I researched to find the best rate with a bank that I felt I could trust. HSBC were the best option for me. They provide me with updates, statements and reminders via email and text message. I have the flexibility to pay off additional amounts and reduce the term of the loan.
If I pay off the loan early I pay a fee. As I am paid fortnightly, I am paying half of my monthly repayment each fortnight but the are two months in the year when there are three fortnightly pays. I must be going to pay my loan early and so the bank when make the early payment fee.
Little waiting time in branches, customer service in store is precise and value added. Competitive sales and products and knowledge of personal/business banking solutions for Australia and world is outstanding.
The debt monthly calculation (of fixed interest rate loan) is not clear. I am not sure how they calculate it each month as it is always different. It needs to be clear so customers feel secure with them. I feel that I pay more than what the interest rate was supposed to be.
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Personal loan comparisons on Mozo - rates updated daily
Unsecured Personal Loan
7.95% p.a.to 19.45% p.a.
8.78% p.a.to 20.4% p.a.based on $30,000 over 5 years
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 7.95% would cost $37,049.45 including fees.
*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.
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