Frequently asked questions

Can I make additional payments or repay my loan early?

Yes, this can be done at anytime with no penalty or charge.

Can I redraw extra payments I make on my loan?

Yes, once you have registered you can redraw any deposits made to the loan in excess of your repayments provided your loan always remains one payment in advance. There is no fee and no minimum redraw amount.

Do I need to provide security?

In most cases no however, in some circumstances we may ask for security such as motor vehicle mortgage.

How do I make loan repayments?

You can choose weekly, fortnightly or monthly repayments by one the following methods:

  • Direct from your salary
  • Periodical payment from your S1 Everyday or S2 Bill Paying account
  • Phone or internet banking
  • Electronic transfer or deposit from another financial institution

How is interest calculated and when is it debited?

Interest is calculated on the daily reducible loan balance and debited on the last calendar day of the month.

How long does it take to apply and how fast can I get my loan?

Phone and online applications take approximately 10-15 minutes and you should receive conditional approval within 24 hours (weekdays). You will then need to provide confirmation of your employment and income and accept our letter of offer. Once received and contracts are signed, the funds will be disbursed according to conditions of your loan and your instructions. Loans can also be applied for at any of our offices or by completing and mailing or faxing the application.

How much can I borrow?

Use the loan calculators on this website to assist with this.

What is a Comparison rate?

All lenders must disclose a comparison rate in their loan advertising. The comparison rate is designed to reflect the total annual cost to a borrower of a loan. It includes the interest payment and fees and shows all costs in one rate, or the average annual percentage rate (AAPR).

Who can apply for a Personal loan?

You need to be 18 years of age or over and a UniBank member or eligible to become a member.

Will my interest rate be variable or fixed?

Our personal loans have a variable interest rate meaning the interest rate can go up or down during the term of the loan depending on how the overall economy is performing. We monitor this on a regular basis to ensure you always have a competitive interest rate.

How do I register for the redraw facility?

A registration form to complete is included with the loan documents you receive after approval of the loan. Once you return these forms and your loan is funded, we will register the facility for you. Also see Redraw information in the Manage your personal loan section on this website.

How do I pay the application fee?

When you submit your loan application we will ask for authorisation to debit the fee from your loan account on approval or from your savings account if you withdraw your application or let it lapse.

Can I increase my loan in the future?

Yes, you can apply to increase your personal loan. Any request is regarded as a new application and normal lending criteria applies.