About Newcastle Permanent
Newcastle Permanent is one of the largest mutual building societies in Australia. They offer a range of financial products for individuals and businesses, including personal loans. To see if you can afford a Newcastle Permanent personal loan you should use a personal loan calculator. Newcastle Permanent offers both secured and unsecured personal loans at fixed rates. These loans can be used for any purpose including renovations, purchasing shares and holidays.
Newcastle Permanent’s personal loans have a minimum amount of $1000 and do not charge a penalty for early repayment. The lender has a number of branches in areas of New South Wales, excluding Sydney. Customers who do not live near a branch can contact the lender by phone and online seven days a week. It is not possible, however, to apply for a Newcastle Permanent loan online.
Features of a Newcastle Permanent personal loan
Newcastle Permanent personal loans have a fixed rate and can either be secured to an asset, like a vehicle or property, or unsecured.
A Newcastle Permanent personal loan offers many desirable features for borrowers including flexible repayments and no penalties for paying out the loan early. The flexible repayment schedule means that you can make weekly, fortnightly or monthly repayments. This feature is useful as the more frequently you make repayments, the less interest you will end up paying in the long run.
Being able to pay out the loan early with no penalty is also a plus. It means you can make extra repayments along the way and if you can afford to pay off the loan early you can save on the total amount of interest you would otherwise have to pay. There is no redraw facility attached to these loans so any extra repayments cannot be re-accessed once paid into the loan.
What RateCity says
Newcastle Permanent personal loans have below average interest rates although the comparison rates reflect the large application fee that is charged. That said, there are no ongoing fees and no penalties for paying out the loan early; a fee which can range up to $300 on other loans. There is a small penalty for missed payments.
This loan cannot be used for business purposes and is instead suited to borrowers looking to borrow money for renovation, debt consolidation, shares or other personal matters. There is no redraw facility attached to this loan so borrowers should keep this in mind if they are planning on making extra repayments.
The Newcastle Permanent personal loans cannot be applied for online which may be an inconvenience to some borrowers. Instead, you can fill out an online form to send an enquiry and the lender will then get in touch.