Personal lender Harmoney today cut the interest rate on its unsecured personal loans by 164 basis points, or 1.64%.
The advertised rate is now 5.35% per annum (comparison rate of 6.14% per annum *), and is intended for borrowers with an “Excellent” credit rating.
The minimum loan term is three years and the maximum term five; borrowers can borrow between $ 2,000 and $ 50,000.
For loans below $ 5,000, the start-up fee is $ 275 and $ 575 for loans over this amount.
There are no monthly account maintenance or prepayment fees, and borrowers can reimburse weekly, fortnightly or monthly.
A number of other Harmoney unsecured personal loans for a variety of credit ratings also ranged up to 570 basis points (5.70%).
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Looking for a personal loan? The table below shows personal loans with some of the lowest interest rates on the market.
Photo by Sergey Shmidt on Unsplash
The entire market was not taken into account in the selection of the above products. Instead, a smaller part of the market has been envisioned, which includes the retail products of at least the Big Four Banks, the Top 10 Customer-Owned Institutions and Australia’s largest non-banks:
- The big four banks are: ANZ, CBA, NAB and Westpac
- The top 10 institutions owned by clients are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management as of November 2019. They are (in descending order): Credit Union Australia, Newcastle Permanent , Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
- The largest non-bank lenders are those who (as of 2020) have more than $ 9 billion in loans and advances funded by Australia. These groups are: Resimac, Pepper, Liberty and Firstmac.
- If you click on a product link and are directed to a product or service provider’s web page, it is highly likely that a commercial relationship exists between that product or service provider and Savings.com .at
Products from some vendors may not be available in all states.
In the interest of full disclosure, Savings.com.au, Performance Drive, and Loans.com.au are part of the Firstmac group of companies. Find out more about how Savings.com.au manages potential conflicts of interest, as well as how we get paid, please click on the website links.
*the Comparison rate is based on a loan of $ 30,000 over 5 years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees, or other loan amounts may result in a different comparison rate.
