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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Newcastle Permanent personal loans rates
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Personal Loan Secured
based on $30,000 loan amount for 5 years
Fully drawn advance
Personal Loan Unsecured
based on $30,000 loan amount for 5 years
Fully drawn advance
- Low interest rate
- No ongoing fees
- No early exit penalty
- Application fee charged
- No redraw facility
- Cannot apply 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. 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.
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If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
The No Interest Loans Scheme (NILS) allows low-income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.
There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.
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.
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.
Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.
If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
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.
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.