Illawarra Credit Union secured fixed personal loan

No account keeping fees and a fixed interest rate. Interest charges and application fees apply.

This personal loan comes with a fixed interest rate and is secured. You can borrow from $10,000 up to $100,000 for the purchase of a motor vehicle. Costs include interest charges and application fees. You can make extra repayments and access it through the redraw facility as well. There are no account keeping fees with this loan.

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From 5.60% (fixed)

Interest Rate (p.a.)


Comparison Rate (p.a.)


Min Loan Amount

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Product NameILLAWARRA Credit Union Secured Fixed Rate Personal Loan
Interest Rate (p.a.)
From 5.60% (fixed)
Comparison Rate (p.a.)5.88%
Interest Rate TypeFixed
Min Loan Amount$10,000
Max. Loan Amount$100,000
Loan SecuritySecured

How does the secured fixed personal loan work? 

This loan can be used to purchase a motor vehicle, or anything that is pre-loved but less than 2 years old. This loan comes with a fixed interest rate, making it easier for you to budget your repayments. Although it’s a fixed rate, it comes with penalty-free additional repayments and a redraw facility.

What features does the secured fixed personal loan offer? 

  • Secured loan. You can use the new vehicle you’ve purchased or the used vehicle as loan security. Secured loans generally come with higher borrowing amounts and lower interest.
  • Fixed interest. With a fixed interest loan, you know what your monthly interest payments will be. This makes it easier to budget for.
  • Additional repayments without penalty. You can make additional repayments without incurring early repayment fees.
  • Redraw facility. You can redraw any additional loan repayments at no cost.
  • Flexible repayments. Choose the frequency of repayments that works best for you. This can be weekly, fortnightly or monthly.

How much does the secured fixed personal loan cost? 

There are several costs associated with the loan, such as: 

  • Loan principal.
  • Fixed interest of 5.60% p.a.
  • $200 application fee.

This loan does not charge monthly or annual account keeping fees. The 5.88% p.a. comparison rate includes interest and fees.

You may also be charged if the lender has to contact you for arrears on the loan. This includes the following: 

  • $20 arrears notice fees.
  • $50 default notice fees.
  • $20 Credit Bureau default listing fees.
  • Legal enforcement expenses, at cost.

What are the pros and cons of the secured fixed personal loan?


  • Easy to budget. As the interest rate is fixed, you know exactly what you’ll be paying every month.
  • No account keeping fees. This loan comes with no account keeping fees, keeping down the cost of your loan.
  • Additional repayments and redraw facility. You can pay off your loan faster by making free additional repayments. You can also access your additional repayments through the redraw facility.


  • Risk of repossession. This loan is secured and in case you default, the lender can repossess the asset you put up as security.

Am I eligible for the secured fixed personal loan? 

To be eligible for this loan, you will need to:

  • Be over the age of 18. 
  • Be an Australian citizen or permanent resident, or have a valid visa.
  • Receive a regular income.

How do I apply for the secured fixed personal loan?

You can apply for this loan online through the lender’s website. You will need to provide details on your driver’s licence, Medicare or passport, employment and income, as well as your assets, expenses and liabilities. You will also need an email address and contact number.

If you’re a member, Illawarra Credit Union will also request for your membership number. Keep your documents ready to speed up the process.

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