenx · 03-05-2007, 05:43 PM

I have a GE @ 11.25% fixed.

ANZ are hopeless @ 12.47 variable!

4.9 EF Futura · 03-05-2007, 05:55 PM

Quote:

Originally Posted by DRHEMI

LOL guess who works with the FSRA?

Close but no cigar Dr Hemi

More into the Banking Act 1959 myself lol

Another thing to remember is that people here will be quoting rates that were fixed some time ago. i.e. im happy to tell you my CBA PL is fixed at 11.45%... but that was funded 3 years ago so i would expect the CBA rate to be about 150 basis points higher by now (think there's been 3 x 50bp rate rises since then).

If you have a good "relationship" (if you have home loan or reasonable term deposit) with MECU, ask if they are willing to sharpen their pencil on the rate. I mean, credit unions are supposedly offering a value/service proposition to their members....

Are you a member of an industry super fund? Members Equity Bank (essentially restricted to industry super fund members) is offering 12.24% fixed at the moment.

Citibank are doing good rates if you meet their prime criteria (no idea what that means, sorry - will be something to do with their scorecarding criteria)... so long as you want more than $10k for 3 years or more .... 11.99% down to 10.99% for large/long term PLs.

sgt_doofey · 03-05-2007, 06:00 PM

Our personal loan that the wife and I took out last year to buy the Peugeot and consolidate some of our debts is about the 8% mark from memory. We are through Savings and Loans Credit Union here in Adelaide.
Actually, just looked at their rates and we probably have a secured loan. Unsecured is 12.94%.

**Sorted** · 03-05-2007, 07:26 PM

Quote:

Originally Posted by 4.9 EF Futura

Are you a member of an industry super fund? Members Equity Bank (essentially restricted to industry super fund members) is offering 12.24% fixed at the moment..

Yes I am and I saw a pamphlet about Members Equity Fund but I am sure it was "10 something %" and below 11%.

Brenx I will have a look at GE as 11.25% sounds good

Polyal I have a westpac credit car and have been banking with them for 10 years but their rate is rubbish 12.49 at the best :(

sgt doofey thanks for looking

[Tonko] · 03-05-2007, 09:20 PM

ESANDA after some BSing them about how cheap loans are everywhere... got 7%

RG · 03-05-2007, 09:26 PM

Westpac partially secured for me is 10.25% and the unsecured one is 11.95% IIRC.

RSgerry · 03-05-2007, 10:47 PM

The rate can vary depending on the application. As unsecured you are off to a bad start. Other factors that will be taken into consideration is the amount of the loan, purpose, history with your chosen loan provider, overall credit history and personal financial position.

Yellow_Festiva · 03-05-2007, 11:08 PM

I believe this site will help

http://www.ratecity.com.au/

Happy loan hunting....

crYnOid · 03-05-2007, 11:46 PM

I went to a finance broker and i'm paying 8.2% via the CBA. Should have been 8% but I held off for 3 months and it went up

:

**Sorted** · 04-05-2007, 09:10 AM

Quote:

Originally Posted by RSgerry

The rate can vary depending on the application. As unsecured you are off to a bad start. Other factors that will be taken into consideration is the amount of the loan, purpose, history with your chosen loan provider, overall credit history and personal financial position.

I am just after what other members have or know about as thats a good start, not really going to advise my Credit Rating on a Forum. But valid points - Thankyou

Quote:

Originally Posted by TonkoXR8

ESANDA after some BSing them about how cheap loans are everywhere... got 7%

Esanda didnt even cross my mind as they are more into car loans IMO

Quote:

Originally Posted by RedXR347

Westpac partially secured for me is 10.25% and the unsecured one is 11.95% IIRC

I have a very good and long history with Westpac so I may give them a go and try for 10.25%

Quote:

Originally Posted by crYnOid

I went to a finance broker and i'm paying 8.2% via the CBA. Should have been 8% but I held off for 3 months and it went up

Another thing I didnt think of was to use a finance broker - I will look around

Quote:

Originally Posted by Yellow_Festiva

I believe this site will help

http://www.ratecity.com.au/

Happy loan hunting....

Didnt even know a site like that was around - Awesome Stuff

Love the forums ask a question and there is always some one that can help out

SpoolMan · 04-05-2007, 09:15 AM

My Brother just purchased a 2007 Honda CR-V for his G/F interest rate 8.25% fixed.
Plenty of cheap rates around and the Banks are the most expensive, haggle they all want your business.

**Sorted** · 04-05-2007, 09:20 AM

Quote:

Originally Posted by SpoolMan

My Brother just purchased a 2007 Honda CR-V for his G/F interest rate 8.25% fixed.
Plenty of cheap rates around and the Banks are the most expensive, haggle they all want your business.

Not Buying a Car, I already have 3, so I wont get a nice cheap rate like that :(

Need a loan for, lets just call it "Stuff"

Usually I dont haggle on anything but for this I will

and see how I go - thanks

Lukeyson · 04-05-2007, 09:49 PM

Quote:

Originally Posted by Yellow_Festiva

I believe this site will help

http://www.ratecity.com.au/

Happy loan hunting....

that site is really handy, thanks for that

[Tonko] · 05-05-2007, 12:48 AM

Quote:

Originally Posted by DRHEMI

Need a loan for, lets just call it "Stuff"

Usually I dont haggle on anything but for this I will

and see how I go - thanks

Some kind of lab equipment? to pay back said loan?

:

RUSTY0076 · 05-05-2007, 01:00 AM

I added a fixed amount to my home loan at 7.11% it's fixed for five years. I just treat it like a normal personal Loan and pay it off in 5 years or less and get a far better interest rate. Just make sure you are able to make extra repayments on this type of loan before signing.