Newcastle Permanent Personal Loan
- Interest Rate (p.a.)
- 6.49%
- Comp. Rate (p.a.)
- 6.84%
- Min Loan Amount
- $5,000
Summary
A fixed rate loan with no early repayment penalties. Interest charges and fees apply.
This personal loan from Newcastle Permanent is a secured personal loan with a fixed interest rate. Fixed personal loans come with the advantage of predictable repayments, while secured loans come with lower interest rates. You can borrow from $5,000 to $100,000 with terms up to 7 years, and this loan has secured, partially secured and unsecured options. It also features free additional repayments and no early exit fees, but does not have a redraw facility.
Details
Newcastle Permanent Unsecured Loan
| Product Name | Newcastle Permanent Unsecured Loan |
| Interest Rate (p.a.) | 8.99% |
| Comp. Rate (p.a.) | 9.35% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $1,000 |
| Max. Loan Amount | $40,000 |
| Loan Security | Unsecured |
Newcastle Permanent Secured Loan
| Product Name | Newcastle Permanent Secured Personal Loan |
| Interest Rate (p.a.) | 6.49% |
| Comp. Rate (p.a.) | 6.84% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $100,000 |
| Loan Security | Secured |
How does the Newcastle Permanent Personal Loan work?
This personal loan is a secured, partially secured, or unsecured loan with a fixed rate. You can use a Newcastle Permanent Term Deposit or motor vehicle to secure the loan and receive a lower interest rate. The rate is also fixed, which means that your interest payments will remain the same over the term of the loan. This makes it easy to predict and budget for your repayments.
Secured loans come with an interest rate of 6.49% p.a. while partially secured and unsecured loans come with interest rates from 8.99% p.a.
What features does the Newcastle Permanent Personal Loan offer?
- Security options. This loan can be secured, partially secured or unsecured, depending on your preference.
- Fixed rate. You get the certainty of knowing what your interest repayments will be. This makes budgeting easier.
- Terms up to 7 years. Your loan term can range from 1 to 7 years.
- Flexible repayments. You can choose from weekly, fortnightly or monthly repayments, based on what suits you.
- Additional repayments. You can make unlimited additional repayments.
- No early repayment fee. You can repay your loan early without incurring a penalty.
- No ongoing account keeping fees. You won't have to pay monthly or annual account keeping fees.
How much does the Newcastle Permanent Personal Loan cost?
The costs associated with this loan include:
- Loan principal
- Fixed interest rate of 6.49% p.a.
- Application fee of $250
This loan does not charge monthly or annual account keeping fees, but other fees may apply. The comparison rate, which includes interest charges and fees, is 6.84% p.a.
What are the pros and cons of the Newcastle Permanent Personal Loan?
Pros
- Fixed rate. This loan comes with a fixed rate, making it easy to predict repayments.
- No account keeping fees. This keeps down the cost of your loan.
- Additional repayments and early repayment. You can make unlimited additional repayments and repay your loan early without penalty.
Cons
- No redraw facility. You cannot redraw any additional repayments you make.
- Risk of repossession. Secured loans come with the risk of your asset being repossessed if you default on your loan.
Am I eligible for this loan?
To apply for this loan, you must:
- Be 18 years or older
- Be a permanent resident of Australia or New Zealand
- Be able to afford your loan repayments
How do I apply for the loan?
To apply for the loan, you have to make a personal loan enquiry through Newcastle Permanent’s website. Keep your documents on hand to make the process easier.
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