If you have a healthy credit score and you’re looking to borrow between $1,000 and $90,000, then you may want to check out G&C Mutual Bank’s Fair Rate Personal Loan. Variable rates for this loan start as low as 5.99% p.a. (6.20% p.a. comparison rate*), borrowers can make unlimited extra repayments and there’s no exit fee. With all this on offer, it’s no surprise this loan walked away with a 2022 Mozo Experts Choice Award for best Unsecured Personal Loan.
With G&C Mutual Bank’s Fair Rate Personal Loan, borrowers can take out loans from as little as $1,000 to as much as $90,000. Loan terms range from one to seven years and you can make unlimited extra repayments. On top of that, there’s also no exit fee and no penalty for repaying your loan early. So, if you can budget for the extra outgoing repayments, you could get rid of the loan sooner than anticipated.
Interest rates are variable and start as low 5.99% p.a. for borrowers with an excellent credit score (6.20% p.a. comparison rate*). G&C Mutual Bank will determine the interest rate you pay, depending on your individual credit score and borrowing history. Interest rate tiers are as follows (from highest to lowest credit score):
Plus, if you want the option to work the repayments around your income, you’ll be happy to hear that you can choose to make payments weekly, fortnightly or monthly. There’s also a redraw facility, in case you need to redraw on any extra repayments that you make. However, it should be noted that you can only redraw a minimum of $100 and a $30 service fee applies.
On the subject of fees, there is a $150 upfront application fee to pay. Although after that, there are no regular service fees to worry about. Unless you need to redraw money (as mentioned above).
This particular personal loan would be suited to someone with a good credit score, who doesn’t have any assets to put up as security.
With this loan your interest rate is variable, meaning it could go up or down over the life of your loan. There’s also a $150 application fee to pay upfront.
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Variable |
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5.99% p.a.variable |
|
|
6.20% p.a.to 17.22% p.a.based on $30,000 |
|
$150.00 |
|
|
$0.00 |
|
|
$15.00 |
|
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$0.00 |
|
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no |
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$1,000.00 |
|
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$90,000.00 |
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|
1 Year |
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|
7 Years |
|
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Unsecured |
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Weekly, Fortnightly, Monthly |
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yes |
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|
yes |
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Interest rate varies according to VedaScore rating. Rates and fees shown are for an AA Rated borrower. |
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none |
WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Great bank to do business with. Staff easy to understand and deal with and supportive of my needs. Online facilities simple and easy to follw
Read full reviewGreat bank to do business with. Staff easy to understand and deal with and supportive of my needs. Online facilities simple and easy to follw
OurMoneyMarket
Low Rate Personal Loan
5.45% p.a.to 8.48% p.a.
6.07% p.a.to 8.84% p.a.based on $30,000
over 5 years
Harmoney
Unsecured Personal Loan
5.35% p.a.to 19.09% p.a.
6.14% p.a.to 19.99% p.a.based on $30,000
over 5 years
Plenti
Unsecured Personal Loan (Fixed)
6.39% p.a.to 7.89% p.a.
6.39% p.a.to 8.49% p.a.based on $30,000
over 5 years
Wisr
Unsecured Personal Loan
5.95% p.a.to 17.45% p.a.
6.79% p.a.to 17.86% p.a.based on $30,000
over 5 years
Latitude
Personal Loan
5.75% p.a.to 25.99% p.a.
6.68% p.a.to 29.2% p.a.based on $30,000
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NOW Finance
Unsecured Personal Loan
5.95% p.a.to 19.95% p.a.
5.95% p.a.to 19.95% p.a.based on $30,000
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Alex Bank
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4.99% p.a.to 14.99% p.a.
4.99% p.a.to 14.99% p.a.based on $30,000
over 5 years
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6.09% p.a.
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6.99% p.a.
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4.49% p.a.to 13.59% p.a.
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6.79% p.a.
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OurMoneyMarket
Low Rate Personal Loan
5.45% p.a.to 8.48% p.a.
6.07% p.a.to 8.84% p.a.based on $30,000
over 5 years
Plenti
Unsecured Personal Loan (Fixed)
6.39% p.a.to 7.89% p.a.
6.39% p.a.to 8.49% p.a.based on $30,000
over 5 years
Harmoney
Unsecured Personal Loan
5.35% p.a.to 19.09% p.a.
6.14% p.a.to 19.99% p.a.based on $30,000
over 5 years
Wisr
Unsecured Personal Loan
5.95% p.a.to 17.45% p.a.
6.79% p.a.to 17.86% p.a.based on $30,000
over 5 years
Alex Bank
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4.99% p.a.to 14.99% p.a.
4.99% p.a.to 14.99% p.a.based on $30,000
over 5 years
NOW Finance
Unsecured Personal Loan
5.95% p.a.to 19.95% p.a.
5.95% p.a.to 19.95% p.a.based on $30,000
over 5 years
OurMoneyMarket
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8.49% p.a.to 11.19% p.a.
8.85% p.a.to 11.56% p.a.based on $30,000
over 5 years
