- Last updated on 12 Jul 2020
Low Rate Personal Loan Secured
OurMoneyMarket offer competitive low rates on loans over $2,000, plus free extra repayments and fee-free redraw facility.
Low Rate Personal Loan Secured (Excellent Credit)
up to 11.9%
$4k to $80k
based on $20,000 loan amount for 3 years
- No early repayment fees
- Can apply online
- Can apply in branch
- Redraw facility available
- Monthly fee charged
- Application fee charged
- Has ongoing fees
Early Exit Penalty Fee
Missed Payment Penalty
Redraw Activation Fee
Available to 457 Visa Holders
Line Of Credit
$4k - $80k
Application fees range from 100 to 500 dollars.
Compare and review personal loans with similar features
Australian Military Bank is a mutual organisation, which since 1959 has offered financial services to Australian defence personnel and their families.
These days, you don’t have to wear a uniform to become a member; you just have to be an Australian citizen or permanent resident.
Australian Military Bank has 53,000 members and assets worth $1.25 billion.
There are 30 branches at major defence bases across Australia as well as ‘on base’ ATMs.
Your credit score will improve if you demonstrate that you’ve become more credit-worthy. You can do that by minimising loan applications, clearing up defaults and paying bills on time.
Another tip is to get the one free credit report you’re entitled to each year – that way, you’ll be able to identify and fix any errors.
If you want to fix an error, the first thing you should do is speak with the credit reporting body, which may take care of the problem or contact credit providers on your behalf.
The next step would be to contact your credit provider. If that doesn’t work, you can refer the matter to the credit provider’s independent dispute resolution scheme, which would be the Australian Financial Complaints Authority (AFCA).
AFCA provides consumers and small businesses with fair, free and independent dispute resolution for financial complaints.
If that doesn’t work, your final options are to contact the Privacy Commissioner and then the Office of the Information Commissioner.
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process:
- First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
- Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
- Third, instead of spending those savings, use them to pay off the new loan.
Comprehensive credit reporting may change your credit score, either positively or negatively, depending on an individual's situation.
Under comprehensive credit reporting, credit providers will share more information, both positive and negative, about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. That will lead to higher scores for some consumers and lower scores for others.