Illawarra Credit Union personal loans

Illawarra Credit Union
Illawarra Credit Union's overall rating for personal loans

(as rated by the Mozo community)

9.4 / 10

based on 5 reviews

If you are thinking of taking out a personal loan and want an alternative to a big bank, Illawarra Credit Union has a range of low cost loans to help ‘make the things you want, the things you have.’ Anyone can join Illawarra Credit Union to take advantage of their great rates. You can compare its loans side by side here or you can head over to our full personal loan comparison section to compare its loan with all other loan providers in our database.

Illawarra Credit Union offers the following personal loans

Rates and fees verified as correct at 18 September, 2020. Other information correct at the time of writing.

Product Interest rate from Comparison rate from* Upfront fee

5.25% p.a.

5.89% p.a.based on $30,000
over 5 years


Secured Fixed Personal Loan (New)
Illawarra Credit Union

5.60% p.a.

5.88% p.a.based on $30,000
over 5 years


Secured Fixed Personal Loan (Used)
Illawarra Credit Union

5.64% p.a.

5.92% p.a.based on $30,000
over 5 years


Unsecured Fixed Personal Loan
Illawarra Credit Union

9.75% p.a.

10.04% p.a.based on $30,000
over 5 years


*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. WARNING: 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.

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The key FAQs about Illawarra Credit Union personal loans

Can I borrow money for a reason other than buying a car?

Yes, in addition to its loans for new and used cars, Illawarra Credit Union also has a standard unsecured fixed loan. With this loan you can borrow money for any reason you like a holiday, wedding, mancave or backyard reno but as it is an unsecured loan, you’ll pay a higher interest rate than the car loans.

There is a minimum loan amount of $2,000 with the unsecured loan up to a maximum amount of $30,000.

Is there a variable rate option?

No, Illawarra Credit Union only offer fixed rate personal loans but with all loans, you’re able to make extra repayments and pay out your loan early without penalty.

Is there a minimum loan amount I can borrow with a car loan?

The minimum you can borrow is $10,000 for both the used car and new car. There is a maximum loan amount of $100,000 but for any loan, you’ll need to prove that you’ll be able to meet the repayments.

If you’re wondering how much you’ll be able to borrow, check out our loan repayments calculator.

What about loan terms, how long can I take to pay back my loan?

The maximum term is 5 years and the minimum term for all Illawarra Credit Union loans is 1 year.

Do they have flexible repayment options?

Yes, you can time your repayments with your salary payments to make it easy to stay on top of your repayments. Illawarra Credit Union offer weekly, fortnightly and monthly repayments.

Are there fees I should be aware of?

There is an application fee when you first set up the loan but the good news is there are no ongoing service fees, so all of your repayments will go towards paying down your debt.

There is a $10 late payment fee so to avoid this make sure you set up a bill alert or have the amount direct debited from your account.

What will I need to apply for a loan?

You’ll need to meet the Credit Union’s standard credit criteria to be approved for a loan.

You’ll need to be at least 18 years of age, be an Australian resident (with an Australian address), never have been bankrupt and have a regular PAYG income from an employer.

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