Finty
Central West Credit Union

Central West Credit Union Set-Off Loan

Variable rate

We want to help our members meet their goals, no matter what they are

Written byDavid Boyd
Interest rate a year, from
7.15%
Comparison rate, from
7.36%
Establishment fee
$150
Monthly fee
Not published
Borrow
Not published

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 7.15%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$619
Total repayments
$22,281
Interest
$2,281

Loan details

Rates

Interest rate (a year)
7.15%
Comparison rate (a year)
7.36%
Rate type
Variable
Security
Not published

Limits and fees

Loan amount
Not published
Loan term
Up to 7 years
Establishment fee
$150
Monthly fee
Not published

How it compares

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

Comparison rate

7.36%

From 7.36%. A typical loan starts at 10.14%.

Cost of $20,000 over 5 years

$3,996

Interest and fees at its starting rate. Typical is $5,513.

Setup fee

$150

A typical setup fee is $150.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 7.36%, below the typical 10.14%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • One rate for everyone. Everyone approved gets 7.15%, so the rate you see is the rate you get.
  • 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

  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.

Similar loans

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