St.George Unsecured Personal Loan

Mozo snapshot:

The almost identical sibling of the St.George secured loan but with a notable difference in the 11.49% interest rate (12.57% comparison rate*) and the loan amount available (maximum $50,000), the St. George unsecured personal loan has fixed rate and variable rate options. 

Key features:

The St.George unsecured loan has a 11.49% interest rate (12.57% comparison rate*) on both the fixed rate and variable rate options.

If you choose the variable rate options, you'll be able to make fee free extra repayments, plus use a free redraw facility. The fixed rate option doesn't come with these features, and also has an early repayment penalty of $150 if you pay out your loan in the first year, or $100 after that.

With either option, you can choose between weekly, fortnightly and monthly repayments, and loans are available for terms of 1 to 5 years for fixed and 1 to 7 years for variable.

You'll need to budget for a $12 monthly service fee and a $195 establishment fee. Once you have the loan, you should think about setting up automatic repayments, otherwise you will have to pay a $15 late payment fee.

If you've got a busy lifestyle and can't get to a branch, you can apply for St.George personal loans online. The application only takes about 15 minutes and St.George approve the loan within 60 seconds. 

Who it's good for:

This is an unsecured loan, so it's a good choice if you need to borrow up to $50,000, but don't have a big asst, like a car or house, to put up as security against the loan. Just keep in mind unsecured loans often come with a higher rate than a secured option.