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Aussie Personal Loans

 
 

Aussie is a general finance provider with a strong market position with young families and those with poor credit.

Founded in 1992, Aussie is now Australia’s leading non-bank retail financial services group.  They are represented in all the main cities in Australia including all the state capitals with a mixture of directly owned and franchised outlets.  As well as offering personal loans Aussie offers car loans, brokered mortgages, insurance and credit cards.

Aussie markets itself as being a very convenient loan provider, with an online personal loan application that takes 20 minutes.  They also market themselves as being very permissive on what the loan is used for, allowing it to be used for “any worthwhile purpose”. 

Unlike some other loan companies among the purposes that Aussie allows for personal loans is debt consolidation from smaller loans or credit cards.  This is sold as a practical alternative due to the single payments, lower interest rates and lower fees charged.

Although they claim to have flexible loans, they charge a variable penalty for early redemption of the loan.  The early redemption penalty is calculated according to how much of the loan is paid off early and how long the loan has left to run.  They advise borrowers who want to pay earlier to get a lower repayment term at the outset of the loan. 

Their repayment terms can be set from one to seven years.   Repayments are at fixed intervals that are set at the beginning of the loan, offering a choice of monthly, fortnightly or weekly repayments.  Borrowers need an operating current account as the only way of repayment is through Direct Debit.

There is no set maximum on the loan that can be advanced, although Aussie do enforce affordability criteria  which aims to cut on defaults and will limit the loans in practice.  Aussie’s minimum loan amount is $3,000.

As well as early repayment fees, Aussie charges a one off arrangement or establishment fee of $199, which their home loan customers can get waived.  They have monthly administration fees of $10 that last for the lifetime of the loan.  These fees are not incorporated into their advertised interest rates.

One of Aussie’s products is loan cover for their personal loans.  This won the Innovative Product of the Year Award in 2009 at the Australian Banking and Finance Magazine.  They have also won the Best Non-Bank Lender Award and Best Mortgage Broker Award at he same event. 


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