Southern Cross CU Secured Personal Loan

A secured loan with fixed interest rates and free extra repayments. Interest charges and fees apply.

This personal loan from SCCU is secured and requires either property or a term deposit as collateral. You can borrow from $5,000 up to $150,000. The loan comes with a fixed interest rate. You can use the loan funds for a variety of expenses, including home renovations or the purchase of a vehicle. The costs include interest charges, establishment fees and monthly fees.

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6.99% (fixed)

Interest Rate (p.a.)

7.91%

Comparison Rate (p.a.)

$5,000

Min Loan Amount

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Details

Product NameSouthern Cross CU Secured Personal Loan
Interest Rate (p.a.)6.99% (fixed)
Comparison Rate (p.a.)7.91%
Interest Rate TypeFixed
Min Loan Amount$5,000
Max. Loan Amount$150,000
Loan SecuritySecured

How does the SCCU Secured Personal Loan work? 

This loan requires an asset as collateral for the loan. The security can be property or a term deposit. Secured loans come with lower interest rates and higher borrowing amounts. The loan comes with a fixed interest rate. This means that your interest payments will remain the same for the duration of the loan, making it easier to budget for. You can use the loan funds to purchase vehicles, make home improvements or pay for a holiday. 

What features does the SCCU Secured Personal Loan offer? 

  • Secured loan. This loan is secured and requires property or a term deposit as collateral for the loan. In return, you receive a lower interest rate and higher borrowing amounts.
  • Fixed rate. Your interest rate is fixed, meaning that your interest charges will remain the same for the duration of the loan. This makes budgeting and predicting your repayments easier.
  • Terms up to 7 years. Your loan term can range from 3 to 7 years.
  • Flexible repayments. You can make weekly, fortnightly or monthly repayments, based on what works for you.
  • Additional repayments. You can make unlimited additional repayments for free.
  • Free online redraw. You can redraw these additional repayments for free online. A charge of $25 will apply for in-branch redraws.
  • No penalty for early repayment. You can repay the loan early without facing a penalty.

How much does the SCCU Secured Personal Loan cost? 

The costs associated with this loan include: 

  • Loan principal
  • Establishment fee of $250
  • Monthly fee of $8
  • Interest rate of 6.99% p.a.

The comparison rate, which includes fees and interest charges, is 7.91% p.a.

What are the pros and cons of the SCCU Secured Personal Loan?

Pros 

  • Additional repayments, redraw and free early exit. You can make extra repayments and redraw your additional payments for free online. You can also pay your loan early without incurring a penalty. 
  • Predictable repayments. With a fixed rate, it’s easy to predict your repayments, making it easier to budget for them.  

Cons 

  • Risk of repossession. Secured loans come with the risk of repossession of your asset in case you default on the loan. 

Am I eligible for the loan? 

To be eligible for this loan, you must: 

  • Be over the age of 18
  • Be a permanent resident or citizen of Australia or New Zealand
  • Have confirmed employment in Australia

How do I apply for the loan? 

You can apply for the loan online through SCCU’s website or on the phone. The application will take around 10 minutes to complete. You will be required to provide personal details, including name, address and contact details. You will also have to disclose details on your employment history and income, as well as expenses such as living expenses, ongoing financial commitments like child maintenance and other loans. Keeping your documents in hand can help speed up the process.

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