Personal Loan

Frequently Asked Questions

Why should I use a Mortgage Broker?

A mortgage broker helps by offering access to various lenders, personalised guidance, and expertise in navigating the complexities of home loans. They save you time by handling research and paperwork, provide tailored advice based on your financial situation, and often negotiate better terms with lenders. Their support extends beyond securing the loan, assisting with refinancing and ongoing advice, making the process smoother and more convenient for you.

What are personal loans?

Personal loans are unsecured loans provided by financial institutions allowing individuals to borrow a specific amount of money for personal expenses, such as consolidating debt, funding home renovations, or covering unexpected expenses. These loans typically have fixed interest rates and fixed repayment terms.

How much are interest rates for a personal loan?

Personal loan interest rates in Australia typically range from around 5% to 20% for variable rates and 6% to 25% for fixed rates. Secured loans usually have lower rates (around 5% to 15%) compared to unsecured loans (7% to 20% or higher). Borrower credit history significantly influences rates, with better scores securing lower rates.

What factors affect personal loan eligibility?

Eligibility for a personal loan is influenced by factors such as your credit score, income, employment stability, existing debt obligations, and the lender's specific criteria. A higher credit score and a stable income can improve your chances of approval and favorable loan terms.

What are the typical uses of personal loans?

Personal loans can be used for various purposes, including consolidating high-interest debt, funding home improvements, covering medical expenses, financing weddings or vacations, and handling unexpected financial emergencies. It's essential to borrow responsibly and for necessary expenses.

Terms & Conditions

Disclaimer

ACN 660 600 251. Authorised Credit Representative number 503408. Australian Credit License number 384704. Part of the Finance Brokers Association of Australia Limited (FBAA) and licensed to give you credit advice. The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Rates subject to change. Approved applicants only.

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