Finty
Queensland Country Bank

Queensland Country Bank Personal Loan-Secured

SecuredVariable rate

Our secured personal loan might be just what you are looking for if you're looking to buy a used car, boat, caravan, motorcycle or any other worthwhile purchase.

Written byDavid Boyd
Interest rate a year, from
11.94%
Comparison rate, from
12.90%
Establishment fee
$150
Monthly fee
$10
Borrow
$1,000 to $150,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 11.94%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$674
Total repayments
$24,254
Interest and monthly fees
$4,254

Loan details

Rates

Interest rate (a year)
11.94%
Comparison rate (a year)
12.90%
Rate type
Variable
Security
Secured

Limits and fees

Loan amount
$1,000 to $150,000
Loan term
Not published
Establishment fee
$150
Monthly fee
$10

How it compares

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

Comparison rate

12.90%

From 12.90%. A typical loan starts at 8.63%.

Cost of $20,000 over 5 years

$7,407

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

Setup fee

$150

A typical setup fee is $250.

Monthly fee

$10

A typical monthly fee is $8.

Most you can borrow

$150,000

Typically you can borrow up to $100,000.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 11.94%, 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 higher starting rate. Its comparison rate starts at 12.90%, above the typical 8.63%, so it's likely to cost more than most similar loans unless you're offered less.
  • 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.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
  • A $40 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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