Northern Inland Credit Union personal loans

What personal loans does Northern Inland Credit Union offer? 

Unsecured Personal Loan 

Northern Inland Credit Union offers an unsecured personal loan to customers, with both a variable rate and fixed rate option. The loans work exactly the same in terms of features and fees, and customers can borrow anywhere from $5,000 to $25,000 over 1 to 5 years. The only difference is that with one option your repayments may go up or down with the market (variable) while with the other they’ll remain the same over the life of the loan (fixed).

This product comes with an upfront application fee and ongoing monthly service charge, however there are plenty of features that offset these costs. For example, there is the choice of weekly, fortnightly or monthly repayments as well as the option to make additional contributions and redraws at no extra cost. In addition, borrowers won’t have to pay any exit fees or an early repayment penalty if they pay down their entire debt before their loan term is up. 

New Car Loan 

With one of the lowest fixed and variable personal loan rates in the Mozo database for new and demonstrator vehicles, Northern Inland Credit Union’s new car loan is a competitive option. Borrowers can take out a loan between $5,000 and $100,000 and choose a loan term between 1 and 7 years (variable loans) or 1 and 5 years (fixed loans). There is also the option of a weekly, fortnightly or monthly regular repayment schedule, and free extra repayments and redraws too. 

The good news is there are no upfront application, exit or early repayment fees to worry about on this loan. However, it’s important to note that there is an ongoing monthly service charge over the life of the loan. 

Also bear in mind, if you are purchasing a car using this loan that is up to 5 years old, interest rates hike up across both the fixed and variable offerings. All loan fees and features remain the same. 

Used Car Loan 

Northern Inland Credit Union also offers a used car loan option for vehicles up to 10 years old. Like the new car loan, there is the option of either a fixed or variable rate. Customers can borrow between $5,000 and $100,000 and choose a loan term between 1 and 5 years (on both the fixed and variable options). 

Regular repayments can be made on a weekly, fortnightly or monthly basis. On top of that there is the option to make free extra repayments as well as access a redraw facility if needed. There are also no exit fees or early repayment charges associated with this product - you’ll just have to budget for an upfront application cost and ongoing monthly service fee. 

Northern Inland Credit Union personal loan features at a glance 

• Regular repayment schedule options: Across all Northern Inland Credit Union personal loan products borrowers have the choice of making weekly, fortnightly or monthly repayments.   

• Free extra repayments: On top of regular repayments, Northern Inland Credit Union allows customers to make free extra repayments towards their personal loan whenever they like.  

• Redraw facility: Northern Inland Credit Union personal loans also have a redraw facility attached to them. This means you can access your additional contributions later on if you find yourself short for cash.  

• No early repayment penalty: If you end up paying down your entire loan ahead of time, unlike some lenders, Northern Inland Credit Union doesn’t make customers pay an early repayment penalty or ‘break cost’. 

How do you apply for a Northern Inland Credit Union personal loan?  

You can enquire about a Northern Inland Credit Union personal loan online and set up a time to chat about your loan application. You’ll need to provide your name, contact details, preferred contact time, the loan you are interested in (and the amount you wish to borrow), and your membership number (if applicable). 

When you are contacted by Northern Inland Credit Union, you’ll need to provide the following info: 

• Any rent receipts, tenant ledger, letter confirming board or rates notice (if home owner) 

• Payslips (three most recent) 

• Previous year group certificate 

• Any other income statements (e.g. Centrelink) 

• Last 3 months of personal loan, savings and credit card statements 

• Last 6 months of home loan statements (with other financial institutions) 

• Recent superannuation statement 

• Tax return details of last two years and up-to-date figures/ projected figures (if self-employed)