Summerland Bank Equity Plus Personal Loan
- Interest Rate (p.a.)
- 8.19%
- Comp. Rate (p.a.)
- 8.78%
- Min Loan Amount
- $3,000
Summary
Get a reduced rate on your personal loan by using the equity in your home. Membership required.
With Summerland Bank’s Equity Plus Personal Loan, you can get a reduced interest rate. If you’re a Summerland Home Loan customer, you can use the value in your home to get a discounted rate without increasing your mortgage. This is a variable rate loan and starts from 8.19% p.a. The loan can be used for renovations or wealth building opportunities.
Details
Product details
| Product Name | Summerland Bank Equity Plus Personal Loan |
| Interest Rate (p.a.) | 8.19% |
| Comp. Rate (p.a.) | 8.78% |
| Interest Rate Type | Variable |
| Min Loan Amount | $3,000 |
| Loan Security | Unsecured |
How does the Equity Plus Personal Loan work?
This personal loan allows you to use the value in your home to receive a reduced interest rate. The loan is available for Summerland home loan customers, who may be able to apply for an unsecured loan. You can use the loan funds for home renovations or other wealth building opportunities.
What features does the Equity Plus Personal Loan offer?
- Use equity for a reduced rate. You can use the value in your home to receive a reduced interest rate.
- Variable rate. With a variable rate, your interest repayments may fluctuate based on the market rate. This means that if the rate goes down, your repayments reduce. If the rate increases, so do your repayments.
- Pre-approval and fast approval. You can get pre-approval for the loan. The loan also offers fast approval, often within 24 hours.
- Borrow from $3,000 upwards. The minimum loan amount is $3,000.
- No early repayment fee. You can repay your loan early without incurring a penalty.
- Additional repayments. You can make additional repayments.
- Flexible repayments. You can make weekly, fortnightly or monthly repayments.
How much does the Equity Plus Personal Loan cost?
There are a number of costs associated with the Equity Plus Personal Loan. These include:
- Loan principal
- Variable interest rate of 8.19% p.a.
- An establishment fee of $175
- A loan administration fee of $5 per month
You may also be charged the following:
- Loan redraw fee of $25
- Arrears reminder call fee $5
- Second and subsequent reminder letter fee $20
- Default notice fee $40
What are the pros and cons of the Equity Plus Personal Loan?
Pros
- Reduced rate. By using the value in your home, you can get a lower interest rate and use the funds to build more wealth.
- Fast loan approval. You can get approved for the loan in 24 hours. Pre-approval is also available.
- No penalty for repaying the loan early. You can pay off your loan faster by making additional or lump-sum repayments.
Cons
- Need to be a member to apply. You can only apply for this loan if you’re a member.
- Need to have taken out a Summerland home loan. This option is available if you’ve taken out your home loan with Summerland Bank.
Am I eligible for the Equity Plus Personal Loan?
To be eligible for this loan, you need to be:
- At least 18 years old
- An Australian citizen or permanent resident with the right to work
- In current paid employment
- A member of Summerland Bank
Summerland Bank will make inquiries about your financial situation to help it make a decision on loan approval.
How do I apply for the Equity Plus Personal Loan?
You can apply for this loan online on the Summerland Bank website. Have all the required documents at hand to speed up the process.
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