The features and benefits of Canberra personal loans
You'll be able to borrow anything from as little as $2,000 up to a maximum of $75,000 with a personal loan, making them suitable for needs big or small.
You’re also afforded the flexibility to repay your personal loan over either a short term as low as one year or a longer term up to seven, enabling you to custom-fit your instalments.
On top of all of that, you can be instantly approved within 60 seconds of submitting your application and have your funds transferred directly into your account in just 24 hours.
Not only can you choose to make monthly, fortnightly or weekly contributions, but you can pay above the minimum and complete your loan early with no costs attached.
You won’t encounter any nasty surprises midway through your repayment period, as any and all fees and charges will be disclosed prior to signing your loan contract.
Types of personal loan
With an unsecured personal loan, you can potentially borrow as much as $75,000 without the need to attach any valuable assets, such as your car, as security. These loans are the most widely available and often the quickest, with same-day approval possible.
Secured personal loans, on the other hand, make use of collateral. This lowers your risk profile in the eyes of a lender, potentially lowering your interest rate and expanding your borrowing power beyond what you may be able to get through an unsecured loan.
Variable interest rates remain open to fluctuation during your term. This means you can benefit from decreasing rates and save on your loan if the market heads in that direction, although you’ll also pay more if rates start rising.
Fixed interest rates are locked at the beginning of your loan and remain constant throughout your repayments. This acts as a valuable protection against interest rate increases, as your loan will be unaffected, but you’ll miss out on potential drops as well.
If you’re paying off multiple debts at the moment, particularly those with high interest (such as credit card debts), consolidating them into one payment can not only make them more convenient to manage but also potentially save you money overall.
Looking to take off on a holiday with your family but want to pay it off at your own speed? Travelling can be expensive, so you can distribute the cost of your next trip over a period you’re more comfortable with by taking out a personal loan to pay for it.
There are so many costs that go into making your dream wedding a reality, from venue hire to catering to dresses and suits and so much more. By taking out a personal loan, you can start planning the big day you want, even if you can’t pay for it upfront.
Home improvements are desirable for a range of homeowners to help keep their living space fresh and interesting, not to mention increase its value. You can get past the financial hit of renovations with a personal loan paid in instalments.
Personal loans aren’t limited to PAYG employees, though. If you’re running your own business, you can still be approved for financing by submitting tax returns and other alternative documents instead of payslips and utilise your funds however you wish.
There’s a variety of expenses which come with being a student, ranging from the cost of your courses, textbooks and computer to your accommodation. Taking out a personal loan can make these costs more manageable by spacing them out.
Some lenders offer green personal loans, which are designed to be used for energy-efficient appliances and products such as solar panel and air conditioning installation in your home. You can qualify for lower interest rates and fees with this loan.
Why compare personal loans through Savvy?
The documents you’ll need for your personal loan application
Evidence of income
First and foremost, your lender will want to see (and be confident in) what you’re earning from your employment and/or other sources. Most importantly, they need to see that your income is consistent and unchanging, which can be achieved by submitting your two most recent payslips.
If you’re self-employed and don’t receive your income via payslips, you can instead supply the last two years’ worth of tax returns and have your application considered in the same way.
Frequently asked personal loan questions from ACT residents
Helpful personal loan guides
Still looking for the right personal loan?
Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.