Personal loan discounts for February 2017

Elizabeth Barry 8 February 2017 NEWS

finding a discount

Start 2017 off right by saving on finance.

If you're looking for a personal loan this month then this is where to start your search. Banks and lenders are increasingly offering discounts and enticing signup offers to new and existing customers looking for personal loans. Whether you're looking for a secured car loan or unsecured personal loan, there might be an offer for you to take advantage of in the list below:

LenderLoanDiscountCriteriaFind out more
Bank of MelbourneUnsecured Personal Loan$0 establishment fee (usually $195)Be an existing customer applying for a new Unsecured Personal Loan. You need to apply before 28 February 2017.Loan details
BankSAUnsecured Personal Loan$0 establishment fee (usually $195)Be an existing customer applying for a new Unsecured Personal Loan. You need to apply before 28 February 2017.Loan details
CommBankSecured Car Loan7.49% p.a. rate (1% p.a. discount)Apply and be funded by 19 March 2016Loan details
CUAFixed Rate Car Loan$0 establishment fee (usually $120)CUA may withdraw this offer at any time and other fees and charges may apply, including a $90 security administration fee for this secured loan.Loan details
CUADiscounted Fixed Personal Loan$0 establishment fee (usually $120)CUA may withdraw this offer at any time and other fees and charges may apply.Loan details
CUADiscounted Variable Personal Loan$0 establishment fee (usually $120)CUA may withdraw this offer at any time and other fees and charges may apply.Loan details
St.GeorgeUnsecured Personal Loan$0 establishment fee (usually $195)Be an existing customer applying for a new Unsecured Personal Loan. You need to apply before 28 February 2017.Loan details
WestpacUnsecured Personal Loan$0 establishment fee (usually $250)Offer available to existing Westpac customers applying as a single applicant. You need to apply before 28 February 2017.Loan details

What type of discount is better?

In the table above you'll find two types of discounts: waived establishment fees and interest rate discounts. How do you know what type of discount will be better for you?

  • Waived establishment fee. Establishment fees are charged when you are approved for a loan and the fee is added to your loan amount. So, if you borrow $10,000 with the Westpac Unsecured Personal Loan above, you're really borrowing $10,250 if you were charged the establishment fee. To put it in perspective, monthly repayments on a three-year unsecured personal loan with Westpac will be $337 without the establishment fee and $363.74 with the establishment fee.
  • Interest rate discount. Discounts on interest rates see percentage points taken off the standard rate for the life of your loan. Using the CommBank Secured Car Loan above, if you borrow $10,000 for three years at the discounted rate you will pay $329 in monthly repayments. If you borrow the same amount for the same term at the standard rate you will pay $334 in monthly repayments.

While both of these types of discounts can help you save, it's important to still compare your options to find the best loan to meet your needs.


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