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Minimum and maximum loan periods vary between 6 months and 10 years. Comparison
interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between
$1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan
of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the
examples given and may not include all fees and charges. Different terms, fees or other loan
amounts might result in a different comparison rate. These rates can change without further
notice. All rates quoted are per annum. For more information regarding fees click on "View
fees & additional info +" for each product or contact the provider.
What type of loan are you looking for?
Newcastle Permanent personal loans – Get your plans sorted
As Australia’s second-largest customer-owned financial institution, Newcastle Permanent is big enough to feature on your shopping list for top personal loan lenders. But what makes this lender worth a second look? Consider the following:
- The mutual building society has been in the business for more than 117 years
- Newcastle Permanent doesn’t do shareholders but reinvests profits to provide great rates and better services for members instead.
- Its community banking approach offers a refreshing alternative to the big banks.
- Newcastle Permanents says it’s working to become Australia’s favourite financial institution.
Let’s take a closer look at Newcastle Permanent personal loans to see if this option suits you.
A snapshot of Newcastle permanent personal loans
- Loan amounts – This depends on the security you provide
- Loan terms – 1-7 years
- Interest rate type – Fixed
- Pros – Newcastle Permanent accepts extra repayments and won’t charge you when you pay off your debt early.
- Cons – Limited options available. The product also doesn’t come with a redraw facility.
- Best for – Borrowers who want a fixed and competitive personal loan from a reputable alternative lender.
Types of loans offered by Newcastle Permanent
You have the following options when taking out a loan with Newcastle Permanent:
- Secured/partially secured/unsecured personal loan. These fixed-rate loans provide funds for many uses, such as renovations, overseas holidays, debt consolidation, and even car or boat purchases.
- Car loans. Newcastle Permanent car loans come with pre-approval and fixed rates which are great features if you want to hit the road with less hassle.
A closer look at features of personal loans from Newcastle Permanent
- Extra repayments and early payoff. There are no restrictions on early repayments. This allows you to pay extra on top of your monthly minimum amount whenever you like. If you pay off your loan early, you can save on costs without also covering penalties.
- Repayment frequency. You can select weekly, fortnightly, or monthly repayments, so choose the option that best aligns with your income cycle. Repayments are typically made via automatic transfer or direct debit. Be sure to use our Newcastle Permanent personal loan calculator to find an affordable repayment that helps you avoid default fees.
- Security. Acceptable security assets include cars, motorcycles, Newcastle Permanent fixed term deposits, and real estate. Please note there may be restrictions on the type of asset. For instance, cars need to be less than 8 years old, and if your property is mortgaged, the mortgage must be held by Newcastle Permanent.
Rates, fees, and charges
Newcastle Permanent personal loan interest rates are competitive and classified as Tier 1 (secured) and Tier 2 (partially secured or unsecured). All partially secured or unsecured options have a higher rate due to the increased risk for the lender.
The interest rate is fixed, which means your repayments are also fixed. Therefore, you always know how much you have to repay throughout the life of the loan.
When it comes to fees and charges, there’s a $250 application fee. A default fee, dishonour fee, and substitution of security fee may also apply. The upside is there are no ongoing monthly account keeping fees or early repayment penalties.
Eligibility criteria and requirements
To qualify, Newcastle Permanent requires that you:
- Be at least 18 years of age
- Be a permanent resident of Australia or New Zealand
- Use the funds for personal purposes only
- Provide your personal and contact details as well as details about your income, housing situation, and the loan you want.
Application process for Newcastle Permanent personal loans
You’ll need to place an enquiry to start applying for a Newcastle Permanent personal loan. Head up to our product table and click the “Go to Site” button to access the lender’s website and complete this first step.
According to a Newcastle Permanent, one of their loan specialists will get back to you within one business day.
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