Determine whether Hume Bank’s personal loan offers are right for you by comparing their key features with those of other lenders with Savvy.
Fact checked
Hume Bank is a New South Wales-based mutual bank, meaning it’s owned by its members, which offers a wide range of services from banking to home loans to insurance to business and more.
However, as far as personal loans are concerned, it’s always crucial to compare as many different loans as possible and delve into all of the features that matter before making your final call.
That’s where Savvy comes in. We’re partnered with reputable lenders from around Australia and are dedicated to breaking down loan offers to make the comparison process simpler for you. Start comparing options today and get the wheels in motion on your application.
*Please note that Savvy does not represent Hume Bank for their personal loan product.
You can secure an interest rate as low as 5.95% p.a. (6.16% p.a. comparison) depending on the type of loan you apply for, enabling you to save on your deal.
Personal loans are designed to be flexible, meaning you can be approved for a smaller finance deal of just $2,000 or apply for a much greater loan for just about any purpose you need.
Hume Bank offers both secured and unsecured finance, giving you options to choose from if you have an asset eligible to be used as collateral for your loan agreement.
Picking the right loan term is important for ensuring you remain comfortable across your term and you’ll be able to choose between terms as short as 12 months up to five years.
The fixed interest rate charged on your loan locks the value of your repayments in from the outset of your term, meaning you’ll never have to pay at a higher rate.
If you choose to pay above the minimum required amount, you’ll also have the option to access those funds free of charge down the line via your loan’s redraw facility.
You’re encouraged to save on your loan by having no early repayment penalty set on your agreement, which allows you to pay it off sooner and save on interest overall.
There aren’t any added service fees either, so there’s no need to spend any time thinking about expensive charges adding up across your loan term on top of your interest.
If there isn’t any access to Hume Bank branches where you live, you can still complete your application online via their web portal, including submitting your documents.
You’ll be required to pay an application fee of $150 as part of your loan agreement, which is lower than what many lenders charge but still higher than others (some of whom waive it entirely).
Although you’ll be able to repay your debt over as many as five years, most personal loan financiers enable you to space it out over as many as seven.
As is the case with most lenders who offer both secured and unsecured finance, you’ll be required to pay a much higher rate for the latter (from 9.95% p.a., 10.17% p.a. comparison).
The personal loan application process isn’t a complicated one to follow, as there are only a few steps to complete along the way. However, before you dive into your application, it’s crucial to compare as many options as possible with Savvy. In doing so, you’ll be in a better position to determine which current personal loan offer is the most appropriate for your needs. You can even use our tools such as our personal loan repayment calculator to give you an idea of how different loan terms, sizes and rates affect their overall cost.
The process of applying with Hume Bank is as follows:
Submit an online application form
Firstly, you can start with Hume Bank’s digital application form. This is filled out so the lender can learn more about you and your financial situation (such as your income, expenses and debts) which will help inform their decision on whether to approve your application. You’ll also share the details of the loan you’re looking to take out and whether you want to provide any collateral.
Provide the required documentation
As part of this process, you’ll need to supply documentation to verify the details of your application. This will likely involve ID such as your driver’s licence and/or passport and evidence of your income, which can come via your two most recent payslips and current group certificate, three months of bank statements relating to any debts being consolidated and two years of financials and tax returns if you’re self-employed.
Receive conditional approval
Once you’ve sent this off, your application can be considered by the lender. It’s at this stage that you’ll be contacted if there are any other documents required for assessment, which you’ll send digital copies of.
Sign your loan agreement and receive your funds
If they’re happy with all of this, you’ll be notified of formal approval and sent a loan contract to sign and return. Carefully review this before sending it off, as it’s important to be across all of the terms, conditions and fine print of your agreement. Upon return, the approved funds can be transferred directly into your nominated account.
Learn all about Wisr’s personal loan offer and find out whether it’s the best option for you here with Savvy. Wisr is one of the biggest and most well-recognised non-bank...
Find out all about Plenti personal loans and compare your options today right here with Savvy. As one of the country’s leading personal financiers, Plenti is an option worth considering...
Determine whether Hume Bank’s personal loan offers are right for you by comparing their key features with those of other lenders with Savvy. Hume Bank is a New South Wales-based...
Compare the key features of IMB Bank’s personal loan offers, as well as those from other lenders, right here with Savvy. IMB is one of the largest building societies in...
Looking at CommBank personal loans? Find out all there is to know about them and compare your options with Savvy. Commonwealth Bank stands as one of Australia’s four biggest banks...
Compare personal loan offers with Savvy and find out whether ME Bank is the right lender for you here. ME Bank, or simply ME, is a Melbourne-based direct bank offering...
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
