Hi Folks,
This is the first time I have decided to go for Personal loan. I am planning to borrow A$10,000 for my personal expense. I am in need of your expertise suggestions on the followings:
Which bank offers lowest interest rate? Reliable?
I am planning to go with Fixed rate interest instead of Variable as suggested by many. Is this alright?
Looking for early closure without penalty fee.
If possible no loan approval fee or monthly administrative fee would be nice.
Thanks in advance.
I am planning to go for 5 or 7 Years period just to pay low monthly payments but will close it after a year or so.
Speaking as credit advisers, we've had positive experiences with Ratesetter and feel confident to send our clients there. They offer sharp pricing and terms to applicants with good credit profiles.
One of their reps (Glenn Riddell - who is a really switched on bloke) is actually on OzB. You can find his profile here.
If your credit profile is a little weak due to defaults or a low credit score, you may find them tough to get an approval with and will probably need to look elsewhere (they don't make any secret of the fact that they are not courting high risk borrowers).
So far as costs are concerned their quotation process is very quick and can be done easily via their website or via a broker.
If you wanted any further guidance based upon your specific circumstances please feel free to send us a PM.
Hope this helps.
Most places will hit you with an early exit fee if you choose fixed. There is so many variables such as is this a secured loan or unsecured. Check out the infochoice website and shop around. Worst case visit the Bikies
I am planning to go for unsecured loan. I am trying to find fixed rate with no early exit fee.
Worst case visit the Bikies
Are there any late payment fees or other penalties I might like to be aware of?
On their jackets I notice a 1% patch. Is that the interest rate or something else?
I've heard they charge an arm and a leg!
I suggest Bank of Mum and Dad :P
A$10,000 over 7 years, youre going to end up paying 20+K back
@tuzii : I'll be closing the loan after one year.
For how long?
Try Ratesetter for low rates. It ticks most of your boxes