Loans The following Loan Interest Rate Schedule is effective from 13 February 2009:
Download Loan Interest Rate Schedule (PDF)
Housing Loans:
| Standard Variable Rate
| Term | Interest Rate | Comparison Rate | | Variable Rate | |
6.50%pa |
6.55%pa* |
Friendly Home Loan:
|
| Variable Rate |
|
5.75% pa |
5.91% pa* |
Home Equity Loan:
|
| Variable Rate |
|
7.05% pa |
7.10% pa* |
Residential Investment Loans: | Standard Variable Rate
(For loans approved and funded after 01.07.2003) |
|
6.50% pa
|
6.55% pa* |
| Variable Rate (For loans approved and funded prior to 01.07.2003) |
|
7.50% pa |
|
| | * For Housing and Residential Investment Loans the comparison rates are calculated on a loan amount of $150, 000 over a term of 25 years based on monthly repayments. These rates are for secured loans only.
WARNING: The comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. 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. | Consumer/Personal Loans: | | Variable Rate | |
15.50% pa |
15.85% pa* |
Motor Vehicle Personal Loans: | For purchase of a Motor Vehicle
Less than 4 years old and with 20% deposit
Variable Rate | |
9.25% pa |
9.32% pa* |
For purchase of a Motor Vehicle
Less than 4 years old | |
12.25% pa |
12.32% pa* |
* Comparison rate for Consumer/Personal Loans is calculated on a $10, 000 loan for a 3 year term based on monthly repayments. The comparison rates for Motor Vehicle Personal Loans are calculated on a $30, 000 loan for a 5 year term based on monthly repayments. These rates are applicable for secured and unsecured loans.
WARNING: The comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. 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. |
Share Market Loans:
For the purpose of shares
| | Variable Rate | |
12.95% pa |
|
Overdraft:
Continuing Credit Facility
| | Variable Rate | |
14.50% pa |
| A Comparison Rate Schedule is available at each Queensland Professional Credit Union Ltd branch.
| | Terms and Conditions are available on application and will be provided with the loan offer contract. Credit fees and charges apply, please refer to our Schedule of Fees and Charges. Loans subject to approval. |
Choosing a loan can be a complicated business.
While many lenders proudly advertise low interest rates, there are usually a lot more factors that need to be taken into account before you can be sure you have found a loan that best fits your needs.
What will the effect be when the advertised rate reverts to the standard rate? Are there any entry or exit fees? What are the up-front charges and ongoing fees?
From July 1 2003, new legislation has been introduced to make it easier to choose between loans.
Now, whenever a Home or Personal Loan Rate is given, it must be accompanied by a Comparison Rate which takes into account the costs associated with setting up a home loan e.g. nominal interest rates, loan establishment and other fees.
Of course it is always important to check for other features when comparing loans such as redraw facilities and repayment options.
How does the Comparison Rate Work?
The Comparison Rate shows the real cost of a loan.
It takes into account the costs of a loan such as interest rate, loan establishment fees and other ascertainable up-front or ongoing fees.
It excludes government fees and charges as they are common to all loans.
By using the Comparison Rates, borrowers can be sure they are looking at the different loan options on a level playing field and can make the decision that best suits their needs.
Comparison Rate Schedules:
Download Motor Vehicle and Personal/Consumer Comparison Rate Schedule (PDF)
Download Housing Comparison Rate Schedule (PDF)
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