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G&C Mutual Bank personal loans rates

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Product

Fair Rate Personal Loan Diamond

Real Time Rating™

0.00

/ 5
Interest Rate

5.99

% p.a

Variable

Comparison Rate*

6.20

% p.a

Variable

Repayment

$580

based on $30,000 loan amount for 5 years at 5.99%

Upfront Fee

$150

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 6.20% would be $34,791*. Terms from - years

More details
Product

Fair Rate Personal Loan Emerald

Real Time Rating™

0.00

/ 5
Interest Rate

7.99

% p.a

Variable

Comparison Rate*

8.20

% p.a

Variable

Repayment

$608

based on $30,000 loan amount for 5 years at 7.99%

Upfront Fee

$150

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 8.20% would be $36,489*. Terms from - years

More details
Product

Fair Rate Personal Loan Sapphire

Real Time Rating™

0.00

/ 5
Interest Rate

8.99

% p.a

Variable

Comparison Rate*

9.20

% p.a

Variable

Repayment

$623

based on $30,000 loan amount for 5 years at 8.99%

Upfront Fee

$150

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 9.20% would be $37,356*. Terms from - years

More details
Product

Fair Rate Personal Loan Ruby

Real Time Rating™

0.00

/ 5
Interest Rate

10.99

% p.a

Variable

Comparison Rate*

11.21

% p.a

Variable

Repayment

$652

based on $30,000 loan amount for 5 years at 10.99%

Upfront Fee

$150

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 11.21% would be $39,127*. Terms from - years

More details
Product

Fair Rate Personal Loan Opal

Real Time Rating™

0.00

/ 5
Interest Rate

16.99

% p.a

Variable

Comparison Rate*

17.22

% p.a

Variable

Repayment

$745

based on $30,000 loan amount for 5 years at 16.99%

Upfront Fee

$150

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 17.22% would be $44,725*. Terms from - years

More details

Personal loan repayment calculator

Thinking about taking out a personal loan with G&C Mutual Bank? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how G&C Mutual Bank personal loans compare with other options.

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 5.99 %

Total interest payable

$0

Total amount payable

$0

Learn more about personal loans

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.

Can I merge my personal loan with my home loan?

Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.

However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.

Can I include my spouse’s income on a personal loan?

If you apply for a joint personal loan with your spouse, you can include their income on the application. If approved, they then become jointly liable for the loan.

Both you and your spouse need to meet the eligibility criteria, such as income, age, and residency requirements, as stipulated by the lender. A joint loan could increase your chance of approval for a higher amount, as both borrowers’ incomes are assessed when determining borrowing capacity. 

What is a credit rating/score?

Your credit rating or credit score is a number that summarises how credit-worthy you are based on your credit history.

The lower your score, the more likely you are to be denied a loan or forced to pay a higher interest rate.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.

What interest rates are charged for personal loans?

Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.

For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.

For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.

Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.

Can I get an easy/instant personal loan?

Some lenders are able to approve applications with little documentation and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.

What is credit history?

Your credit history covers everything to do with applying for loans. It includes the number of loans you’ve applied for, the amounts you’ve borrowed and your record of meeting repayment schedules.

How do I know if I've got a bad credit history?

You can find out what your credit history looks like by accessing what's known as your credit rating or credit score. You're also able to check your credit report for free once per year.

What causes bad credit history?

Bad credit history is caused by filing for bankruptcy, defaulting on your debts, falling behind on your repayments and having loan applications rejected. Lenders are wary of borrowers who demonstrate this sort of behaviour because it suggests they might struggle to repay future loans.

Borrowers with bad credit may find it more difficult to be approved for a loan, or they may get higher interest rates when they do get approved.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

What is debt consolidation?

Debt consolidation is the process of rolling several old debts into one new debt, usually to save money or for the sake of convenience.

What are the pros and cons of bad credit personal loans?

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.

However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

What's a credit report?

A credit report is a record of your credit history, which covers your credit enquiries, borrowings and your repayments. The report will include information about any bankruptcies or other relevant legal judgements. It will also include biographical information such as your address, date of birth, driver's licence number and employment history.