Goulburn Murray CU Secured Personal Loan
- Interest Rate (p.a.)
- 7.79%
- Comp. Rate (p.a.)
- 8.04%
- Min Loan Amount
- $1,000
Summary
Secure your personal loan for a lower fixed interest rate. Interest charges and establishment fees apply.
This personal loan from GMCU is secured and offers a fixed interest rate. The loan can be secured by property or a vehicle less than 3 years old. With a fixed rate loan, you can predict your repayments, making budgeting easier. The loan comes with flexible repayment options, including no penalty for paying the loan early. Although the loan doesn’t charge monthly service fees, you will be charged for interest and establishment fees.
Details
Product details
| Product Name | Goulburn Murray CU Secured Personal Loan |
| Interest Rate (p.a.) | 7.79% |
| Comp. Rate (p.a.) | 8.04% |
| Interest Rate Type | Variable |
| Min Loan Amount | $1,000 |
| Max. Loan Amount | $150,000 |
| Loan Security | Secured |
How does the GMCU Secured Personal Loan work?
With this loan, you can secure the loan in exchange for a lower fixed interest rate. The loan can be secured by deposit, property or a vehicle less than 3 years old. How much you can borrow cannot exceed the lender’s valuation of the property or vehicle. With a fixed interest rate, your interest repayments remain the same for the duration of the loan term. This makes it easier to predict repayments and budget for them.
What features does the GMCU Secured Personal Loan offer?
- Secured loan. You can secure the loan and receive lower interest rates in return.
- Fixed rate. Fixed rates come with the advantage of knowing what you'll be charged for interest. You can easily budget for your loan repayments when the rate is fixed.
- Terms up to 6 years. Depending on the loan purpose and approval, you may be able to get terms up to 6 years.
- Flexible repayments. Your repayments are set on a monthly basis, but you can make weekly or fortnightly repayments.
- Extra repayments. You can make extra repayments.
- No early repayment fees. You can repay your loan early without incurring a penalty.
- Redraw available. You can redraw any extra repayments you make.
How much does the GMCU Secured Personal Loan cost?
There are a number of costs associated with this loan. They include:
- Loan principal
- Interest rate of 7.79% p.a.
- Loan establishment fees of $150
This loan does not charge a monthly loan service fee. The comparison rate, which includes interest charges and fees, is 8.04% p.a.
What are the pros and cons of a GMCU Secured Personal Loan?
Pros
- No monthly fees. This will keep down the cost of your loan.
- Extra repayments and free early exit. You can repay your loan early for free and make extra repayments and redraw them.
Cons
- Risk to asset. Secured loans come with the risk of asset repossession in the case you default on the loan.
Am I eligible for the GMCU Secured Personal Loan?
To be eligible for the loan, you need to:
- Be over the age of 18
- Be an Australian citizen
- Be eligible to work in Australia and employed or receiving regular income
- Have a good credit rating
- Not be bankrupt
How do I apply for the GMCU Secured Personal Loan?
You can apply for this loan online, through the GMCU website. You will need to provide information about your income, assets and liabilities. Keep your documents on hand to speed up the process.
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