Northern Inland CU Smart Personal Loan

Choose either a secured or unsecured loan as well as a fixed or variable rate.

This Smart Personal Loan from Northern Inland CU can be either secured or unsecured and can have either a fixed or variable rate. You can choose the combination that suits your financial situation best. You can use the loan funds for any worthwhile purpose, including purchases, or to consolidate an existing debt. The costs include interest charges, establishment fees and monthly fees.

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From 6.79% (variable)

Interest Rate (p.a.)

7.64%

Comparison Rate (p.a.)

$5,000

Min Loan Amount

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Details

Product NameNorthern Inland CU Smart Personal Loan
Interest Rate (p.a.)
From 6.79% (variable)
Comparison Rate (p.a.)7.64%
Interest Rate TypeVariable
Min Loan Amount$5,000
Max. Loan Amount$100,000

How does the Northern Inland CU Smart Personal Loan work? 

Northern Inland CU’s smart personal loan comes with a secured and unsecured option, along with both variable and fixed interest rates for both loans. The secured loan requires a vehicle or term deposit as loan security and your interest rate will depend on both the type of interest and the age of the vehicle. Loans secured by vehicles 0 to 5 years old have lower interest rates than loans secured by vehicles 6 to 10 years old. For unsecured loans, the borrowing amount is lower and the interest rate is higher. Fixed interest rates in general come with higher interest rates than their variable counterparts.

What features does the Northern Inland CU Smart Personal Loan offer? 

  • Secured and unsecured loans. Northern Inland CU offers both secured and unsecured loans. The secured loan option requires a vehicle as loan security. Interest rates are lower than unsecured loans, and borrowing amounts are higher. The unsecured loan does not require loan security.
  • Variable and fixed rate. You can choose between fixed or variable rates. Generally, variable rates are lower than fixed rates. With variable rates, your repayments may fluctuate based on the market rate. Fixed rate loans come with the certainty of predictable repayments.
  • Varying loan terms. Your loan term can range from 1 to 5 years for unsecured loans and secured fixed rate loans, while you can get up to 7 years for secured variable rate loans.
  • Additional repayments for variable rate loans. You can make extra repayments for variable rate loans without incurring a break fee.
  • Redraws for variable rate loans. You can redraw your additional repayments for variable rate loans. The minimum redraw available is $200.
  • Flexible repayments. You can make weekly, fortnightly or monthly repayments based on what suits you.

How much does the Northern Inland CU Smart Personal Loan cost?

The costs associated with this loan include the following: 

  • Loan principal
  • An establishment fee of $200
  • Monthly fees of $8
  • Interest charges. Depending on the loan you apply for, your interest rate could be the following:

Variable interest rate 

10.99% p.a.

0- to 5-year-old vehicle or term deposit: 6.79% p.a.
6- to 10-year-old vehicle or term deposit: 8.99% p.a.

Fixed interest rate 

14.00% p.a. 

0- to 5-year-old vehicle or term deposit: 7.99% p.a. 
6- to 10-year-old vehicle or term deposit: 9.99% p.a. 

Variable comparison rate

11.82% p.a.

0- to 5-year-old vehicle or term deposit: 7.64% p.a.6- to 10-year-old vehicle or term deposit: 8.99% p.a.

Fixed comparison rate

14.82% p.a. 

0- to 5-year-old vehicle or term deposit: 8.84% p.a.  
6- to 10-year-old vehicle or term deposit: 10.83% p.a.  

What are the pros and cons of the Northern Inland CU Smart Personal Loan?

Pros. 

  • Variety of loans available. You can choose a personal loan based on what suits you best, whether that’s secured or unsecured or a fixed or variable rate. 

Cons. 

  • Secured loans come with the risk of repossession. While the interest rate is lower for secured loans, your asset can be repossessed if you default on the loan. 

Am I eligible for the loan?

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

  • Be over the age of 18 
  • Be an Australian citizen or permanent resident 

How do I apply for the loan? 

You can make an online loan enquiry through the Northern Inland CU website. You’ll have to provide your contact details for the enquiry.

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