NOVA Alliance Bank Personal Loan

How does the NOVA Alliance Bank personal loan work?

This personal loan from NOVA Alliance Bank can be secured, partially secured or unsecured. The funds from this loan can be used for personal, domestic or household purposes. You can use it to buy a car, consolidate debt, pay for a holiday or family event. The loan comes with a variable interest rate, meaning your interest rate fluctuates based on the market rate.

What features does the NOVA Alliance Bank personal loan offer?

• Secured, partially secured or unsecured. You can choose to secure t he loan with either the vehicle you've purchased, or a residential property to finance personal expenses. You can also partially secure the loan or opt for the unsecured option. The interest rate for the secured option is lower than for the unsecured loan.
• Variable interest. With a variable interest loan, your repayments may fall if the market interest rate drops. It could also increase if the market rate increases.
• Terms up to 7 years. Terms may vary depending on the purpose of the loan, the amount borrowed and the value of the security offered.
• Additional repayments without penalty. You can make additional repayments without incurring early repayment fees.
• Redraw facility. You can redraw any money you've paid in advance to your regular loan payments. The minimum redraw amount is $500.
• Flexible repayments. Choose the frequency of repayments that works best for you. This can be weekly, fortnightly or monthly.

How much does NOVA Alliance Bank personal loan cost?

There are several costs associated with the loan, including the following:

• Loan principal.
• Variable interest, with secured rates starting at 7.79% p.a. or 12.79% p.a. for unsecured.

Other fees may also apply. The comparison rate, which includes interest and fees, is either 8.51% p.a. for secured or 14.89% p.a. for unsecured loans.

What are the pros and cons of the NOVA Alliance Bank personal loan?

Pros

• Secured or unsecured. You can choose to either secure the loan or go for the unsecured option.
• Additional repayments and redraw facility. This variable rate loan allows you to make penalty-free additional repayments and redraw a minimum of $500.

Cons

• May be harder to budget. Given that the interest rate is variable, it may be harder for you to budget for this loan. Your interest repayments may fluctuate based on the market rate.

Am I eligible for the NOVA Alliance Bank personal loan?

To be eligible for this loan, you must be over the age of 18 and be a permanent resident or citizen of Australia. You must also be able to afford the loan. Other criteria may apply.

How do I apply for the NOVA Alliance Bank personal loan?

You can apply for the loan online through NOVA Alliance Bank’s website. You will need to provide personal information, employment details, income, existing debts, assets and weekly living expenses.

You will also be required to submit your last 2 pay slips, last 3 months of savings statements and last statements of any existing loans you have. Keep your documents in hand during application to speed up the process.

Compare Personal Loans

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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
NOW Finance No Fee Unsecured Personal Loan Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 6.75% to 26.95%	Comp. Rate (p.a.) 6.75% to 26.95%	Application Fee $0	Monthly Fee $0	Monthly Repayment $922.89	Go to siteMore Info Compare
OurMoneyMarket Personal Loan Fixed1 - 7 Years $2,001 - $75,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee 1.50% - 6% min. $250	Monthly Fee $0	Monthly Repayment $934.23	Go to siteMore Info Compare
Harmoney Unsecured Personal Loan Finder award winnerFixed3 - 7 Years $2,000 - $70,000	Interest Rate (p.a.) 5.76% to 24.03%	Comp. Rate (p.a.) 6.55% to 24.98%	Application Fee $275 - $575	Monthly Fee $0	Monthly Repayment $926.83	Go to siteMore Info Compare
Citi Personal Loan Plus Variable3 - 5 Years $2,000 - $55,000	Interest Rate (p.a.) 10.90%	Comp. Rate (p.a.) 11.19%	Application Fee $199	Monthly Fee $10	Monthly Repayment $997.25	Go to siteMore Info Compare	Special Offer: Monthly Fee of $10 waived for applications submitted before 30 June 2024.
Latitude Variable Rate Personal Loan Variable2 - 7 Years $5,000 - $70,000	Interest Rate (p.a.) 9.49% to 29.99%	Comp. Rate (p.a.) 10.37% to 30.69%	Application Fee $0	Monthly Fee $13	Monthly Repayment $973.85	Go to siteMore Info Compare	Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.
NAB Personal Loan Unsecured Fixed Fixed1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 6.99% to 20.49%	Comp. Rate (p.a.) 7.91% to 21.33%	Application Fee $150	Monthly Fee $10	Monthly Repayment $940.81	Go to siteMore Info Compare
Pepper Money No Fee Unsecured Personal Loan Fixed18 Months - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 6.75% to 26.95%	Comp. Rate (p.a.) 6.75% to 26.95%	Application Fee $0	Monthly Fee $0	Monthly Repayment $922.89	Go to siteMore Info Compare
NAB Personal Loan Unsecured Variable Rate Variable1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 6.99% to 20.49%	Comp. Rate (p.a.) 7.91% to 21.33%	Application Fee $150	Monthly Fee $10	Monthly Repayment $940.81	Go to siteMore Info Compare
ING Personal Loan Finder award winnerFixed2 - 7 Years $5,000 - $60,000	Interest Rate (p.a.) 6.89% to 18.99%	Comp. Rate (p.a.) 7.10% to 19.23%	Application Fee $150	Monthly Fee $0	Monthly Repayment $929.43	Go to siteMore Info Compare

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