Lifestyle Loans - Frequently Asked Questions
What are the minimim and maximum amounts I can borrow?
- Minimum $500
- Maximum unsecured $5,000
- Maximum secured $250,000.
What if I have a previous poor credit history or I have no savings record?
All loan applications are considered on their merits, a previous poor credit history in the past may not be an impediment to having a a loan approved now.
What is an extend credit?
As you pay off your loan, the principle that is repaid becomes a credit facility that can be re-borrowed. An extend credit allows you to redraw up to the maximum amount of your existing loan without having to re apply for a new loan. Extend credits are not available on recruit loans commenced prior to April 2006. Click here to download the Extend Credit form.
The minimum extend credit is $100.00
Fees do apply - 1% fee on extend credits (to a maximum of $100.00) Note: these fees are being waived from 16/01/2012 until further notice!
Can I make bulk payments or set my repayments higher than the minimum?
Yes. you can repay at your own pace as long as the minimum payments in the agreement are met. To query this please call us on 0800 429 000.
Click here to download the Salary Deduction form, if you would like to increase your loan repayments directly from your salary.
Can I stop paying my loan while I am on Maternity Leave?
Yes. On receipt of your written application, loan repayments can be suspended or reduced for a period of up to 6 months.
Am I required to pay the loan in full with proceeds from my superannuation if I PERF, disengage or retire?
Not necessarily. In some cases, a part of your loan can remain - it depends on your plans and future income. Each case will be decided on its merits.
