Newcastle Permanent Personal Loan Review

Is Newcastle Permanent the best place for you to find a personal loan? Find out all about it and compare your other options here with Savvy.

Last updated on April 8th, 2022 at 11:28 am by Thomas Perrotta

Newcastle Permanent Building Society is one of the largest member-owned financial institutions in Australia, specialising in a range of personal and business products from banking to home loans to personal and car loans.

Before you apply for finance, though, you should always have a very clear idea not only of the ins and outs of the loan you’re looking to take out but also the variety of offers available from other lenders in the market.

That’s what Savvy is here to do, as we make deciding between loans simple by breaking down all the key ingredients of Australian finance offers so you can make an informed decision and apply today.

*Please note that Savvy does not represent Newcastle Permanent Building Society for their personal loan product.

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The features and benefits of Newcastle Permanent personal loans

Rates from 5.89% p.a.

You can select a personal loan with interest rates beginning from a highly competitive 5.89% p.a. (7.60% p.a. comparison) and lock them in from the outset.

Repay over one to seven years

Crucially, you can choose whether to stagger your loan repayments over as many as seven years or as few as one, so you can ensure it remains comfortable for you.

Set your preferred payment frequency

Additionally, you can also select how often you pay down your loan debt, with the choice of either weekly, fortnightly or monthly repayments available to you.

No ongoing charges

You won’t incur any ongoing fees as part of your loan, which can otherwise add up to hundreds of dollars overall, so you can boost your chances of locking in an affordable loan.

Free early repayments

There aren’t any fees charged for paying out your loan before its scheduled end date, meaning you can pay more than the minimum each month and save on interest.

Borrow from just $1,000

You can take out a loan for just about any purpose, either to pay for something in its entirety or to simply supplement your savings, from as little as just $1,000 total.

Pros and cons of personal loans with Newcastle Permanent

PROS

Opt for secured or unsecured

You can decide whether to apply for a secured personal loan and affix an asset like your car as collateral or leave it unsecured if you’d prefer not to do so.

Fixed interest for ease of budgeting

With a fixed interest rate, you’ll pay the same amount each month towards your loan, which enables more accuracy and certainty when it comes to your monthly budget.

Online application process

You won’t be required to make the trip into any local branches to complete your application, as you’ll be able to do so online from the comfort of your own home.

CONS

Application fee charged

As part of the loan agreement, you’ll need to pay an application fee worth $250, which isn’t a small amount and is a charge that may be avoided with other lenders.

Potentially slow response time

Once you submit an online enquiry via their website, a member of Newcastle Permanent’s team may only get back to you up to two days afterwards, delaying the process.

Lower borrowing limits for unsecured

If you choose to take out an unsecured personal loan, you’ll only be able to borrow up to a maximum of $40,000, which is lower than the limit imposed by most financiers.

More about personal loans with Newcastle Permanent explained

What personal loan products can I choose from with Newcastle Permanent?

There are two different loan products on offer which borrowers can choose from when applying with Newcastle Permanent. You should clearly understand what you need from your loan and what your capacity to repay it is, which can be helped in part by Savvy’s loan borrowing calculator. This will give you an idea of what you may be capable of being approved for. the loan types you can choose from are:

Unsecured personal loan

This is the most commonly sought loan type by borrowers, as it’s the most flexible and accessible to the widest demographic of people. Under this loan, you can borrow between $1,000 and $40,000, with interest rates starting from 8.99% p.a. (10.73% p.a. comparison). As mentioned, these can be repaid weekly, fortnightly or monthly, with extra repayments accepted as a way to cut down on the cost of your loan. In most respects, this is a very standard unsecured personal loan product.

Secured personal loan

Alternatively, you can elect to put forward a valuable asset as collateral for your personal loan. In the case of Newcastle Permanent, this may include your car (less than eight years old), on-road or dual-purpose motorcycle (less than seven years old by the term’s end) or a fixed term deposit (to be held in a Newcastle Permanent account). The benefit of doing so is that you can borrow up to the value of your collateral without any real limit, meaning your loan can go well beyond $40,000 with security.

What is the application process with Newcastle Permanent?

It’s important to understand the process of applying for your loan before doing so, as this will help you pre-empt any twists and turns along the way. Your application process will likely follow these steps:

Ensure you’re eligible

Before everything else, you should make sure that you meet Newcastle Permanent’s eligibility criteria. These are broad at the enquiry stage, with the following being the key points to bear in mind when applying:

  • You must be 18 years of age or older
  • You must be an Australian citizen, permanent resident or a New Zealand citizen living here
  • You mustn’t use your loan for business purposes
  • You must be earning a stable income which is enough to support your repayments.

Have your documents ready

Additionally, you should ensure you have all the required documentation at the ready when applying. You can get in touch with the lender to confirm what you might need, but this will most often pertain to your identity (driver’s licence or passport), income and employment (payslips and/or bank statements) and information on your assets (property, vehicles), liabilities (outstanding loan and credit card debts) and regular expenses.

Submit an online enquiry

First and foremost, fill out their online form via their website. This will only take you a matter of minutes to complete and tells the lender a bit about you, your profile and the type of loan you’re after. While this isn’t a proper application in that it won’t directly lead to loan approval or pre-approval, this helps get the wheels in motion.

Speak with a representative about your options

You’ll receive contact in the coming days regarding your enquiry, where you’ll be advised as to whether you can qualify and be approved for the loan you’re after. If yes, you’ll proceed with your application as directed by your consultant.

Frequently asked questions about personal loans

Why should I compare personal loans with Savvy?

Comparing personal loans is the most effective way to help you lock in the best deal for your personal needs. The more offers you consider, the more information you have to make an educated choice on which is the most affordable and comes with the most appropriate features for your situation. At Savvy, we take the guesswork out of comparing personal loans so you’ll be in the best position to choose. You can use our personal loan calculator to help you estimate the cost of different loans overall.

Are there loans available with no fees?

Yes – there are personal loans available without application or ongoing fees. This is particularly important given that establishment fees can cost up to $600 in some cases and service fees can add up over time to hundreds depending on the length of your term. By picking out a loan with an affordable base rate and no fees, you could be saving yourself several hundred dollars overall.

Should I apply for my personal loan with a guarantor?

Applying for a personal loan with a guarantor can benefit certain borrowers by boosting their chances of approval when they otherwise may not have been accepted. For instance, if you don’t have much of a borrowing history or aren’t a high income-earner, adding a parent, sibling or partner as guarantor will increase the level of security on your application and boost your approval chances, even with a lower interest rate in some cases.

How is a building society different from a bank or other lenders?

A building society is a type of institution owned by its members, meaning its loan products are very similar to those of credit unions. They tend to offer a smaller selection of products at more affordable rates than the big banks, which makes them similar to other online, non-bank lenders. however, they’re different from peer-to-peer (P2P) lending, which involves private investors anonymously funding applications via an online lending platform.

Can I use a personal loan to consolidate outstanding debts?

Yes – one of the many ways to utilise a personal loan is to consolidate outstanding debts. Doing so can help make your debt more manageable by trimming down your number of different payments to one and potentially allowing you to bring high-interest payments like credit card debts under a lower-rate environment. This can save you overall, so it’s worth considering a personal loan if you have several expensive debts on the go.

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