We use cookies to provide you with the best possible online experience. Read more

A personal loan is a quick and easy way to help you reach your financial goals.

Examples of how personal loans can be used include, for a new car or motorbike, a holiday, to consolidate debts, to renovate your home, or for a significant life event.

If you decide that a personal loan is the right option for you, Newcastle Permanent has several options to choose from.

The two main types of personal loans

Secured personal loans have lower interest rates and repayments than an unsecured loan, because an asset is used as security. In the case you are unable to repay the loan, possession of the asset may be obtained to reconcile the debt owing. Acceptable assets include a car or a term deposit. 

For example, if you are borrowing money for a new car, you may be able to use the car as security against a default. This means the car could be sold to repay the loan, if necessary. 

An unsecured personal loan is a loan issued to you based only on your credit history and an assessment of your ability to repay the loan. 

This type of loan does not have the security of an asset and therefore attracts a higher interest rate and repayments than secured loans due to the added risk involved. 

Five steps to help you get a personal loan

You will need to meet the criteria below before applying for a personal loan with Newcastle Permanent:

  1. Be 18 years or older;
  2. Be a permanent Australian resident; 
  3. Reside in New South Wales, or be an existing Newcastle Permanent customer;
  4. Be employed or receive regular income;
  5. Have a good credit rating;
  6. Have not been declared bankrupt or be in the process of bankruptcy.

A personal loan is a great option to help you in the short term. You can use our Personal Loan Calculator to calculate how much you may be able to borrow based on your income and lifestyle. If your income isn’t enough to support the required repayments on the amount you’re applying for, we won’t be able to approve your loan.

If it appears you can’t borrow the amount you hoped for, or you think the repayments will be more than you’re comfortable with,  consider reducing the loan amount or extending the loan term to reduce the impact of the loan repayments on your cash flow. 

If you would like to talk to someone about your options, please call 13 19 87 or complete our online Enquiry Form.

You will also need a good credit rating to be approved for a personal loan. By paying your loans and credit card(s) on time you can contribute to establishing a good credit rating. 

Things that could negatively affect your credit rating include late payments, defaulting on payments, collection activities and defaulting on a loan.

Contributing regularly to your savings is another way to show that you are financially responsible and able to maintain a personal loan. 

If you can show that you can save a set amount of money every week or month, you’re also demonstrating that you are likely to be able to pay regular loan repayments.

A young couple putting their surfboards on car roofracks
Is a personal loan the right option for you?
Here’s some more information for you:
You should consider the Terms and Conditions. Fees and charges may apply.
~ For more information on Visa payWave, drop into your local branch, visit www.visa.com.au or call 13 19 87.
** Newcastle Permanent Visa Cards are accepted anywhere, where Visa is accepted worldwide.
Visa’s Zero Liability policy covers Australian and New Zealand issued cards and does not apply to ATM transactions, transactions not processed by Visa or certain commercial credit card transactions. The cardholder must notify their issuer promptly of any unauthorised Visa card use. Please consult your issuer for additional details.
`Not all internet, mobile, phone and SMS banking functionality is available across all channels.
® Registered to BPAY Pty. Ltd. ABN 69 079 137 518