Firefighters Mutual Bank Fixed Rate All Purpose Personal Loan

Zero ongoing service fees and the certainty of a fixed rate. Interest charges and fees apply.

This personal loan from Firefighters Mutual Bank (FMB) is for members only, but if you’re eligible you can become a member to apply for the loan. This personal loan is unsecured and does not require an asset as security. The interest rate is also fixed, giving you the certainty of fixed repayments over the lifetime of the loan. You can use the funds for any worthwhile purpose. While the loan does not charge ongoing service fees, you will pay an application fee and interest charges.

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From 8.50% (fixed)

Interest Rate (p.a.)

8.64%

Comparison Rate (p.a.)

$4,000

Min Loan Amount

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Details

Product NameFirefighters Mutual Bank Fixed All Purpose Personal Loan
Interest Rate (p.a.)
From 8.50% (fixed)
Comparison Rate (p.a.)8.64%
Interest Rate TypeFixed
Min Loan Amount$4,000
Max. Loan Amount$80,000

How does the FMB fixed rate all purpose personal loan work? 

This personal loan from FMB can be used for large personal, household or motor vehicle purchases, or to consolidate debt or refinance an existing personal loan. The loan is unsecured and has a fixed interest rate. This means your interest payments remain the same for the duration of the loan. You can easily predict and budget for your repayments.

What features does FMB fixed rate all purpose personal loan offer? 

  • Unsecured loan. You do not need to provide an asset as security for the loan.
  • Fixed rate. With a fixed rate loan, your interest payments remain the same for the duration of the loan term.
  • Flexible loan term. Your loan term can be between 1 and 6 years, or up to 5 years for debt consolidation loans.
  • Flexible repayments. You can choose to make weekly, fortnightly or monthly fixed repayments.
  • Borrow from $4,000 upwards. You can borrow up to $80,000, or up to $50,000 for debt consolidation purposes.
  • No ongoing service fees. You won’t be charged monthly or annual service fees.

How much does the FMB fixed rate all purpose personal loan cost? 

The costs associated with this loan include the following:

  • Loan principal.
  • Interest charges fixed at $100 application fee.

No ongoing monthly or annual service fees are charged. The comparison rate is 8.64% p.a. and includes interest charges and fees.

What are the pros and cons of the FMB fixed rate all purpose personal loan?

Pros

  • Easy to budget. As the repayments are fixed for the lifetime of the loan, you’ll know exactly what to pay each month, making budgeting for your repayments easier.
  • No monthly fees. This loan has no monthly or annual account keeping fees, keeping down the cost of the loan.

Cons

  • No additional repayments or redraw. You don’t have the option to make additional repayments and pay down your loan, or redraw your additional repayments. If you make additional repayments, you could incur a break fee, which is at cost.

Am I eligible for this loan? 

You must be over the age of 18 and be a member of the bank, or be eligible for membership.

To be eligible for membership, you need to be 18 years old and above and an Australian citizen or permanent resident. You will then provide identification and pay $10 to purchase your share in the bank.

Membership is open to current or retired employees of, or current volunteers with a fire and/or emergency service, and their families.

How do I apply for this loan?

You can apply for this loan online through the FMB website. Provide details on your income, assets, debts and expenses. The bank will contact you within 1 business day after applying. Keep your documents ready to speed up the process.

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