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 personal loan repayment calculator
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Pros and cons
- Low interest rate
- No ongoing fees
- No early exit penalty
- Application fee charged
- No redraw facility
- Cannot apply online
Newcastle Permanent personal loans rates
based on $30,000 loan amount for 5 years at 8.41%
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based on $30,000 loan amount for 5 years at 9.35%
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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. Borrowers can take out a Newcastle Permanent personal loan for periods between one and seven years.
A Newcastle Permanent personal loan offers a range of attractive features, 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’ll end up paying in the long run.
Being able to pay out the loan early without 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’s no redraw facility attached to these loans, so any extra repayments cannot be re-accessed once paid into the loan.
Newcastle Permanent personal loans can be used for a range of different purposes including:
- New and used cars
- Student loans
- Debt consolidation
- Medical bills
- Weddings and events
Newcastle Permanent personal loans – customer service
Customers looking to contact Newcastle Permanent customer service can call the bank, send an online enquiry form or pop into a branch in NSW. Borrowers can also contact customer service via:
- Online enquiry
- Phone, Mon-Fri 8am-8pm and Sat-Sun 8am-4pm (AEST)
Who is eligible for a Newcastle Permanent personal loan?
To be eligible for a Newcastle Permanent personal loan, you’ll need to meet the following criteria:
- Be at least 18 years old
- Be an Australian citizen, permanent resident or have a valid visa
- Have a regular income
How to apply for a Newcastle Permanent personal loan?
To apply for a Newcastle Permanent personal, borrowers can enquire online or in branch if you’re in the Hunter area of NSW. The application process is simple and involves the following steps:
- Once you’ve compared and selected a personal loan, make an enquiry through the Newcastle Permanent website
- Once you’ve submitted your application, Newcastle Permanent will review your application and reply within two to five business days
- If your application is approved, a Newcastle Permanent personal loan representative will take you through the next steps
- Upon final approval, you can accept your contract online and the funds will be credited to your loan account
At the time of application, you’ll need to provide the following documentation:
- Proof of identity
- Proof of income and employment including payslips
- Details of any other financial commitments
Newcastle Permanent personal loans review
Whether it’s a holiday, car, wedding or renovation, Newcastle Permanent personal loans can be used for a variety of purposes which make them appealing to a wide range of borrowers. Borrowers can choose between weekly, fortnightly or monthly repayments.
Borrowers looking for a personal loan can choose a secured, partially secured or an unsecured loan though Newcastle Permanent. Borrowers looking for certainty in their repayment amounts will benefit from the fixed interest rates offered across all Newcastle Permanent personal loans.
When it comes to interest rates, the rate for a secured personal loan is moderately low, while the rate for the partially secured and unsecured personal loan is moderate. While there are no ongoing account-keeping fees, no early repayment penalties and no restrictions on additional repayments, there’s a higher-than-average upfront establishment fee, missed payment fee and a substitution of security fee.
Learn more about personal loans
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.
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 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 a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
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 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.
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.
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 unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
Can I repay a $3000 personal loan early?
If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.
Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.
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 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.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
How can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.