NOVA Alliance Bank Personal Loan

Choose between a secured and unsecured loan. Interest charges and fees apply.

This personal loan comes with secured, partially secured or unsecured options. You can use a residential property or the vehicle you’re purchasing as security. The loan funds can be used for a variety of purposes, including the purchase of a vehicle or to pay for a holiday. The interest rate is variable and you can make penalty-free additional repayments.

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From 7.79% (variable)

Interest Rate (p.a.)

8.51%

Comparison Rate (p.a.)

$2,000

Min Loan Amount

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Details

Product NameNova Alliance Secured Personal Loan
Interest Rate (p.a.)
From 7.79% (variable)
Comparison Rate (p.a.)8.51%
Interest Rate TypeVariable
Min Loan Amount$2,000
Max. Loan Amount$80,000
Loan SecuritySecured

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 the 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.

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