Working out your rate
Your interest rate is based on several factors including information you provide in your application, your credit history and information we already have about you if you’re an existing customer.
After you submit your application, if you’re conditionally approved, we’ll give you an indicative interest rate. This is subject to verification of the information you give us in your application. We’ll provide your final interest rate in the loan documentation, at which point you can decide to accept the loan offer.
Our best rates
If you have an excellent credit history you may be offered a rate at the lower end of our range. For example, from 6.99% p.a. on variable or fixed rate loans (comparison rate 7.91% p.a.).
An excellent credit history can mean you haven’t opened many new lending products or increased your credit limits too often. If you have credit accounts such as a credit cards, personal loans or home loans and have made repayments on time, this will also positively affect your credit rating.
Our average rates
If your credit history isn’t long or as good, you’ll likely be offered a rate around 12.69% p.a. or higher on variable or fixed rate loans.
Find out more about credit-worthiness and how to improve your credit score.
Fixed rates vs. variable rates
A fixed rate stays the same for the chosen period, meaning your loan repayments won’t change during that time.
A variable rate can move up or down, meaning your minimum loan repayment may change. You'll also have access to a redraw facility on your variable rate loan, which comes in handy if you need money unexpectedly.
A comparison rate is used to help you identify the true cost of the loan, including the interest and some fees and charges. This makes it easier to compare the overall cost of different loans. When you read comparison rates, take note of the loan amount and term that they are based on. These affect the comparison rate and you want to be comparing apples with apples.