Rates and fees verified as correct at 26 February, 2021. Other information correct at the time of writing. Advertiser disclosure.
|Product||Interest rate from||Comparison rate from||Upfront fee|
|All Purpose Loan (Fixed, Unsecured)|| |
9.09% p.a.based on $30,000
|All Purpose Loan (Variable, Unsecured)|| |
13.34% p.a.based on $30,000
|Car Loan (Fixed, Secured)|| |
5.13% p.a.based on $30,000
|Car Loan (Variable, Secured)|| |
10.09% p.a.based on $30,000
|Secured New Car Loan (Variable)|| |
8.53% p.a.based on $30,000
|Travel Loan (Variable, Unsecured)|| |
11.60% p.a.based on $30,000
Unsecured Personal Loan
Firefighters Mutual Bank has a couple of options when it comes to its unsecured personal loan. Customers have the choice of either a fixed or variable rate.
Both loans allow borrowers to take out a loan between $2,000 and $80,000 over 1 to 6 years, without putting up any asset as collateral. There is the choice of making weekly, fortnightly or monthly regular repayments as well as the ability to make extra repayments and redraws. Neither loan has any ongoing service or exit fees attached to them, just remember to budget for the application cost straight off the bat.
There are some differences between the fixed and variable options though. For the fixed rate loan, interest rates are lower and there is the security of knowing exactly what your repayments will be over the life of the loan. However, this loan comes with an early repayment penalty if you pay down your entire debt ahead of time. On the other hand, there is no such fee attached to the variable interest rate alternative. But with this loan the interest rate is higher and can fluctuate as the market moves - meaning it can get higher or lower at any point over your loan term.
Whether you are looking to buy a brand new shiny set of wheels or a pre-loved car up to 10 years old, Firefighters Mutual Bank might have the car loan option for you.
For borrowers needing a loan for a new car, there is a variable interest rate option. Loan amounts range from $10,000 and $80,000 and loan terms go up to 8 years. You can choose from a weekly, fortnightly or monthly repayment schedule and make extra repayments and redraws whenever suits you. Plus, there are no ongoing monthly fees, exit costs or early repayment charges to worry about - just remember there is an upfront application fee.
When it comes to vehicles up to 10 years old, Firefighters Mutual Bank offers both a fixed and variable rate option. The variable loan has the exact same features as the new car option, just a slightly higher interest rate. But with the fixed rate there are a few differences. While the interest rate is lower, loan terms only range from 3 to 6 years and if you pay off your loan early there is a fee you’ll have to pay.
Firefighters Mutual Bank also offers a travel-specific unsecured variable rate personal loan option. This can be used for travel related expenses - like accomodation or travellers cheques.
With this loan you can borrow from $2,000 to $30,000 between 1 to 5 years. On top of the choice of a weekly, fortnightly or monthly regular repayment schedule, you can also make extra repayments and redraws. There is no early repayment penalty if you pay down what you owe before your loan term is up, plus there are also no ongoing service or exit fees either. Just bear in mind there is an upfront cost when you first apply for the loan.
Repayment schedule options: Whether you would prefer to make weekly, fortnightly or monthly repayments on your loan, all Firefighters Mutual Bank personal loans give you that option.
Free extra repayments: On top of the choice of repayment schedule, Firefighter Mutual Bank allows customers to make extra repayments. This means there is the possibility of paying down your loan quicker.
Redraw facility: For a little bit of extra comfort, all Firefighters Mutual Bank personal loans have a redraw facility attached to them. So you can access any additional payments you have made later on if you need to.
No early repayment penalty: Across the variable rate personal loan options offered by Firefighters Mutual Bank, customers will not be charged a fee if they pay down their entire loan early. However, this is not the case on fixed rate loans.
You can apply for a Firefighters Mutual bank personal loan over the phone or online. Before you start your application you will need the following things ready:
Your income information (you will need a payslip)
Outline of your expenses (bills, household costs etc)
Rundown of our assets (things like vehicles, property, shares etc)
Any debts you owe (on other loans or credit cards)
Membership number (for existing members)
After applying, Firefighters Mutual Bank will be in contact with you within 1 business day to discuss the result of your application.