Finty
Hume Bank

Hume Bank Commercially Secured Personal Loan

SecuredFixed rate

No matter if its home renovations or holidays, we offer personal loans with low fixed rates and free online redraw for all occasions

Written byDavid Boyd
Interest rate a year, from
8.49%
Comparison rate, from
8.70%
Establishment fee
$150
Monthly fee
Not published
Borrow
From $2,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 8.49%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$631
Total repayments
$22,725
Interest
$2,725

Loan details

Rates

Interest rate (a year)
8.49%
Comparison rate (a year)
8.70%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
From $2,000
Loan term
1 year to 5 years
Establishment fee
$150
Monthly fee
Not published

How it compares

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

Comparison rate

8.70%

From 8.70%. A typical loan starts at 8.63%.

Cost of $20,000 over 5 years

$4,764

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

Setup fee

$150

A typical setup fee is $250.

Longest term

5 years

7 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 8.49%, so the rate you see is the rate you get.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • 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

  • 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.