G&C Mutual Bank Fair Rate Personal Loan (Variable, Unsecured)

Key features

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):

• Diamond Tier - 5.99% p.a. (6.20% p.a. comparison rate*)

• Emerald Tier - 7.99% p.a. (8.20% p.a. comparison rate*)

• Sapphire Tier - 8.99% p.a. (9.20% p.a. comparison rate*)

• Ruby Tier - 10.99% p.a. (11.21% p.a. comparison rate*)

• Opal Tier - 16.99% p.a. (17.22% p.a. comparison rate*)

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).

Who is it good for

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.

Any catches

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.