Fixed Term Deposit Secured Personal Loan
Use your savings with Holiday Coast Credit Union to secure your next personal loan – you can have your cake and eat it too with this loan.
The benefits are huge. For example if you are currently receiving 7%pa on your Fixed Term Deposit and the interest rate on a FTD secured Personal Loan is say 9%pa, you will only in reality pay the difference between the two.
Holiday Coast Credit Union offers you flexible terms and competitive interest rates designed to fit your needs and budget.
ABOUT THE PRODUCT
A variable interest rate personal loan that fluctuates as the market changes with many money saving features such as no monthly account keeping fees and the flexibility to make extra repayments without penalty so you can manage your payments as you choose. Always compare loans with the same features when looking at interest rate.
Your loan is secured by your Fixed Term Deposit (FTD) to the value of the loan. The FTD remains security for the term of the loan and no withdrawals are available from the FTD during this period. Interest rate applicable to FTD is as per current FTD rates based on amount and term and can be paid directly off your loan or to your everyday transaction account. Because your loan is fully secured this is usually reflected back to members by a lower interest rate when compared to a "unsecured" or "partially secured" personal loan.
Available for new and existing borrowers.
CURRENT INTEREST RATE
Interest is calculated daily and charged monthly. When interest is calculated daily, weekly or fortnightly repayments result in less interest being charged to your loan over the course of the loan.
VARIABLE INTEREST RATE
A variable rate Personal Loan is right for you if you feel comfortable accepting that with an interest rate change, so can your repayments - either up or down. If your loan is short term then any movements either way will likely not make much of a difference over the term, but if your loan is longer term then there is more opportunity to have multiple interest rate rises and you should consider what any change in increasing interest rates and monthly payments could do to your budget. A drop in rates can help you pay your loan off sooner, but a rise in rates can hit your hip pocket. We recommend that members pay a little bit extra each payment to build a buffer should their payment rise.
Finance can be used for motor cycles, new and used cars, boats, caravan, consolidation of debt, education, home renovations, a holiday or any other legal purpose.
No application fee applies or any no on-going service fees on this or any other of our Personal Loan products. Other fees may apply with different loans such as legal costs, valuations, stamp duty. We will advise you on application of any fees applicable to you.
BENEFITS THAT DELIVER REAL SAVINGS
- No penalty for early payout of loan
- No application fee
- No on-going service fees
- Re-draw facility
- Eligibility for Skip-a-Loan-Payment at Christmas Promotion*#
- Make additional repayments without penalty
TOOLS TO HELP YOU GET STARTED
READY TO APPLY FOR A PERSONAL LOAN TO SUIT YOUR NEEDS?
It's easy, so when you’re ready to apply, or if you have any questions regarding a Personal Loan from Holiday Coast Credit Union;
- Visit your local branch and we'll set up an appointment for you to speak with one of our fully qualified and experienced lenders
- Call us on 1300 365 7 24, between 8am and 6pm Monday, Wednesday, Thursday & Friday, 8am and 5pm Tuesday and speak to a Holiday Coast Member Contact team member
- Apply on-line
- Contact us and we'll make arrangements for one of our mobile lenders to come to you!
Lending criteria and fees and charges apply. Terms and conditions apply and are available on request. *Interest will still accrue. #Fee applies. Lending product is issued by Holiday Coast Credit Union Ltd. Information on this website does not take into account your personal needs and financial circumstances. We recommend that you read the important information about our lending products in considering if this product is right for you.