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Southern Cross Credit Union personal loans – Compare options
Interested in borrowing from Southern Cross Credit Union (SSCU)? Let’s get to know a bit about this lender first. Southern Cross Credit Union first opened its doors to the Northern Rivers and South East Queensland communities in 1966.
Currently, the financial institution partners with over 15,000 customers. It offers home loans, investment loans, and personal loans, plus more. However, in this article, Southern Cross Credit Union personal loans are the star of the show. BestFind breaks down the details, so you know how it works and if it’s ideal for you.
Southern Cross Credit Union personal loans: Key details
Loan amounts – $5K-$150K
Loan terms – 3-7 years
Interest rate – Fixed rate which varies for each product
Pros – Unlimited additional repayments available, and there are no monthly fees. Additionally, SSCU has borrowing limits of up to $150K for their secured loans. This is more than what other lenders offer.
Cons – You have to pay an establishment fee, and there are limited options available. SSCU personal loans are also not suitable for borrowers looking for small personal loans, since the minimum amount you can apply for is $5K.
Uses – Debt consolidation, holiday, wedding, car, renovation, plus more. Types of loans offered by Southern Cross Credit Union
Secured personal loan: You’ll need an existing asset such as a car or property to guarantee the loan. You’ll then get to borrow between $5000 and $150,000.
Unsecured personal loan: You don’t need an existing asset to apply for this option, so the process may be simpler. However, it comes with a higher rate than SSCU’s secured credit options since there’s no underlying asset to guarantee the debt. Additionally, your borrowing power is limited to between $5,000 and $30,000.
New vehicle loan: This option allows you to finance a brand new car for personal use and offers loan amounts of up to $150,000. Find out more about Southern Cross Credit Union car loans when you read our guide. A closer look at SSCU personal loan features
There are no ongoing monthly fees or online redraw fees. Therefore, and depending on the repayment period, you can save more in the long run.
You can make unlimited free extra repayments, which is a plus, considering that some lenders charge an extra repayment fee.
Likewise, you can pay off your debt early without penalty.
Your extra repayments are available via a redraw facility should you need the money back.
SSCU also offers flexible repayment options – you can make repayments monthly, fortnightly, or weekly.
Fees and charges
Southern Cross Credit Union personal loan fees include the following:
Establishment fee – $250
Loan variation – $150
Redraw – $0 online or $25 In Branch
Direct Debit dishonour fee – $15
Security variation – $150 (only if the loan is secured)
How to apply for a Southern Cross Credit Union personal loan
SSCU’s online application only takes 10 minutes. To get started, scroll up to our comparison tables and click the “Go to Site” button for your product. When you reach SCCU’s website, follow these steps to get through the process:
Provide your loan details such as the product, amount, and repayment period you want.
Next, provide some personal information such as name, and contact details. If it’s a joint application, you can also add your co-borrower’s details.
You’ll then fill in details about your employment and income, including secondary sources such as rentals and shares.
Lastly, you’ll answer questions about your expenditures. This includes monthly living expenses and other debts you may have.
However, before you apply, make sure you meet SSCU’s basic eligibility criteria:
Be at least 18 years
Be a citizen or permanent resident of Australia
Have confirmed employment in Australia
Once you submit the form, a loan specialist will review it before they get in touch. You may need to upload the required documentation and provide additional info to complete the process.
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