Hume Bank personal loans
Hume Bank is one of Australia’s largest regional mutual financial institutions, and has been operating since 1955.
Previously known as the Hume Permanent Building Society, it changed its name to Hume Bank in 2014.
Hume Bank now employs over 150 staff, has more than 61,000 customers and has assets worth more than $1 billion.
Although financial services are available to customers throughout Australia, Hume Bank has 19 branches in north-eastern Victoria and southern New South Wales.
- No ongoing monthly fees
- No early exit penalty
- Free redraw facility
- Application fee charged
- No variable interest rate options
- Limited branch access
Hume Bank personal loans rates
Personal Loan Secured by Term Deposit Fixed
Real Time Rating™
based on $30,000 loan amount for 5 years at 6.95%
Fully drawn advance
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Total repayments for a 5-year, $30,000 loan at 7.16% would be $35,600*. Terms from - years
Secured Personal Loan
Real Time Rating™
based on $30,000 loan amount for 5 years at 7.45%
Fully drawn advance
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Total repayments for a 5-year, $30,000 loan at 7.66% would be $36,026*. Terms from - years
Unsecured Personal Loan
Real Time Rating™
based on $30,000 loan amount for 5 years at 11.45%
Fully drawn advance
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Total repayments for a 5-year, $30,000 loan at 11.67% would be $39,542*. Terms from - years
Hume Bank personal loan calculator
Thinking about taking out a personal loan with Hume Bank? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Hume Bank personal loans compare with other options.
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at interest rate 6.95 %
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Hume Bank top personal loans products
Features of Hume Bank personal loans
All Hume Bank personal loans have fixed interest rates.
- Upfront application fee charged
- No monthly fees
- No fee for extra repayments and early exit
- Missed payment penalty fee charged
One to five years.
From $2,000. Maximum limits will be determined by Hume Bank on application.
Hume bank offers secured loans where customers use their property, a term deposit or a vehicle as collateral. Hume Bank also offers unsecured loans, where there is no collateral. Higher interest rates are charged for unsecured personal loans.
- Weekly, fortnightly or monthly
- Additional payments can be made without penalty
- The loan can be paid off early without penalty
Hume Bank personal loans – customer service
Hume Bank is headquartered in Albury, New South Wales, and has 19 branches in southern NSW and north-eastern Victoria. Customers also have access to its online banking and app services 24/7. Hume Bank Customers can seek assistance in the following ways:
- Branch (Monday-Friday at all branches, Saturdays at some branches)
- Mobile lenders
Who is eligible for a Hume Bank personal loan?
To be eligible for a Hume Bank personal loan, you must be:
- At least 18 years of age
- An Australian citizen or a permanent resident of Australia
- Not bankrupt or insolvent
How to apply for a Hume Bank personal loan
Hume Bank lets customers apply for a personal loan online or in person at a branch.
The online application form takes about 15 minutes.
You will likely need the following documents:
- Driver’s licence or passport
- Two most recent payslips
- Current group certificate/PAYG payment summary
- If self-employed: The last two years of financial statements and income tax returns
- If consolidating credit cards debts: The last three months of statements for each card
- If consolidating personal loan debts: A statement showing the past three months of transactions and balances
- If you have other debts not held with Hume: A current statement for any of these debts
- If you have savings not held with Hume: The last three months of statements
Hume Bank personal loans review
Hume Bank offers personal loans packed with features for a wide variety of needs, including consolidating debt, paying for special occasions like weddings, or holidays and medical bills.
Once a relatively low application fee is paid, there are no ongoing charges on a personal loan with Hume Bank, and no penalties for making extra repayments or paying off the loan early
There is also a free redraw facility offered by Hume Bank on its personal loans.
When it comes to interest rates, Hume Bank only offers fixed-rate personal loans. The rates on Hume Bank’s secured personal loans are higher than the unsecured.
Compared to other lenders, Hume Bank’s unsecured personal loans have very low to moderately low interest rates, depending on the product, while its unsecured personal loans have a moderate interest rate.
Learn more about personal loans
Where can I get a personal loan?
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
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 are the Westpac personal loan eligibility criteria?
The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:
- You should be over 18 years old
- You must be a permanent resident or hold a valid visa with confirmed employment in Australia
- You should earn a regular and permanent income of at least $35,000 before taxes
If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:
- Personal details including name, contact information, and residential address
- Proof of identity such as drivers licence or passport details
- If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
- If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips
Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.
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.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
What do single mothers need to apply for a personal loan?
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
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.
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.
How long does it take to get a student personal loan?
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.