Unlimited additional repayments and a discounted interest rate are available with the Discount Fixed Rate Personal Loan from CUA.
The CUA Discount Fixed Rate Personal Loan is an all-purpose lending product that can be used to cover the cost of any major purchase.
Those borrowing over $30,000 can enjoy a discounted interest rate, while unlimited repayments and no added fees will help you pay this personal loan off quickly. Find out more about how this loan works in this review.
3 things you should know about this loan
- Discounted rate for large borrowing amounts. Receive a discounted rate of 10.99% p.a. when you borrow more than $30,000
- Fees. There are no monthly fees with this product, however you will need to pay a $175 establishment fee.
- Redraw facility. If you make extra repayments, you can redraw these at any time for free. However, keep in mind that there is a $200 minimum for redraws made in- a CUA branch.
|Product Name||CUA Discount Fixed Personal Loan (Loans over $30,000)|
|Interest Rate (p.a.)||10.99% (fixed)|
|Comparison Rate (p.a.)||11.25%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$30,000|
|Max. Loan Amount||$60,000|
- Free redraw
- Flexible repayment options
- No penalties for extra repayments
- Discounted rate only available for loans over $30000
Main points to consider with the CUA Fixed Rate Personal Loan
If you borrow less than $30,000 this loan will come with a rate of 11.99% p.a., while loans over $30,000 come with a discounted interest rate of 10.99% p.a. There are no monthly fees associated with this loan.
For those who are looking for personal loans for a new car, CUA has a Fixed Rate Car Loan to consider. The interest rate is 6.79% p.a. and just like with the personal loan, you can choose a flexible repayment schedule that fits in with your budget.
Features of the CUA Unsecured Fixed Rate Personal Loan
This is a competitive personal loan that's worth considering when you're trying to meet a high-priced personal need. The features include:
- Fixed interest rate with a discounted rate available. You will be charged a fixed rate of 10.99% p.a. if you borrow more than $30,000, while a fixed rate of 11.99% p.a. will be applied to all other loan amounts.
- Loan terms. You can choose to pay your loan off over a period of 1 to 7 years.
- Flexible repayments. The repayment terms are flexible for this loan and can be made according to your pay schedule. You can also make as many additional repayments as you wish with no worry of penalties or charges if the loan is paid off sooner than expected.
- Redraw. You can redraw any additional repayments you make using the convenient redraw facility attached to this loan. Keep in mind there is a $200 minimum for in-branch redraws.
- How much you can borrow. You can borrow between $5,000 and $60,000 with this personal loan.
- No monthly fees. You'll be charged $0 for the monthly maintenance of your account.
How to apply for the CUA Unsecured Fixed Rate Personal Loan
You can apply for this personal loan product from CUA online, and to do so just click "Go to Site" to start your application. Before you begin, make sure that you are able to meet the following eligibility requirements:
- Be at least 18 years of age
- Be an Australian permanent residents or citizen
- Be able to provide proof of a regular income
- Have not declared bankruptcy or insolvency
- Have had no defaults on any forms of finance in the past five years
If you can meet these requirements, click ‘Go to Site’ to begin the application. Have the following documentation ready to help with the questions you will be asked on the application:
- Personal information. Your name, birth date and current address will have to be disclosed. You may also need to provide an e-mail address in order for a representative from CUA to contact you.
- Income. A detailed description of your current employment situation including contact information and earnings.
- Identification. Your driver’s licence number, passport or Medicare card may be required.
- Liabilities. A complete listing of your current debts. Include any other loans and credit cards.
- Assets. Your personal assets. This could include property, vehicles and savings accounts.
This is a good personal loan to consider if you need money to cover the cost of a major expense. When comparing this to other personal loans, look carefully at the varying interest rates and other fees that may be included so that you can find the right loan for your needs.