Coastline CU Personal Loan Secured with Fixed Term Deposit
- Interest Rate (p.a.)
- 7.50%
- Comp. Rate (p.a.)
- 7.93%
- Min Loan Amount
- $5,000
Summary
Secure the loan with your fixed deposit and get competitive rates. Interest charges and fees apply.
You can secure this personal loan with a fixed term deposit. This gives you access to competitive interest rates and higher borrowing amounts. Interest rates are 7.50% p.a., while the maximum borrowing amount is $200,000. There are no monthly fees for this loan, but you will be charged a $300 establishment fee and interest charges.
Details
Product details
| Product Name | Coastline CU Personal Loan - Secured with Fixed Term Deposit |
| Interest Rate (p.a.) | 7.50% |
| Comp. Rate (p.a.) | 7.93% |
| Interest Rate Type | Variable |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $200,000 |
| Loan Security | Secured |
How does the Personal Loan Secured with Fixed Term Deposit work?
The security for this loan is your fixed term deposit. By securing this loan, you get access to a competitive rate starting at 7.50% p.a. The loan funds can be used for a variety of purposes, including personal expenses like holidays.
What features does the Personal Loan Secured with Fixed Term Deposit offer?
- Secured loan. This loan can be secured using your fixed term deposit. With secured loans, you can access lower interest rates and higher borrowing amounts.
- Large borrowing amounts. You can borrow from $5,000 up to $200,000.
- No monthly fees. You won't be charged monthly loan fees for this loan.
- Flexible repayments. This loan offers flexible repayment options.
- Redraw facility. You can redraw a minimum of $500. There is no fee to redraw electronically, but a $20 fee applies for assisted in-branch redraws.
How much does the loan cost?
The costs associated with this loan include:
- Loan principal
- Interest rate of 7.50% p.a.
- Loan establishment fee of $300
There are no monthly fees associated with this loan. The comparison rate, which includes interest charges and fees, is 7.93% p.a.
What are the pros and cons of the Personal Loan Secured with Fixed Term Deposit?
Pros
- Large borrowing amounts. You can borrow up to $200,000 by securing the loan.
- No monthly fees. No monthly fees are charged for this loan. This keeps down the cost of your loan.
- Competitive rate. You receive a competitive rate when you secure the loan. By contrast, the unsecured option comes with a 13% p.a.interest rate.
Cons
- Risk to asset. Secured loans come with the risk of asset repossession in case you default on the loan.
Am I eligible for this loan?
To apply for this loan, you will need to:
- Be 18 years or older
- Be an Australian citizen or permanent resident
- Be in paid employment
- Not have been bankrupt
How do I apply for this loan?
You can apply for this loan online, through the Coastline website. Keep your documents on hand to speed up the process.
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