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Australian Unity Secured Personal Loan
Secure your loan and receive lower interest rates. Interest charges and establishment fees apply.
Australian Unity’s secured personal loan comes with a variable interest rate. It is secured against an asset equal to or greater than the borrowing amount. This loan also has unlimited extra repayments and a redraw facility. If you’re ahead on your repayments, you can also request for a repayment holiday.
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From 8.99% (variable)
Interest Rate (p.a.)
10.34%
Comparison Rate (p.a.)
$5,000
Min Loan Amount
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Details
| Product Name | Australian Unity Secured Loan |
|---|---|
| Interest Rate (p.a.) | From 8.99% (variable) |
| Comparison Rate (p.a.) | 10.34% |
| Interest Rate Type | Variable |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $100,000 |
| Loan Security | Secured |
How does the secured personal loan work?
As loan security, this loan requires an asset of greater or equal value to the borrowing amount. The security can be a term deposit with Australian Unity. You can use the loan funds for a range of purposes, including home renovations and holidays. The interest rate is variable and fluctuates based on the market rate. This makes it harder to predict your monthly interest repayments, but if the rate goes down, you stand to pay less.
What features does the loan offer?
- Secured loan. Secured loans come with lower interest rates and are secured against an asset you own.
- Variable rate. Your interest repayments may fluctuate based on the market rate. If the rate goes down, your repayments do too. If the rate increases, so do your repayments.
- Borrow from $5,000 upwards. The minimum loan amount is $5,000.
- Variety of uses. You can use the loan funds for home renovations, wedding expenses, your honeymoon or holiday.
- Unlimited extra repayments. You can make as many extra repayments as you want.
- Redraw facility. You can redraw the extra repayments that you have made.
- Loan repayment holiday. If you’re ahead of your repayment schedule, you can request for a loan repayment holiday.
How much does the secured personal loan cost?
There are a number of costs associated with Australian Unity’s secured personal loan, such as:
- Loan principal.
- Variable interest rate of 8.99% p.a.
- An establishment fee of $199.
The comparison rate includes both the interest rate and fees and is 10.34% p.a.
What are the pros and cons of the secured personal loan?
Pros
- Lower interest rate. This secured loan comes with a lower interest rate than its unsecured counterpart. This is because offering collateral reduces the lender’s risk of lending, incentivising them to provide a lower rate.
- Flexible repayments. You can make as many extra repayments as you want and redraw the extra money if you need to. This loan also offers a repayment holiday if you’re ahead on your repayments.
Cons.
- Risk of losing assets if you default. All secured loans come with the risk of repossession if you default. The lender can repossess your asset to recoup their losses.
- Longer processing times. There’s more paperwork with secured loans so the loan takes longer to process.
Am I eligible for the secured personal loan?
To be eligible for this loan, you will need to meet the following criteria:
- Be at least 18 years old.
- Be an Australian citizen or permanent resident.
- Currently receive regular income.
- Have a good credit history for the past 5 years.
How do I apply for the secured personal loan?
You can apply for the loan online through the Australian Unity website. The application takes around 10 minutes to complete. To apply for the loan, you’ll need to provide the following information:
- Financial details, including your income, expenses and any existing loans.
- Assets. This includes the values of your property, vehicles, savings, superannuation and others.
- Identification documents, such as your Australian drivers licence, Medicare card and/or Australian passport.
- Current and previous employment details.
- Email address and contact details.
Keep all the required documents on hand to speed up the process.
