Discounted Personal Loan
Our Discounted Personal Loan is free of ongoing monthly fees, offers flexible loan terms and can be used to buy or refinance a new or used car, caravan or motorcycle at a great rate. We offer a discounted interest rate with our Green Car Loan option.
At a glance
- Fixed
- 6.49%6.84% comparison
- Loan size
- $20,000 to no maximum
- Upfront fee
- $250
How it compares
This personal loan in ink, against the best that every other institution publishes for anyone to apply for. Each figure is counted the same way for all of them.
| Rate | This personal loan | Best anywhere | Typical institution | Where it sits |
|---|---|---|---|---|
| Personal loanLowest advertised rate, fixed or variable, leaving out car loans | 6.49% | 5.80%Plenti Personal Loan | 7.96%of 68 institutions | 7th lowest of 68, level with 3 others |
| Fixed personal loanRepayments stay the same for the term | 6.49% | 5.80%Plenti Personal Loan | 7.96%of 42 institutions | 6th lowest of 42, level with 3 others |
Rates
Every rate People First Bank publishes for this personal loan, 2 in all.
| Type | Applies to | Term | Band | Rate | Comparison | Conditions |
|---|---|---|---|---|---|---|
| DiscountA Discounted Personal Loan (Green Car Loan) may be used to purchase or refinance a 'green' car (electric, hybrid electric or hydrogen) up to 7 years old and must secure the loan. | P&I | - | ≤1.5% LVR, $20,000–$120,000 | 0.50% | 6.34% | - |
| FixedA Discounted Personal Loan (Car Loan) may be used to purchase or refinance a car, caravan or motorcycle up to 10 years old and must be used as security. | P&I | 5 yrs fixed | ≤1.5% LVR, $20,000–$120,000 | 6.49% | 6.84% | - |
Fees
5 fees published, grouped by when they're charged.
When you take it out1
- Personal Loan Application Fee
Personal Loan Application Fee
$250
When particular things happen4
- Arrears Administration Fee 1
Payable if you fail to make repayments due under your credit contract and you do not pay an amount sufficient to clear all repayment arrears within 7 days of us notifying you that your account is in…
$25 - Arrears Administration Fee 2
Payable if you fail to make repayments due under your credit contract and your account remains in arrears for a period of 20 days or more.
$25 - Notice of Enforcement fee
Charged whenever an eforcement notice is issued in relation to a credit contract that is not secured by a mortgage over real property.
$25 - Preparation of Substitute Security$75
Features
- Repayments are contracted monthly, however flexibility to pay monthly, fortnightly, or weekly.
- Pre-Approval valid for 90 days
- No penalties for additional repayments or early payout
- Fixed for 5 years then reverts to a variable rate for remaining term up to 10 years.
- No monthly account keeping fees
Eligibility and limits
- Minimum age 18
- Residency: Permanent residents of Australia who reside in Australia at the time of membership application are eligible for membership, regardless of citizenship status.
- Available to individuals
- Amount from $20,000, no maximum
- Terms, conditions, fees, charges and lending criteria apply and are available on application
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Published by People First and Heritage Bank under the Consumer Data Right, last changed by them on 30 Oct 2026. Figures are shown as the institution publishes them and can change without notice; confirm on their site before applying. The Finance Algorithm earns nothing from any product listed here.