A personal loan is a shorter term loan up to 7 years that is generally used to finance a car or other vehicle, renovations to a home, consolidation of debt or to finance a holiday.
What’s on a personal loan statement?
A personal loan statement includes your interest rate, loan balance, repayment transactions processed during the statement period, interest charged, redraws and or fees.
Other helpful FAQs.
A redraw facility allows you to access extra repayments you have made on your loan over and above the required minimum repayments.*
*An amount equivalent to the next scheduled repayment for the loan cannot be redrawn from the in-advance amount.
A personal loan establishment fee is charged to your account when you take out a personal loan. It is charged at the beginning of the loan when the loan money is deposited into your nominated account or if cheque or transfer is made for a purchase.
Yes you can apply for an additional loan, subject to loan approval.
If the personal loan has a variable interest rate, your repayments may have changed due to a change to the interest rate.
This occurs to ensure your repayments are sufficient to repay your loan within the agreed loan term. If your repayments change, we will write to you.