Credit Union SA Fixed Rate Personal Loan

This loan offers no monthly fees as well as free extra repayments, redraw and early exit.

Credit Union SA offers 3 different secured fixed rate loans, depending on the age of the security provided. For vehicles under 5 years, you can apply for the online-only special fixed rate loan or the special fixed rate loan. You can apply for the standard fixed rate loan if your vehicle is between 5 to 10 years old. While there are no monthly fees, you will have to pay an establishment fee and interest charges.

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From 7.99% (fixed)

Interest Rate (p.a.)

8.34%

Comparison Rate (p.a.)

$5,000

Min Loan Amount

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Details

Product NameCredit Union SA Fixed Rate Personal Loan
Interest Rate (p.a.)
From 7.99% (fixed)
Comparison Rate (p.a.)8.34%
Interest Rate TypeFixed
Min Loan Amount$5,000
Max. Loan Amount$100,000

How does the Credit Union SA Fixed Rate Personal Loan work? 

Credit Union SA offers 3 fixed rate personal loans: an online-only special fixed rate loan, a special fixed rate loan and a fixed rate loan. The interest rate between the 3 differs as do the requirements for security. The special fixed rate personal loan and the online-only special fixed rate personal loan are available for loans secured by a new or used vehicle less than 5 years old. For the fixed rate personal loan, the age of the vehicle needs to be between 5 and 10 years. The loan funds can be used for the purchase of a vehicle or for any worthwhile personal or domestic purpose. 

What features does the Credit Union SA Fixed Rate Personal Loan offer? 

  • Secured loan. This is a secured loan and requires an asset as collateral. Your interest rate will depend on the age of your asset.
  • Fixed rate. Your interest repayments are fixed, meaning that your repayments will remain the same for the duration of the loan. This makes it easier to budget and predict your repayments.
  • Terms up to 7 years. Your loan term can range from 1 to 7 years.
  • Flexible repayments. You can make weekly, fortnightly or monthly repayments based on what works for you.
  • Unlimited extra repayments. You can make as many extra repayments as you want at no added cost.
  • No early repayment fees. You won’t have to pay a penalty if you repay the loan early.
  • Free redraw. You can access the redraw facility for free.
  • No monthly fees. You won’t be charged monthly or annual service fees.

How much does the Credit Union SA Fixed Rate Personal Loan cost? 

The costs associated with this loan include the following: 

  • Loan principal.
  • Establishment fee of $250 for new personal loans or $350 for the online-only special fixed rate personal loan.
  • Security processing fee of $60.
  • Fixed interest, depending on the age of your security. The rates are as follows:

Online-only special fixed rate loan

4.25% p.a. 

4.73% p.a. 

Special fixed rate loan

5.59% p.a. 

5.93% p.a. 

Fixed rate loan

7.99% p.a. 

8.34% p.a. 

This loan does not have monthly fees. The comparison rate includes the interest rate and fees. 

What are the pros and cons of the Credit Union SA Fixed Rate Personal Loan? 

Pros. 

  • No monthly fees. This loan does not charge monthly fees, helping keep down the cost of the loan.  
  • Additional repayments, no early-exit fees and free redraw. You can repay the loan early without having to pay a penalty, and you make extra repayments and access them through the redraw facility for free. 

Cons. 

  • Risk of repossession. Secured loans come with the risk of the lender repossessing your asset if you default on the loan. 

Am I eligible for the loan? 

To apply for this loan, you will have to be over the age of 18, a citizen or permanent resident of Australia and a member of the credit union. 

How do I apply for the loan? 

You can apply for the loan online through the Credit Union SA website. You can also call the lender or visit a branch in person. Please note that the online-only special fixed rate loan is available only when you apply online. You will be asked for information on your income, living expenses and other loans you have. Keeping your documents in hand can help speed up the process.

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