Key features:
The RACV personal loan has a 7.49% interest rate for all loans between 1 - 7 years. The minimum loan amount is $25,000 and there isn't a cap so long as you can make the fixed monthly repayments within the loan's time period. The $399 application fee is relatively steep compared with other personal loans but the low interest rate and fact that you won't have to pay any ongoing fees should balance out this cost.
You have the option of choosing fortnightly or monthly repayments to help you time repayments with your pay cheque. And there is the option of making extra repayments at anytime but this loan do not have a redraw facility which means that if you make extra repayments, you won't be able to access this money until the loan is paid off. And there is a 2% minimum or $205 fee if you pay it off before 75% of the loan term.
There's a fast application and approval process. Once your loan is approved your money can be made available within 24 hours.
Who it's good for:
Fixed rate loans are great if you have a tight monthly budget and just want to know each month that your repayments won't change.
Any catches?
There's the $205 early repayment fee which you will need to pay if you do happen to pay off the loan before 75% of the loan term but don't let this put you off paying out the loan as quick as possible. Every extra repayment means less interest you'll pay in the long run.
