Personal loans with no early repayment fee
Pro tip: always check if your loan account has been closed after you pay off your loan.
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Check the following table to see what early repayment fees and charges apply to different personal loans.
|Lender||Personal loan||Early repayment fee||Review the loan|
|ANZ||Fixed Rate Personal Loan||$300|
|ANZ||Variable Rate Personal Loan||$0|
|Bank Australia||Lifestyle Personal Loan||$0|
|Bank Australia||Personal Loan – Property Owner||$0|
|Bank of Melbourne||Unsecured Variable Rate Personal Loan|
|Bank of Melbourne||Unsecured Fixed Rate Personal Loan|
|BankSA||Unsecured Variable Rate Personal Loan|
|BankSA||Unsecured Fixed Rate Personal Loan|
|Bankwest||Unsecured Personal Loan|
|Bankwest||Flexible Personal Loan||$0|
|bcu||Secured Freedom Personal Loan||$0|
|bcu||Unsecured Freedom Personal Loan||$0|
|Bendigo Bank||Unsecured Personal Loan||$20|
|BOQ||Unsecured Fixed Personal Loan||$0|
|Citi||Personal Loan Plus||$0|
|CommBank||Fixed Rate Personal Loan||An early repayment adjustment may apply|
|CommBank||Variable Rate Personal Loan||$0|
|CUA||Unsecured Variable Personal Loan||$0|
|CUA||Unsecured Fixed Personal Loan||$0|
|Gateway||Personal Loan – Fixed Rate||$0|
|Gateway||Personal Loan – Variable Rate||$0|
|Harmoney||Unsecured Personal Loan||$0|
|HSBC||Personal Loan||$199 (doesn't apply in the last 6 months of the loan term)|
|IMB||Secured Personal Loan||$0|
|IMB||Unsecured Personal Loan||$0|
|Latitude||Personal Loan (Unsecured)||$300 if you repay in the first half of your loan term|
|Latitude||Personal Loan (Secured)||$300 if you repay in the first half of your loan term|
|MyState Bank||Unsecured Personal Loan||$0|
|MyState Bank||Secured Personal Loan||$0|
|NAB||Unsecured Variable Rate||$0|
|NAB||Unsecured Fixed Rate||$0|
|NOW Finance||Personal Loan|
|People's Choice||Unsecured Personal Loan||$0|
|Pepper Money||Unsecured Personal Loan – Fixed||$0|
|Pepper Money||Unsecured Personal Loan – Variable||$0|
|RACQ Bank||Unsecured Personal Loan||$0|
|RACV||Personal Loan||2% of remaining balance or $205|
|St.George||Unsecured Personal Loan – Variable Rate|
|St.George||Unsecured Personal Loan – Fixed Rate|
|Westpac||Unsecured Personal Loan||$175 if your loan term is over 2 years and you repay it within 2 years. Fee waived if you refinance to another Westpac personal loan.|
Can I repay my personal loan early?
You are able to repay a personal loan whenever you want, even if that is ahead of schedule. However, many people choose not to do this because of early repayment penalties. Lenders charge these "penalties" to deter people from closing their loans early. Penalties are not charged on every personal loan, usually only on fixed rate personal loans, but you need to be sure that closing your personal loan early will not cost you more in penalties than you will save in interest.
What do I need to do before I repay my personal loan ahead of schedule?
Before you decide to close your personal loan ahead of schedule, here is what to do:
- Check your loan contract for early repayment fees. All fees that apply to your loan will be set in your loan contract and these include any fees you will be charged if you close your personal loan early. Look for "early repayment penalty" or "early repayment fee".
- Confirm with your lender. Even if you have checked in your contract, get in contact with your lender and confirm what you will be charged for repaying your loan early. Ask for the total payout cost of the loan and get your lender to spell out what early repayment fees are included. If you do this over the phone, ask for the information emailed to you so you have it in writing.
How do you actually pay out your personal loan early?
The process differs between lenders, but you will generally start by getting in contact with your lender. It will give you the total payout figure. Then the lender will either direct debit that amount from your account the same way it takes repayments from your accounts or it will provide you with details of how to make the payment.
After the payment has been made you need to check that the loan account has been closed. This may take a little bit of time but it's important to confirm. You can also check your credit report to see that it's been updated with the new account information and see if your credit score has been affected. You can check both your credit score and report for free on finder.
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Personal Loan OffersImportant Information*
You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate of 8.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
You'll receive a fixed rate between 5.95% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
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