Community First Bank Fixed Personal Loan

Things to consider about the Community First Bank Fixed Rate Unsecured Personal Loan

This loan combines the convenience of knowing what your repayments will be each month, with the flexibility of borrowing funds without having to tie up assets as security. The amount borrowed can only be between $3,000 and $35,000. You should also know that you will be charged between $15 and $30 every time you use the redraw facility and there is an initial processing fee of $249.

For those looking for lower fixed rates or larger loan amounts, finder.com.au also has comparisons on fixed rate secured personal loans.

Features of the Community First Bank Fixed Rate Unsecured Personal Loan

• Fixed rates. This loan offers a fixed interest rate from 9.99% p.a. and the comparison rate 11.02% p.a.
• Unsecured loan. This personal loan is unsecured, meaning you can borrow money without tying up assets.
• Loan amount. Borrow between $3,000 and $35,000.
• Loan term. Borrow money for a period of 1 to 7 years.
• No penalty for extra repayments. Unlike many fixed rate personal loans, you will not be penalised for additional repayments.
• Redraw facility. If you are ahead on your repayments, you can access your money via a redraw facility.
• No monthly fees. This loan does not have any monthly or account-keeping fees.
• Flexible repayment options. Make loan repayments on a weekly, fortnightly or monthly basis.
• Fast approval and a convenient application process. You can apply for this loan online and upload all relevant documentation quickly and conveniently. The application process takes around 15 minutes and you will receive an instant decision once the application is submitted.

Fees and charges

• Processing fee. A processing fee of $249 applies to all approved personal loans.
• Redraw fee. Online redraws incur a $15 fee and staff-assisted redraws cost $30.
• Late payment fee. A late payment fee of $25 is charged after 7 days if a loan repayment is not met, and again after 14 days if the repayment has still not been made.

How to apply for the Fixed Rate Unsecured Personal Loan from Community First Bank

You can apply for this loan by clicking on the green “Go to Site” button above. In order for your application to be successful, you must meet the following personal loan eligibility requirements:

• Borrowing amount. You are looking to borrow between $3,000 and $35,000.
• Age. You are at least 18 years old.
• Income. A regular income or wage is required.
• Residency status. You are an Australian citizen or permanent resident.
• Good credit rating. This includes not having been bankrupt, and not having defaults on any loans, credit cards, interest-free finance or store cards in the last 5 years.
• Continuous employment. You have held your current job for longer than 6 months.
• Self-employed people are eligible. The Community First Bank also offers this personal loan to self-employed people who meet the above requirements.

In order to make the application as quick and seamless as possible, make sure you have the following documentation with you when you apply:

• Personal documents. Personal documents such as your current and previous address, phone number and email address
• Employment and income information. The details of your employment, wages and any other additional income you may have
• Assets. Details concerning any assets (eg home, car or savings)
• Debts and liabilities. Details concerning any debts or liabilities you currently have (eg mortgages, loans and credit cards)

The Community First Bank Fixed Rate Unsecured Personal Loan is a convenient personal loan product that has numerous advantages such as the certainty of a fixed rate, no collateral requirements, a penalty-free additional repayment option and a redraw facility. That being said, it comes with various fees and conditions and you should compare it with other fixed rate personal loans before deciding if this product is right for you.

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