Latitude personal loans

Latitude
Latitude's overall rating for personal loans

(as rated by the Mozo community)

4.7 / 10

based on 191 reviews

Latitude Financial Services has plans to be the best independent financial services in Australia and New Zealand, so if you are looking for a new personal loan you can check out its loan products here. Latitude Financial Services currently only offers fixed rate loans, so if you’re after a variable rate option check out our personal loan comparison tools and compare the market.

Latitude offers the following personal loans

Rates and fees verified as correct at 16 November, 2018. Other information correct at the time of writing.

Product Interest rate from Comparison rate from* Upfront fee

6.99% p.a.to 14.99% p.a.

8.10% p.a.to 16.06% p.a.based on $30,000
over 5 years

$295

10.99% p.a.

12.21% p.a.based on $30,000
over 5 years

$250

10.99% p.a.

12.21% p.a.based on $30,000
over 5 years

$250

12.99% p.a.to 28.99% p.a.

14.20% p.a.to 30.13% p.a.based on $30,000
over 5 years

$250

13.99% p.a.to 29.99% p.a.

15.19% p.a.to 31.2% p.a.based on $30,000
over 5 years

$250

*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.

† Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

Latitude Financial Services Loan Basics

Loan Purpose:
You can borrow money for just about any personal reason such as a wedding, holiday, home reno or buying that dream Winnebago. If you have an asset to secure the loan against, you will be offered a secured loan. Unsecured loans are also available but the interest rate you’ll be required to pay is higher than a secured loan.

Interest rate:
With all Latitude personal loans we compare on Mozo, you’ll get a fixed interest rate for the loan term. This can be great to help with budgeting payments month to month but it can mean that if interest rates drop over your loan term that you won’t get the benefit of lower repayments, which you would get with a loan on a variable interest rate.

It’s also important to understand that not everyone will get the lowest advertised rate available. We display the ‘from’ rate, and this is the cheapest rate available for that loan. Depending on your financial circumstances and loan purpose Latitude may offer you a higher interest rate.

Fees:
Like most personal loans you’ll be up for a loan establishment fee. Monthly fees are also payable for the duration of the loan. As you’ll be on a fixed interest rate with a Latitude Financial Services Loan, if you decide to pay out your loan early you will be up for some early exit fees. The amount you’ll pay will depend on how much time is left on the loan. This is why it is a really good idea when first considering to take out a loan you choose a loan term that will enable you to pay off the loan in the quickest time possible for your budget.

Late fees will be payable if you don’t make your minimum monthly payment on time. As this fee is totally avoidable, we suggest that you set up an automatic repayment so that you don’t have to worry about loan due dates.

Loan terms:
With the car loan the minimum loan term is 1 year and the maximum is 7 years. On personal loans the minimum is 2 years and the maximum is 7 years.

Loan amounts:
There isn’t a set maximum loan amount that Latitude restricts to but the amount of money you’ll be able to borrow will depend on your personal financial circumstances. Just be aware that if you are borrowing less than $4000 for a personal loan or $5000 for a car loan, you’ll need to choose an alternative lender as these are the minimum borrowing amounts for Latitude.

Repayments:
The good news is that with Latitude Financial Services you get to choose how frequently you make your loan payments not them. You’ll get the option to make weekly, fortnightly or monthly repayments.

Eligibility :

Here’s the list of key things you’ll need to be approved for a Latitude loan. You will need to be at least 18 years old, a permanent resident of Australia and earn an annual gross income of more than $24,000 p.a. In addition you will also need to be able to demonstrate a good credit history for the last 5 years and be free from bankruptcy for the last 7 years.

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