Personal Loan
Who can borrow?
You do not have to be an existing member of Southern Cross Credit Union to apply for a loan but you must be 18 years of age or older. However if your application is successful you will need to join the Credit Union by purchasing one $10 member share which also makes you a part owner.
Fast Approvals
Loans are normally processed within 24 hours, with the approved funds being available as soon as the loan documents have been signed.
What Purpose & Term
You can apply for a loan for almost any worthwhile purpose including cars, caravans, home extensions, a new kitchen, pool, boat or overseas holiday. Our minimum personal loan is $1000.00 with terms ranging from 6 months to 7 years depending on the amount borrowed and your ability to repay. (Loans are structured to suit each member's budget).
Security for the Loan
Each loan application is assessed on its merits with a reduction in interest rate being offered for those members who are able to provide a motor vehicle up to seven years of age or a mortgage over property as security for their loan.
How is Interest Calculated?
Southern Cross Credit Union offers very competitive rates on all personal loans and most importantly interest is calculated daily (the quicker you pay the more you save) and debited to your loan at the end of each month, not at the beginning of the loan like some other institutions. A statement is sent to you each quarter.
Early Repayment
We encourage our members to make additional payments whether it be a lump sum, by paying weekly or fortnightly or just a few dollars each month. This will help reduce the interest you pay and the term of the loan. There is no penalty for early repayment of your personal loan.
You Needn't Pay Out Existing Loans First
You can apply for a new loan while your current loan is being repaid. In many cases a new loan can be simply added on to your existing loan with one convenient repayment. You might even be able to consolidate loans from other institutions with Southern Cross, possibly saving interest and repayments.
Fees and Charges
Relevant Fees & Charges are available on application or please ask for a schedule from our helpful staff.
Terms and conditions, fees and charges available on application.
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