Rates and fees verified as correct at 17 April, 2021. Other information correct at the time of writing. Advertiser disclosure.
|Product||Interest rate from||Comparison rate from||Upfront fee|
|Online Personal Loan Package (Variable, Secured)|| |
5.89% p.a.based on $30,000
|Secured Fixed Personal Loan (New)|| |
5.88% p.a.based on $30,000
|Secured Fixed Personal Loan (Used)|| |
5.92% p.a.based on $30,000
|Unsecured Fixed Personal Loan|| |
10.04% p.a.based on $30,000
Secured Personal Loan
Illawarra Credit Union offers a variable rate secured personal loan option: its Online Personal Loan Package. This particular product is part of a package, meaning it includes other financial products and a bunch of handy features. And it's award-winning! It snapped up a 2021 Mozo Experts Choice Award for best Secured Personal Loan.
With this loan, customers can borrow from $10,000 to $100,000 over 1 to 5 years. Plus, borrowers can choose a weekly, fortnightly or monthly repayment schedule as well as make extra repayments and redraws. To be eligible for this loan, Illawarra Credit Union requires applicants to meet all of the Package Agreement requirements. This includes holding an offset account (no fees attached), an Illawarra Credit Union visa debit card and being registered for online statements and internet banking.
If you qualify, you could benefit from low rates and no exit fees or early repayment penalty if you pay down your debt ahead of time. There are some fees to be mindful of though - such as the upfront application cost and ongoing service charge.
Unsecured Personal Loan
Looking for an unsecured option instead? Illawarra Credit Union has that option too! Its Unsecured Personal Loan comes with a fixed interest rate and allows customers to take out between $2,000 and $50,000. Loan terms range from 1 to 5 years.
When it comes to paying down the debt you owe, there are plenty of options with this loan. Choose from weekly, fortnightly or monthly regular repayments, plus there are free extra repayments and a redraw facility. While there are no ongoing service fees, exit costs or an early repayment penalty to pay, there is an upfront application cost to budget for.
Whether it's to fund the purchase of a new or used car, Illawarra Credit Union may have the car loan option for you. With this fixed rate car loan option, loan amounts range from $10,000 to $100,000 and loan terms span from 1 to 5 years.
Like the loan mentioned above, repayments are flexible with Illawarra Credit Union’s new and used car loan options. There is the choice of weekly, fortnightly or monthly repayments as well as the ability to make extra repayments and redraws at no additional cost. And on the topic of costs, there are minimal fees on this loan. Illawarra Credit Union doesn’t charge ongoing service, exit or early repayment charges on this loan - just be mindful of the application cost straight off the bat.
For its used car option Illawarra Credit Union won a 2021 Mozo Experts Choice Awards for best Used Car Loan.
Repayment schedule options: Illawarra Credit Union offer weekly, fortnightly and monthly repayments across all of its personal loan products. This means you can time your repayments with your salary payments to make it easy to stay on top of your repayments.
Extra repayments: On top of your regular repayments, you can also make extra repayments on Illawarra personal loans at no extra costs. Not only could you reduce the amount of interest you pay over the life of the loan but have the flexibility to pay it all off early if you want to.
Redraw facility: All Illawarra personal loans also have a redraw facility attached to them. With this feature, you can redraw on the additional contributions you have made towards the loan, if you find yourself strapped for cash down the track.
No early repayment penalty: Some personal loan lenders charge borrowers for paying down their entire loan ahead of time - Illawarra Credit Union does not. Ultimately, you won’t be charged hundreds of dollars once you’ve paid off your debt, you simply walk away.
You’ll need to meet the Credit Union’s standard credit criteria to be approved for a loan. You’ll also 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.
There is also some information that Illawarra Credit Union will ask when you apply, so make sure you have the following handy:
Information about any debts you currently have (credit cards, loans etc.)
Your contact information (name, email address, mobile number, postcode)
Illawarra Credit Union membership number (if already a member)
Your employment details (current employment status and time in current employment)
Mozo users have rated Illawarra Credit Union personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
easy to understand the products provided by this bank, honest friendly and professional attitude by the staff, a pleasure to do business with !! :)Read full review
easy to understand the products provided by this bank, honest friendly and professional attitude by the staff, a pleasure to do business with !! :)
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