Finty
Broken Hill Bank

Broken Hill Bank L23 Cash Secured

SecuredVariable rate

Have An Existing Fixed Term Deposit Or Don't Want To Use Your Own Money? A Broken Hill Bank Cash Secured Loan Might Be For You.

Written byDavid Boyd
Interest rate a year, from
7.94%
Comparison rate, from
8.63%
Establishment fee
$20
Monthly fee
Not published
Borrow
From $2,000

Monthly repayment

$20,000 over 3 years

Apply now

What it would cost

At the lowest published rate of 7.94%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$626
Total repayments
$22,542
Interest
$2,542

Loan details

Rates

Interest rate (a year)
7.94%–10.75%
Comparison rate (a year)
8.63%–11.18%
Rate type
Variable
Security
Secured

Limits and fees

Loan amount
From $2,000
Loan term
Not published
Establishment fee
$20
Monthly fee
Not published

How it compares

Against the other secured personal loans we compare. Typical means the middle half of them.

Comparison rate

8.63%

From 8.63%. A typical loan starts at 8.63%.

Cost of $20,000 over 5 years

$4,317

Interest and fees at its starting rate. Typical is $4,624.

Setup fee

$20

A typical setup fee is $250.

Pros and cons

Pros

  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 7.94% to 10.75%, and only some people get the starting rate.
  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.

Similar loans

Secured loans from other lenders that start at a similar comparison rate.