Finty
Queensland Country Bank

Queensland Country Bank Personal Loan-Reno

Variable rate

Our Reno Loan is an easy cost effective way to finance improvements to your home, such as putting in a pool, or giving the kitchen or bathroom a makeover. A Reno Loan allows home improvements without the need to extend your home loan

Written byDavid Boyd
Interest rate a year, from
9.24%
Comparison rate, from
10.14%
Establishment fee
$150
Monthly fee
$10
Borrow
$3,000 to $60,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 9.24%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$648
Total repayments
$23,336
Interest and monthly fees
$3,336

Loan details

Rates

Interest rate (a year)
9.24%
Comparison rate (a year)
10.14%
Rate type
Variable
Security
Not published

Limits and fees

Loan amount
$3,000 to $60,000
Loan term
Not published
Establishment fee
$150
Monthly fee
$10

How it compares

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

Comparison rate

10.14%

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

Cost of $20,000 over 5 years

$5,800

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

Setup fee

$150

A typical setup fee is $150.

Monthly fee

$10

A typical monthly fee is $8.

Most you can borrow

$60,000

Typically you can borrow up to $60,000.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 9.24%, 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 $10 monthly fee. That adds $600 over 5 years, as well as the interest.
  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
  • A $40 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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