Australian Unity Unsecured Personal Loan
- Interest Rate (p.a.)
- 14.99%
- Comp. Rate (p.a.)
- 16.36%
- Min Loan Amount
- $5,000
Summary
Borrow up to $20,000 unsecured. Interest charges and establishment fees apply.
Australian Unity’s unsecured personal loan comes with a variable interest rate. This loan does not require an asset as collateral for the loan. You can make unlimited extra repayments and access the additional funds through the redraw facility. If you’re ahead on your repayments, you can request for a repayment holiday.
Details
Product details
| Product Name | Australian Unity Unsecured Personal Loan |
| Interest Rate (p.a.) | 14.99% |
| Comp. Rate (p.a.) | 16.36% |
| Interest Rate Type | Variable |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $20,000 |
| Loan Security | Unsecured |
How does the unsecured personal loan work?
This loan does not require an asset as collateral. You can use the loan funds for home renovations, holidays and other purposes. You can also use it to consolidate debt, such as credit card debt. The interest rate is variable, meaning can fluctuate based on the market rate. This makes it harder to predict your monthly interest repayments, but you stand to pay less if the rate goes down.
What features does the loan offer?
- Unsecured loan. To apply for this loan, you won't have to put up an asset as security.
- Variable rate. Your interest repayments may fluctuate based on the market rate. This means that if the rate goes down or increases, so do your repayments.
- Borrow from $5,000 upwards. You can borrow between $5,000 and $20,000.
- Variety of uses. You can use the loan funds for home renovations, wedding expenses, your honeymoon or holiday. You can also use it to consolidate debt.
- Unlimited extra repayments. You can make as many extra repayments as you want.
- Redraw facility. You can redraw the extra repayments that you have made.
- Loan repayment holiday. If you're ahead of your repayment schedule, you can request for a loan repayment holiday.
How much does the unsecured personal loan cost?
These are the costs associated with Australian Unity’s unsecured personal loan:
- Loan principal.
- Variable interest rate of 14.99% p.a.
- An establishment fee of $199
The comparison rate includes both the interest rate and fees is 16.36% p.a.
What are the pros and cons of the unsecured personal loan?
Pros
- Loan is not tied up to an asset. This makes the loan less risky. In case you default, your asset won’t be repossessed as the loan is not secured to it.
- Flexible repayments. You can make as many extra repayments as you want and redraw the extra money if you need to. This loan also offers a repayment holiday if you’re ahead on your repayments.
Cons
- Higher interest rate. Compared to the secured loan, the unsecured loan comes with a higher interest rate. Higher interest means higher monthly repayments and overall cost of the loan.
- Lower borrowing amounts. The maximum borrowing amount is $20,000.
Am I eligible to apply for the unsecured personal loan?
You will need to meet the following criteria to be eligible for this loan:
- Be at least 18 years old.
- Be an Australian citizen or permanent resident.
- Currently receive regular income.
- Have a good credit history for the past 5 years.
How do I apply for the unsecured personal loan?
You can apply for the loan online through Australian Unity’s website. The application takes around 10 minutes to complete. To apply for the loan, you’ll need to provide the following information:
- Financial details, including your income, expenses and any existing loans.
- Assets. This includes the values of your property, vehicles, savings, superannuation and others.
- Identification documents, such as your Australian drivers licence, Medicare card and/or Australian passport.
- Current and previous employment details.
- Email address and contact details.
Keep all the required documents ready to speed up the process.
Compare other products from Australian Unity
- Australian Unity credit cards
- Australian Unity home loans
- Australian Unity savings accounts
- Australian Unity term deposits
- Australian Unity health insurance
- Australian Unity travel insurance
- Australian Unity car insurance
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