Greater Bank Secured Personal Loan
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- Interest Rate (p.a.)
- 6.78%
- Comparison rate (p.a.)
- 7.17%
- Min Loan Amount
- $5,000
Summary
Access a competitive interest rate with this secured personal loan that ranks in the top 15% of products on Finder.The Greater Bank Secured Personal Loan is a high-performing option, ranking in the top 15% of secured loans in Finder's database. This is supported by an interest rate from 6.78% which is among the top 25% of the most competitive rates we analyse.
While the loan has no ongoing monthly fees, borrowers should be aware of the $275 application fee. This upfront cost is in the top half of higher fees for similar loans.
Pros
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As long as you have all the necessary information to hand, you could be approved within 24 hours.
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You can make extra repayments and pay off the loan early with no penalty.
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There are no ongoing fees with this loan.
Cons
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This loan comes with an establishment fee of $275.
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There's a $200 fee for every guarantee that you provide.
Details
Product details
| Product Name | Greater Bank Secured Personal Loan |
| Interest Rate (p.a.) | 6.78% |
| Comparison rate (p.a.) | 7.17% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $100,000 |
| Loan Security | Secured |
How does Greater Bank Secured Personal Loan compare?
- A top-ranking loan. This product ranks in the top 15% of secured personal loans in our database.
- A competitive interest rate. Its minimum interest rate from 6.78% is in the top 25% of lower rates for secured loans we analyse.
- A high borrowing limit. This loan offers a high maximum borrowing amount compared to other secured loans.
- A higher application fee. The $275 application fee is in the top half of higher fees for secured personal loans.
How does the Greater Bank Secured personal loan work?
This is a secured loan, so you must provide collateral to secure the loan amount. Depending on your financial situation, Greater Bank will approve up to 120% of the value of your assets. No monthly fees apply and you’ll repay the loan at a fixed rate of 6.78% p.a.If you're hesitant about using your assets as a guarantee, Greater Bank also offers an unsecured loan option. However, you’ll pay a higher interest rate, as security isn’t required.
How to apply
You can submit your application online. Before you do so, the following eligibility requirements must be met:- You must be at least 18 years old.
- You must be an Australian permanent resident.
- You must have a decent credit history.
You will be asked to submit the following documents to support your application:
- Two payslips no more than four weeks old
- Bank statements for the last three months
- A signed letter from your employer to prove you're employed and that you earn an income
- Driver's licence, passport or photo card as identification
- Statements to prove that existing loans are up to date
Additional documentation is required if you receive child support, rental income or a family tax benefit.
Features this loan
If you’d like to apply for this loan, below are some of the features you might want to consider:- Quick turnaround. This loan can be approved within 24 hours of your application, provided that all the necessary documents are supplied.
- Loan term. You can repay this loan over a maximum of 7 years.
- Security. This loan type requires that you use assets to secure the loan amount, which can include vehicles, expensive equipment or property.
- Interest. The interest rate is fixed at 6.78% p.a., which means that repayments remain unchanged throughout the loan term.
- Repayments. You can make repayments on a weekly, fortnightly or monthly basis. Additional repayments are allowed for no extra charge.
- Early settlement. You can settle the whole outstanding loan amount early without risking a penalty fee.
- Redraw. A redraw facility is available at no extra cost when effected online or in person at a Greater Bank branch.
- Fees. You will not be charged a monthly fee, though an establishment fee of $275 applies once your loan is approved. A fee of $200 applies for every guarantee provided.
This loan is for customers who are comfortable with using their valuable assets as security. If the loan isn’t paid, the bank will seize those assets to cover the outstanding amount. Take the time to research your options before committing to any loan contract.
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