Latitude Personal Loan (Secured)

6.99% p.a.to 18.99% p.a.

8.25% p.a.to 20.16% p.a.based on $30,000
over 5 years

$250

Latitude Personal Loan (Secured)

6.99% p.a.to 18.99% p.a.

8.25% p.a.to 20.16% p.a.based on $30,000
over 5 years

$250

Mozo Review   Latitude Personal Loan (Secured) Review

Last updated: 22 January 2020.

What's hot:
  • $140 discounted loan establishment fee for loans under $4,000

  • Extra repayments allowed

What's not:
  • $35 late payment fee

  • $300 early repayment penalty in the first half of loan, $0 in the second half

Mozo snapshot:

On the hunt for a solid personal loan to cover a holiday, home renovation or other big upcoming purchase? The Latitude Secured Personal Loan has fixed rates from 6.99% p.a. (8.25% p.a. comparison rate*) on loans from $3,000 or more and 2-7 year loan terms.

Key features:

The Latitude Personal Secured Loan gets the ball rolling with fixed rates from 6.99% p.a. (8.25% p.a. comparison rate*) on loans amounts of $3,000 or more with no maximum loan amount and flexible loan term options ranging from 2 to 7 years. 

And if you’re after a loan with lots of legroom, then it could be your lucky day! With the Latitude Personal Loan, you’ll have the freedom to choose between either weekly, fortnightly or monthly repayment options. So, you can work your regular repayments to suit your budget and lifestyle.

Keep in mind, that being a secured loan type, the Latitude Personal Secured Loan requires you to put an asset up as security for the loan, such as your car.

On top of all this, the Latitude Personal Loan offers a bunch of other features, like the ability to make extra loan repayments, plus, if you are borrowing under $4000 the loan establishment fee is just $140, for loans over $4000 it is $300. 

Just be aware, that this loan comes with quite a few fees such as the $13 monthly service fee and a  $35 late payment fee if you don’t make the minimum monthly repayment by your agreed due date.

Who it's good for:

With a $3,000 minimum and no maximum loan amount and a fixed interest rate for the life of the loan, the Latitude Secured Personal Loan is a suitable personal loan option for most Aussies over the age of 18. To compare the interest rates of Latitude with other lenders in our database, head to our personal loans hub.  

Other eligibility requirements for this loan include: you must a permanent Australian resident, employed, demonstrate a good credit history for the past 5 years and be free from bankruptcy for the last 7 years.

Any catches?

You can make extra repayments but just be aware that if you pay your loan off within the first half of the loan term, a $300 early repayment penalty will apply. There is no early repayment penalty if you pay out the loan in the second half of the loan.

Details

Rates and fees information correct as at 22 January 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Fixed

  • 6.99% p.a.to 18.99% p.a. fixed

  • 8.25% p.a.to 20.16% p.a.based on $30,000
    over 5 years

Fees
  • $250.00

  • $13.00

  • $35.00

  • $0.00

  • $300 in first half of loan, $0 in second half.

Other financial bits
  • $3,000.00

  • none

  • 2 Years

  • 7 Years

  • Various

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • none

  • Discounted application fee of $140 for loans under $4,000.

*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.

Customer Reviews

How are Latitude personal loans rated by the Mozo community?

Overall customer rating
4.7/10
Price
4.1/10
Features
4.3/10
Customer service
5.4/10
Convenience
4.9/10
Trust
4.9/10

Latest review of Latitude Personal Loan (Secured)

  • Overall 5/10
    You are only a number to them.

    Where I live we have no office and only make contact with them by phone I sometimes like to see and speak to a local person.

    Read full review

    Where I live we have no office and only make contact with them by phone I sometimes like to see and speak to a local person.

    Price
    6/10
    Features
    7/10
    Customer service
    5/10
    Convenience
    3/10
    Trust
    4/10
    Less
    Berneice, Queensland reviewed about 4 years ago
Latitude

About Latitude

Latitude positions itself as an alternative to the "Big 4" banks in Australia and offer banking products and services with a focus on convenience and customer service. Latitude provides personal insurance and loans, financing options and credit cards.

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