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G&C Mutual Bank Fair Rate Personal Loan
Get personalised interest rates based on your credit score. Interest charges and fees apply.
This personal loan comes with personalised interest rates. Your interest rate will depend on your credit score and borrowing history. Rates are divided into 5 tiers, with Diamond for excellent credit. This loan is unsecured and does not require collateral. The interest rate is variable and can fluctuate with the market rate.
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From 5.99% (variable)
Interest Rate (p.a.)
6.20%
Comparison Rate (p.a.)
$1,000
Min Loan Amount
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Details
| Product Name | G&C Mutual Bank Fair Rate Personal Loan |
|---|---|
| Interest Rate (p.a.) | From 5.99% (variable) |
| Comparison Rate (p.a.) | 6.20% |
| Interest Rate Type | Variable |
| Min Loan Amount | $1,000 |
| Max. Loan Amount | $90,000 |
How does the G&C Mutual Bank Fair Rate Personal Loan work?
The Fair Rate Personal Loan offers personalised interest rates based on your creditworthiness and borrowing history. This means that borrowers with good credit will be rewarded with lower rates in comparison to borrowers with negative marks on their credit file. The interest rate is divided into 5 tiers. The Diamond tier is reserved for excellent credit, with an interest rate starting from 5.99% p.a. The highest interest is charged for the Opal tier, at 16.99% p.a. Loan funds can be used to fund holidays, cars, debt consolidation, renovations, weddings, family expenses or medical bills.
What features does the G&C Mutual Bank Fair Rate Personal Loan offer?
- Unsecured loan. This personal loan is unsecured and does not require an asset as collateral for the loan.
- Variable rate. Your interest rate will fluctuate based on the market rate. It can decrease if the market rate drops or increase if the market rate goes up.
- Personalised interest rates. Your interest rate will be determined by your credit score. If you have excellent borrowing history, you can expect a lower interest rate. If your credit score is patchy, you can expect to pay more for the loan.
- Large borrowing range. You can borrow amounts ranging from $1,000 up to $90,000. How much you can borrow will depend on your income, existing debts and other recurring expenses.
- Unlimited extra repayments. You can make unlimited extra repayments for the loan.
- No early termination fee. You can repay the loan early without penalty.
- Redraw facility. You can withdraw your additional repayments using the redraw facility. The minimum redraw amount is $100, with a $30 service fee.
How much does the Fair Rate Personal Loan cost?
There are several costs associated with this loan, including the following:
- Loan principal
- Establishment fee of $150.
- Variable interest based on your credit score and tier.
Diamond | 5.99% p.a. | 6.20% p.a. |
Emerald | 7.99% p.a. | 8.20% p.a. |
Sapphire | 8.99% p.a. | 9.20% p.a. |
Ruby | 10.99% p.a. | 11.21% p.a. |
Opal | 16.99% p.a. | 17.22% p.a. |
This loan does not charge monthly or annual account-keeping fees. If you wish to access the redraw facility, you will be charged $30.
What are the pros and cons of the Fair Rate Personal Loan?
Pros.
- No risk to assets. This loan is unsecured and does not require loan security. This reduces the risk of your asset being repossessed if you default.
- Borrow even if your credit score is not perfect. You may be able to borrow even if your credit score falls short of perfect.
- Unlimited extra repayments. You can make unlimited extra repayments and pay off your loan early without penalty.
- No account-keeping fees. You won’t be charged either monthly or annual fees to maintain your account. This helps keep down the cost of the loan.
Cons.
- Pay higher interest if your credit score isn’t perfect. While you may still be able to apply with imperfect credit, you’ll have to pay higher interest. This means your loan will cost you more.
- Service fee for redraw facility. If you want to redraw your additional repayments, you’ll have to pay a service fee of $30.
- Harder to budget for. Variable rate loans are more difficult to budget for. This is because your interest rate may fluctuate based on the market rate. Your interest repayments may increase or decrease from month to month.
Am I eligible for the Fair Rate Personal Loan?
To be eligible for this loan, you must meet the following criteria:
- Be over the age of 18.
- Be an Australian/New Zealand citizen or Australian permanent resident living in Australia.
- Be eligible to work in Australia.
- Be employed or receive regular income.
You should also have a good credit rating and not be going through the process of bankruptcy.
How do I apply?
You can apply for the loan online or by contacting the lender via telephone. Keep your documents in hand to speed up the process.
