Personal Loans

Whether you need upgrade your car, refinance an existing loan, or consolidate multiple debts to reduce your outgoings, a personal loan may be the solution you need.

Personal loans are a fast and convenient way to get things you want or to pay for things you need. You can generally obtain the required funds within 24-48 hours of lodging an application.

Some acceptable purposes for a personal loan include the following:

  • Motor vehicle purchase
  • Home improvements
  • Refinance another loan
  • Consolidate multiple loans and/or credit cards
  • Medical and dental procedures (even plastic surgery!)
  • Travel
  • Household furnishings
  • Education
  • Boats
  • Jet Ski’s
  • Weddings

Types of personal loans

The two types of personal loans Mortgage World Australia can help you with are:

  • Unsecured personal loans
  • Secured personal loans

Personal Loan Fast Find

Unsecured personal loan

Unsecured personal loan
  • A loan that requires no security
  • Loans of up to $50,000 available to eligible borrowers

Secured personal loan

Secured personal loan
  • A loan that requires security such as a motor vehicle
  • Generally offers cheaper interest rates than an unsecured personal loan

Frequently asked questions

Not sure? Have additional questions? Try here –

What interest rates do you offer on your personal loans?

Unlike home loans, the interest rates on personal loans are generally not “black and white”. The interest rate will depend on a number of factors such as whether security is offered, whether you own a property, how good is your credit history and how long have you been in your job. To obtain a rate quote please call us.

Why would I use a personal loan for home improvements? Shouldn’t I just borrow the money needed for the renovations using a home loan?

Normally it is advisable to use a home loan to fund home improvements. Obviously the interest rates are much lower on home loans when compared to personal loans. There are some situations where you may need to use a personal loan to conduct home improvements. These situations include:

  • You have borrowed 80% of the property value and borrowing more would mean you would have to pay lenders mortgage insurance. Mortgage insurance could cost you thousands of dollars. It may cost you less in interest to instead use a personal loan over a 5 year term than it would cost in mortgage insurance plus the interest on that mortgage insurance over the 30 year home loan term.
  • You have borrowed 100-105% of the purchase price with the help of a guarantor. In this instance you generally wouldn’t be able to increase your home loan so a personal loan would be required.

How quickly will the funds be available after my personal loan is approved?

Generally by the next day or no later than two workings days.

Is the interest rate fixed or variable?

Most personal loans have a fixed interest rate. This gives you certainty about what your ongoing repayment will be. There are a few lenders that offer variable rates but fixed rates are much more common and popular.

I have a default on my credit report. Can I get a personal loan?

Most lenders require a clean credit history. We do have options that will consider 1 small paid default with a telco or utility company. Unpaid defaults won’t be considered

Need help? Give us a call.

Why not give us a call, or send us an email and get a direct response from one of our finance experts. We’d be happy to give you a hand and help point you in the right direction.