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. Read on to find out how they all work …

Health Professionals Bank offers the following personal loans

Rates and fees verified as correct at 24 June, 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)

9.95% p.a.

10.64% p.a.based on $10,000
over 3 years

$100

All Purpose Loan (Variable, Unsecured)

13.19% p.a.

13.90% p.a.based on $10,000
over 3 years

$100

Car Loan (Fixed, Secured)

4.99% p.a.

5.66% p.a.based on $10,000
over 3 years

$100

Car Loan (Variable, Secured)

9.95% p.a.

10.64% p.a.based on $10,000
over 3 years

$100

Secured New Car Loan (Variable)

8.39% p.a.

8.53% p.a.based on $30,000
over 5 years

$100

Travel Loan (Variable, Unsecured)

11.45% p.a.

12.15% p.a.based on $10,000
over 3 years

$100

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. 

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. 

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 

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: 

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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