I applied for a personal loan on Monday and it was approved/made available by Thursday.
The ease and promptness of having a personal loan application was fantastic. When I needed a replacement card, the limited options of branches open on a Saturday to withdraw cash was very frustrating.
Never had a problem with them .
I am really pleased to be in a credit union with CSIRO and science teachers, we have a lot of really good programs with environmental emphasis and social responsibility.
If you're looking for a good/convenient service stay clear. What a joke. Don't even understand how to read tax returns. They pick and choose the info they want to use and dismiss. I was even asked how my share portfolio came about, how about none of your business. I have no others personal loans, no credit cards, own multiple cars with no finance, have share portfolio and they still didn't want to give me a personal loan of $20k to finish some home renos to get house on market. I earn $70k-$80k per year. Wasted my time and simply added to the issues/frustration I was having. I ended up hanging the phone up (ringing another bank- and had money I was seeking in my account from another bank) before the manager even got back to me, with a misinformed decision made from using incorrect information, as the manager couldn't read documents and had to question where my wages were on the documents..
A complete hash of a process for a personal loan. The manager initially sent an email asking for information already completed on the application form, then when it was re-sent kept asking for information I had already supplied. The consideration of the loan then took an age before being declined? Why? We have good jobs, excellent income, some savings, enough assets and very few liabilities. Puzzling, disappointing and to be honest, I feel like I have been messed around. Why keep asking for more information if we are not going to get the loan anyway! I expected better.
Their HomeOwners Personal Loan has rates that compete with the others, but aren't locked in so have dropped with the official cash rate. There's even a redraw facility and the balance counts towards my customer rewards program. We had the money within 24 hours of applying
If you are not happy with the ways in which banks treat their customers a credit union could provide a better option for you. I have been an mecu member for many years. You will find that when you contact them regarding a problem it will be fixed quickly and fairly. Not that you will experience many difficulties: at least I haven't when compared with banks. The conditions mecu sets up are fair and easy for you to administer. They have excellent online banking facilities and can provide overseas currency, should you need it.
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Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.45% would cost $34,590.57 including fees.
Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 4.99% would cost $33,959.97 including fees.
Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,832.61 including fees.
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 including fees.
WARNING: 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. 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.
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