The personal loan features to consider with Savvy
You can cut down on the cost of your current personal loan by opting for one which offers a lower interest rate and potentially save hundreds.
Similarly, look out for lenders with cheaper added charges, with ongoing service fees, establishment fees and early payment fees all able to be waived.
If you’re looking to add more money to your loan agreement, you can take out more on top of your initial loan from $2,000 up to a maximum of $75,000.
For borrowers looking to make their repayments more manageable, you’ll be able to choose terms up to seven years in length (or as short as one if you become able to contribute more).
You’re also able to alter the frequency of your repayments, with our lenders offering instalments on a weekly, fortnightly or monthly basis.
On top of these, you’ll be able to enjoy flexibility in your repayments to contribute over and above the minimum requirements to cut down on the term of your loan.
If you’re wanting to switch to a different interest rate on your personal loan, our lenders can offer both fixed and variable rates as part of their financing agreements.
Importantly, you can enjoy a quick turnaround time and move to a newer and better loan within one day of your initial application.
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?
Why should I refinance my personal loan?
To access a lower rate
Because interest rates have such a significant bearing on the cost of your personal loan, many borrowers jump at the opportunity to take advantage of low rates. It’s easy to see why with the following example:
Lauren has taken out a $50,000 personal loan over six years at an interest rate of 9% p.a. With half of her loan repaid and three years remaining, she finds a personal loan offered by another lender at a 6% p.a. interest rate. She calculates that taking out a three-year, $25,000 personal loan at the new rate would save more than $1,200 over the remainder of the loan term.
Determining that this is worth other associated costs, Lauren decides to refinance her personal loan and save a significant sum she would’ve otherwise lost.
Frequently asked questions about refinancing personal loans
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.