Hume Bank personal loans
- Interest Rate (p.a.)
- 10.99%
- Comp. Rate (p.a.)
- 11.21%
- Min Loan Amount
- $2,000
Summary
A fixed rate loan with unlimited additional repayments. Interest charges and fees apply.
This personal loan comes with secured and unsecured options. The interest rate is fixed, making it easier to budget for the loan. You can borrow from $2,000 upwards, with a loan term ranging from 1 to 5 years. The loan offers unlimited extra repayments with no fee and unlimited access to the online redraw facility. While the loan doesn’t charge monthly fees, you will be charged an application fee and interest charges.
Details
Product details
| Product Name | Hume Unsecured Personal Loan |
| Interest Rate (p.a.) | 10.99% |
| Comp. Rate (p.a.) | 11.21% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $2,000 |
| Loan Security | Unsecured |
How does the Hume Bank personal loan work?
This personal loan can be used to fund a new car, or family holidays, weddings, home improvements, debt consolidation or other expenses. The interest rate is fixed, allowing you to budget for the repayments with ease. The loan comes with a secured and unsecured option as well. The interest rate for the secured loan is lower than that of the unsecured loan.
What features does the Hume Bank personal loan offer?
- Secured and unsecured options. You can choose to secure the loan with the vehicle you've purchased, or residential property to finance personal expenses. Or you can partially secure the loan or opt for the unsecured option. The interest rates for the secured option is lower than for the unsecured loan.
- Fixed interest. With a fixed interest loan, you know what your monthly repayments will be. Your interest payments will remain consistent no matter the market rate, making it easier to budget for the loan.
- Terms up to 5 years. Loan terms range from 1 year to 5 years.
- Unlimited additional repayments. You can make unlimited additional repayments with this loan.
- Redraw facility. You have access to the free, unlimited redraw facility for your additional payments. You can access it via online banking.
- No early repayment or break costs. You won't be charged for making early repayments or for paying off your loan before term.
- Flexible repayments. You can make weekly, fortnightly or monthly.
How much does the Hume Bank personal loan cost?
There are several costs associated with this loan. These include the following:
- Loan principal.
- Fixed interest of 8.49% p.a. (secured) or 10.99% p.a. (unsecured).
- Application fee of $150.
This loan does not charge monthly or annual account keeping fees. The comparison rate, which includes interest and fees, is 6.16% p.a. for secured or 10.17% p.a. for unsecured.
What are the pros and cons of the Hume Bank personal loan?
Pros
- Easy to budget. Your interest payments will remain consistent, making it easier to budget for loan repayments.
- Additional repayments and redraw facility. This fixed rate loan allows you to make penalty-free additional repayments and redraw these payments via the unlimited online redraw facility.
- No account keeping fees. You won’t be charged either monthly or annual fees to maintain your account. This helps keep down the cost of the loan.
Cons
- Short loan term. The maximum loan term is 5 years, which is short compared to similar products on the market.
Am I eligible for the Hume Bank personal loan?
To be eligible for this loan, you must be:
- 18 years or older.
- A citizen or permanent resident of Australia.
How do I apply for the Hume Bank personal loan?
You can apply for the loan through its website or by phone. To apply for the loan, you will need to provide 2 recent payslips, a current statement of any debts, among other documents. You will be contacted within 1 business day of applying.
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