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Cars and motorcycles used as security must be valued at least $10,000 or be less than seven years old.comparison rate) the total amount payable is $38,535.60 including interest and fees. These examples are estimates only and assume all repayments are made on time. For an Unsecured Personal Loan of $30,000 borrowed over a 5-year term at 9.99% p.a. comparison rate) the total amount payable is $36,789.00 including interest and fees. Representative example of total loan cost: For a Secured Car Loan of $30,000 borrowed over a 5-year term at 7.99% p.a. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Different amounts and terms will result in different comparison rates. WARNING: The comparison rate applies only to the example or examples given. It’s calculated using a standard formula that includes the interest rate, as well as certain fees and charges relating to a loan (not all fees and charges are included).Ĭomparison rates for secured and unsecured personal loans are based on a loan amount of $30,000 over 5 years. It’s a tool that can help you identify the truer cost of a loan.
