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Personal Loans


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#1 jodie1980

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Posted 11 February 2010 - 11:56 AM

OH and I are looking to apply for a personal loan to consolidate (and get rid of) our credit cards and other small loan so it's easier to manage our budget when bubs comes.

We are with Ba*kwest and the personal loan we have with them at the moment is 10.99%. I just went on their website as I was going to apply online and the interest rate is now 13.74% or something ridiculous like that! ohmy.gif

That seems pretty high to me for a personal loan. Does anyone else have a loan with this high a rate? I'd prefer to stay with B*nkwest and have all our accounts together but that seems crazy especially as my B*nkwest Credit Card is only 9.99%. It seems to make more sense not to consolidate....

Any advice would be great smile.gif
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#2 ♥ Emsie ♥

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Posted 11 February 2010 - 12:10 PM

From what I understand, personal loan interest rates are usually a little higher than other loans, as it's not secured.

That's just my understanding, I could be wrong!

Wouldn't hurt to shop around though smile.gif
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#3 Princessdora

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Posted 11 February 2010 - 12:11 PM

QUOTE(jodie1980 @ Feb 11 2010, 12:56 PM) View Post

OH and I are looking to apply for a personal loan to consolidate (and get rid of) our credit cards and other small loan so it's easier to manage our budget when bubs comes.

We are with Ba*kwest and the personal loan we have with them at the moment is 10.99%. I just went on their website as I was going to apply online and the interest rate is now 13.74% or something ridiculous like that! ohmy.gif

That seems pretty high to me for a personal loan. Does anyone else have a loan with this high a rate? I'd prefer to stay with B*nkwest and have all our accounts together but that seems crazy especially as my B*nkwest Credit Card is only 9.99%. It seems to make more sense not to consolidate....

Any advice would be great smile.gif


ours is with saint G and it's something like 13.2 something and it secured i though it's seemed a lot
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#4 Sakorsha

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Posted 11 February 2010 - 12:24 PM

Ours is something very similar through ANZ. Ours is an unsecured loan so that put the rate up a little higher, though it is a fixed rate so we know exactly how much we're paying each week.



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#5 jodie1980

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Posted 11 February 2010 - 12:37 PM

I wonder why the personal loan rates are so high when the home loan rates are lower....
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#6 ♥ Emsie ♥

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Posted 11 February 2010 - 12:54 PM

QUOTE(jodie1980 @ Feb 11 2010, 12:37 PM) View Post

I wonder why the personal loan rates are so high when the home loan rates are lower....

Because personal loans are small and for a term
of 2-5 years.

Mortgages are are usually for $300k + and for 25 years!
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#7 **Gen**

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Posted 11 February 2010 - 12:56 PM

QUOTE(jodie1980 @ Feb 11 2010, 12:37 PM) View Post

I wonder why the personal loan rates are so high when the home loan rates are lower....


Because the security (which is non-existent in an unsecured personal loan!) is different. Basically pricing is based on risk.

I just checked the WBC rate and it is approx 13.74% so all the bank's seem to be in that 13-15% range at the moment.


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#8 Trezzybree

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Posted 12 February 2010 - 08:27 PM

Hi jodie!

Also have to keep in mind the couple of rate rises we had last year. That didn't help us much at all!

#9 Monica

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Posted 12 February 2010 - 08:40 PM

Could you possibly look at doing a low % balance transfer?
I think Bankwest has one at the moment for 1.98% for 12 months.
If you haven't paid it off at the end of the 12 months you could just find another deal and transfer again.

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#10 Trezzybree

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Posted 13 February 2010 - 12:11 AM

QUOTE(Monica @ Feb 12 2010, 06:40 PM) View Post

Could you possibly look at doing a low % balance transfer?
I think Bankwest has one at the moment for 1.98% for 12 months.
If you haven't paid it off at the end of the 12 months you could just find another deal and transfer again.

Unfortunately I think these balance transfers are only if you are with another bank or credit society and you are becoming a first time Ba*kwest credit card holder. We tried to consolidate our CC's like that and they said we didn't qualify for the low rate as we were already with them. I think it's a ploy to get other banks customers.

#11 Monica

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Posted 13 February 2010 - 07:04 AM

Fair enough, but if you shop around there are other deals out there.

Don't get me started on Bank West, we were approved on-line and then declined when we went in to sign the paperwork.
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#12 proka

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Posted 13 February 2010 - 07:37 AM

The bank I work at has an interest rate for a secured personal loan at 10.99%, and a non-sucured rate of 13.69%.


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#13 Jek83

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Posted 13 February 2010 - 09:01 AM

We just got a secured personal loan through s@vings & lo@ns. The interest rate is 7.5% I think. We are in qld and they are only in nsw, vic and sa I think. Was a little bit more difficult to organise but we figured worth it for the difference in interest!




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