based on 1 Health Professionals Bank product reviews as rated by Mozo community

Health Professionals Bank personal loans

Health Professionals Bank is member-owned and is a division of the Teachers Mutual Bank Limited group. In combination with Firefighters Bank, Teachers Mutual Bank and UniBank, the group has over 220,000 members. 

Along with things like home loans, credit cards and insurance, this lender offers a handful of personal loan options to customers. 

Health Professionals Bank won two Mozo Experts Choice Awards for 2024 – one for their All Purpose Loan (Fixed) and one for their Car Loan (Fixed). 

Read on to find out how they all work …

Health Professionals Bank offers the following personal loans

Rates and fees verified as correct at 13 April 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Interest rate from Comparison rate from Upfront fee
All Purpose Loan (Fixed, Unsecured)

8.75% p.a.

9.44% p.a.based on $10,000
over 3 years

$100.00

All Purpose Loan (Variable, Unsecured)

11.99% p.a.

12.69% p.a.based on $10,000
over 3 years

$100.00

Car Loan (Fixed, Secured)

6.14% p.a.

6.82% p.a.based on $10,000
over 3 years

$100.00

Car Loan (Variable, Secured)

8.99% p.a.

9.68% p.a.based on $10,000
over 3 years

$100.00

What personal loans does Health Professionals Bank offer? 

Personal Loan 

The Health Professionals Bank personal loan is an unsecured option and comes with either a fixed or variable interest rate. Borrowing amounts range from $2,000 to $80,000 and loan terms go up to 6 years. 

With this loan, customers can make weekly, fortnightly or monthly repayments as well as make extra repayments and redraws whenever they want. For borrowers that opt for the fixed rate option - there is a break cost for loans that are paid off ahead of time. On the flip side, the variable rate loan doesn’t have this penalty attached to it, but the interest rate is higher (and can change at any point over the life of the loan). 

Keep in mind, there is an upfront application cost on both variations of the Health Professionals Bank personal loan. There is no ongoing service cost to worry about though. 

The fixed-rate All Purpose Loan from Health Professionals Bank won a 2023 Mozo Experts Choice Award for Best Unsecured Personal Loan.

Car Loan 

Like the unsecured loan from Health Professionals Bank, the car loan option can come with either a fixed or variable interest rate. 

For the fixed rate loan, terms are between 3 and 6 years and amounts are from $10,000 to $80,000. The interest rate on offer is lower than the variable rate option, however for borrowers that pay down their entire loan early there is a break cost. 

For the variable rate loan, terms range from 1 to 8 years and borrowing amounts are between $2,000 and $80,000. Unlike the fixed rate option, there are no break costs associated with this product however the interest rate is higher. 

The fees and repayment options are the same as the unsecured personal loan mentioned above. 

The fixed-rate Car Loan from Health Professionals Bank won a 2023 Mozo Experts Choice Award for Best Used Car Loan.

Travel Loan 

Health Professionals Bank also offers a travel-specific personal loan product. It is an unsecured loan and has the same repayment features and fees as the other variable rate personal loan options. 

Customers can borrow between $2,000 and $30,000 for anywhere from 1 to 5 years, as long as it covers costs associated with travel. 

Health Professionals Bank features at a glance 

  • Repayment schedule options: Across all Health Professional Bank personal loans, customers have the choice of a weekly, fortnightly or monthly repayment schedule.  

  • Extra repayments: In addition to regular repayments, borrowers are allowed to make extra repayments on their Health Professionals Bank personal loan. 

  • Redraw facility: On top of that, all Health Professional Bank personal loans have a redraw facility - this means borrowers can access their additional contributions later on if they need to. 

  • No early repayment penalty on variable rate options: Health Professional Bank personal loans that have variable rates don’t have an early repayment penalty or ‘break cost’, which means customers that pay off their loan early won’t be slapped with a fee. However, fixed rate options have this charge. 

How do you apply for a Health Professionals Bank personal loan? 

You can complete an application for a Health Professionals Bank personal loan online or speak to a representative on the phone. 

You’ll need the following documents handy: 

  • Your ID details 

  • Income info 

  • Employment info 

  • Outline of your expenses 

Remember, to apply for a loan with Health Professionals Bank you need to become a member. To join you need to become a shareholder and pay a fee of $10.

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