Greater Bank Secured Personal Loan
- Interest Rate (p.a.)
- 6.78%
- Comparison rate (p.a.)
- 7.17%
- Min Loan Amount
- $5,000
Summary
This secured loan from Greater Bank offers a competitive interest rate that's in the top 25% of loans we've analysed.The Greater Bank Secured Personal Loan ranks among the top 10% of loans we've analysed, earning a high Finder Score of 8.9. Its main strength is a competitive interest rate that sits in the top 25% of secured loans in our database.
Borrowers should be aware of the upfront cost. At $275 its application fee is in the top half of the most expensive fees for this type of loan.
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 loan's Finder Score of 8.9 places it in the top 10% of secured personal loans in our database.
- Competitive interest rate. Its 6.78% interest rate is in the top 25% of the most competitive rates for secured loans.
- Higher than average application fee. At $275, the application fee for this loan is in the top half of the most expensive fees for this loan type.
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 110% 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 living in NSW, QLD or the ACT.
- 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 2 business days 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 cars, motorcycles or new boats, and term deposits.
- 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 with a redraw fee.
- 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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