⚡️⚡️⚡️
With energy prices rising, switch to a cheaper plan
💡
Compare Prices Now
⚡️⚡️⚡️

Horizon Bank Personal Loan Secured by Mortgage

Use your equity to get a lower interest rate. Interest charges and fees apply.

This personal loan from Horizon Bank allows you to use the equity in your home to get a lower interest rate and longer terms on your personal loan. The interest rate is 6.64% p.a., with terms up to 10 years. Although the loan doesn’t charge monthly or annual administration fees, you will be charged an establishment fee and interest.

No reviews yet. Write a review


From 6.64% (variable)

Interest Rate (p.a.)

8.59%

Comparison Rate (p.a.)

$500

Min Loan Amount

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Details

Product NameHorizon Bank Loan Secured By Mortgage
Interest Rate (p.a.)
From 6.64% (variable)
Comparison Rate (p.a.)8.59%
Interest Rate TypeVariable
Min Loan Amount$500
Max. Loan Amount$30,000
Loan SecuritySecured

How does the Horizon Bank Personal Loan Secured by Mortgage work? 

To secure this loan, you can use the equity in your home. In return, you get a lower interest rate. You can use the loan to purchase a vehicle, fund home renovations, consolidate debt, go on holiday or purchase new appliances for your home. The interest rate is variable and can fluctuate based on the market rate. 

What features does the Horizon Bank Personal Loan Secured by Mortgage offer? 

  • Secured loan. You need to use the equity in your home as collateral for this loan. You will receive a lower interest rate in return.
  • Variable rate. Your monthly interest repayments may fluctuate based on the market rate. It can go up if the rate increases or go down if the rate decreases.
  • Terms up to 10 years. Your loan term can range from up to 10 years.
  • Flexible repayments. You can choose from weekly, fortnightly or monthly repayments, based on what suits you.
  • Additional repayments. You can make additional and lump-sum repayments.
  • Free redraw. You can redraw your additional repayments without paying a fee.
  • No early repayment fee. You can repay your loan early without incurring a penalty.
  • No monthly or annual admin fee. You won’t have to pay monthly or annual administration fees.

How much does the Horizon Bank Personal Loan Secured by Mortgage cost? 

The costs associated with this loan include the following: 

  • Loan principal
  • Variable interest of 6.64% p.a.
  • Establishment fee of up to $250

This loan does not charge monthly or annual administration fees. The comparison rate, which includes interest and fees, is 8.59% p.a.

What are the pros and cons of the Horizon Bank Personal Loan Secured by Mortgage?  

Pros. 

  • No administration fees. You won’t have to pay monthly or annual administration fees for this loan. This helps keep down the cost of your loan. 
  • Additional repayments, free redraw and early repayment. You can make unlimited additional repayments, redraw them for free and repay your loan early without penalty.

Cons. 

  • Risk of repossession. Secured loans come with the risk of your asset being repossessed if you default on your loan. 
  • Difficult to budget repayments. Variable rate loans can make it difficult to predict your repayments as they may fluctuate on a monthly basis. 

Am I eligible for the loan? 

To be eligible for the loan, you must meet the following criteria: 

  • Be a member of Horizon Bank
  • Be at least 18 years old. 
  • Be a resident of Australia 
  • Be employed or receiving a regular income
  • Not be bankrupt, insolvent or have any defaults on loans. 
  • Have a mortgage to be used as security 
  • Have a good credit history

How do I apply for the loan? 

You can apply for the loan online, through the Horizon Bank website. You will need to provide details on your employment, income and living expenses, your assets (including land, house, contents, vehicles and savings) and your debts. Keep the documents in hand to make the process easier. 

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 5.35% p.a. and 19.09% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3, 5 or 7 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate between 6.49% p.a. and 15.99% p.a. ( 7.41% p.a. to 16.84% p.a. comparison rate) based on your risk profile
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.95% p.a. and 22.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site