Personal loans are typically used for specific purchases, such as a holiday, a car or home renovations and can be appropriate for short term debt where you’re able to make consistent and regular repayments over a short period of time.
Generally personal loan interest rates are lower than credit cards however can vary depending on whether you take out a secured or unsecured loan.
How do personal loans work?
Personal loans enable you to borrow an amount of money that you agree to repay within a certain period of time (called the term). Depending on the loan amount and the lender, the term will usually be between 12 months and 7 years.
You’ll need to sign a credit contract which specifies the amount, interest rate, terms, fees and repayments.
Secured or unsecured personal loans
A secured personal loan means you’ll offer an asset to secure the loan, such as a car or a caravan. Secured personal loans can offer a lower interest rate as the lender registers an interest on the vehicle. Therefore, if you are unable to make repayments on the loan, the lender can sell the asset to recover their money. Specific car loans are the most cost-effective way to secure vehicle finance, please read more about our Asset Finance options.
An unsecured personal loan means there is no asset offered to the lender to secure the loan. Because this format is a higher risk to the lender (ie, there is nothing the lender can sell to recover the loan), the interest rate is generally higher for unsecured personal loans.
How much can I borrow with a personal loan?
Generally speaking, personal loans can range up to $75,000 depending on the lender. Mint Equity can assist with personal loans from $20,000 to $75,000 for property owners only.
What can I use a personal loan for?
Personal loans may be appropriate for short term lending for a number of reasons from lifestyle purchases to debt consolidation.
Personal loan for a car
Personal loan for travel
Personal loan for a wedding
Personal loan for home renovations
Personal loan for a boat
Personal loan for school fees
Personal loan for debt consolidation
How to get a personal loan
Whether you need to refinance your existing loan, consolidate debt, upgrade your car, or simply take a well-earned holiday, the team at Mint Equity will take care of the personal loan application process.
Depending on the lender, loan amount and security, we’ll identify personal loan options that suit your needs and work with you to secure the best chance of approval.
The personal loan market has expanded considerably in the last few years, so working with an accredited and reputable finance broker like Mint Equity means you are not exposed to scams.
Is a personal loan right for you?
When considering a personal loan, there are several things to review before agreeing to the credit contract, including;
Interest rate (Annual Percentage Rate)
Establishment and service fees and charges
Frequency of repayments
Termination of loan fees and charges
Working with an experienced and qualified finance broker such as Mint Equity will help you identify if a personal loan is suitable for your purpose. When introducing a new debt to your living expenses, you should always review how this will impact your personal budget.
Mint Equity assist clients with residential, commercial, business, personal and SMSF lending. Our role as a finance broker is to work with clients to identify the most suitable finance options from a portfolio of products from the big-four banks and multiple second-tier lenders.
We simplify the process for our clients, taking care of all the necessary administration tasks, which includes the paperwork, application process, and the final settlement.
We don’t charge any fees for our services as we are remunerated by the lender you choose once the loan is drawn.
what does a Finance broker do?
A finance broker is the person between the borrower and the lender who negotiates the loan on your behalf with banks, credit unions and other credit providers to arrange various types of loans. Mint Equity keeps up to date with lender’s interest rates, policy changes and credit requirements to provide our clients with options from over 40 lenders and 100’s of different products.
We assess your financial circumstances, find a suitable loan and manage the application process as well as providing advice at every step.
Our finance brokers
Frequently Asked Questions
What happens if I can’t repay my personal loan?
Any type of debt comes with consequences. If you miss a repayment there may be additional fees and charges to your personal loan. If you are unable to make regular repayments you will ‘default’ on the loan – meaning the lender will register a default on your credit report. In addition to the lender chasing you for the what you owe via internal and external debt collectors, a default on your credit report will impact your credit history and credit ranking and may hinder or stop you from borrowing money in the future. This can impact you in various ways from applying for a post-paid mobile phone contract to securing a home loan. Applying for any type of credit facility is best done using an authorised credit representative like Mint Equity. An authorised credit representative will review the product and make sure it is suitable for your purpose.
Are Personal Loan interest rates variable or fixed?
Depending on the lender, fixed or variable interest rates may be available. Fixed interest rates means your repayments remain the same throughout the loan. Variable interest rates means your repayments may increase or decrease, however you may have the flexibility to make early or extra repayments to pay off the loan faster.
How can I make an appointment?
We can arrange appointments 7 days a week at a time that suits you and at your preferred location. You can call us on 02 4340 4847.
What locations does Mint Equity service?
Our head office is based on the Central Coast, however we're able to service all parts of Australia and for clients living overseas.
How quickly can I get my personal loan approved?
Depending on the lender you choose and the loan amount, in some cases we can get pre-approval within 24 hours.