Better Start
Personal Loan

New Personal Loan customers can receive no repayments and no interest for the first 3 months on debt consolidation loans of $20,000 or more

How a Better Start Personal Loan works

This graphic shows you how a Better Start personal loan would work over an example loan term.

  1. icon-money-bundle
    Loan
    starts
  2. Up to month 3
    No repayments. No interest.
  3. icon-calendar-d3
    3rd
    Month
    After 3rd month repayments and interest begin
  4. Year
    1
  5. Year
    2
  6. Year
    3
  7. Loan term extends by 3 months
  8. icon-party-popper
    Loan
    ends
Check your rate

We’ll ask you a few quick questions about your circumstances and credit history to give you a personalised interest rate and repayment amount.

$
Get started
This won't affect your Credit Score

Get A Better Start

We want to help you take a break from your debts. For the first 3 months of your loan – no interest, no repayments. A chance to get on top of your finances.

But hey – if you choose to get ahead early, you can start paying down your loan within that 3-month period - without having to pay any interest. This will reduce the amount of interest you pay overall. Now that's what we like!

Our Better Start Personal Loan is for new personal loan customers borrowing $20,000 or more to consolidate debts.

Rates

secured
Fixed Rate
5.99
%
p.a.
^
to
21.99
%
p.a.
^
Comparison Rate
7.26
%
p.a.
*
to
23.15
%
p.a.
*
Unsecured
Fixed Rate
7.99
%
p.a.
^
to
22.99
%
p.a.
^
Comparison Rate
9.24
%
p.a.
*
to
24.15
%
p.a.
*

Fees & charges


Establishment Fee$250 for loans of $20,000 or more

Loan Service Fee$13 per month
Australia Post Payment Handling Fee$1.50
BPAY® Payment Handling Fee$1.50

Late Payment Fee:$35 In the event that you can’t make the minimum repayment by your agreed due date

Early Termination Fee:$300 within the first half of your loan term (inclusive of the 3 months no payment period)
$0 within the second half of your loan term

Personal loan
repayment calculator

What will my repayments be?

Let's calculate

How the debt consolidation
process works

  1. Let’s work out your debt
    This could include multiple credit cards and loans with other providers.
  2. Let’s apply
    Our application process is fast and easy, and you can check your interest rate before you apply. Let’s get started!
  3. Let’s handle your payments directly
    If approved, we get rid of the hassle and do all the hard work for you by:
    • Organising the consolidation of your debts
    • Paying your nominated credit providers directly
    • Closing off your nominated old accounts to avoid further debt
  4. Start making just one payment for all your debts
    Latitude will do all the organising to consolidate your debts, so you can breathe easier, take a break, and take control. All you need to do is pay down your loan, one easy-to-manage payment at a time. Now that’s better.

Let’s talk loan details

Fixed rateFor the life of the loan
Loan amountsFrom $20,000
RepaymentsDirect debit either weekly, fortnightly or monthly
WhenChoose the day of the week your repayments are deducted
Loan terms1 - 7 years, plus 3 months
Loan typesSecured and unsecured
Other benefitsExtra repayments accepted1

How to apply

  1. Check your interest rate online in 3 minutes without impacting your credit score.
  2. Apply online and receive a response in 60 seconds.
  3. Provide required documents, such as your payslips and identification documents.
  4. Accept and return your loan contract online.
  5. Obtain funds within 24-48 hours of us receiving your online acceptance.

Eligibility

You must:
  • Be a new Latitude Personal Loan customer
  • Be borrowing at least $20,000 for debt consolidation
  • Be a permanent resident of Australia, who is at least 18 years old
  • Be currently employed on a permanent basis and have a regular income
  • Be able to demonstrate a good credit history for the last 5 years
  • Be free from bankruptcy for the last 7 years
For secured loans at 5.99% p.a.^ and unsecured loans at 7.99% p.a.^ you must also:
  • Be a new Latitude Personal Loan customer

Better Start FAQs

Application and fees
  • I’m keen. How do I apply?

    To be eligible for a Better Start Personal Loan, you need to: <ul><li>Be a new Latitude Personal Loan customer and</li><li>Apply for a minimum of $20,000 for the purpose of debt consolidation</li></ul></br><a target='_self' href='https://quote.latitudefinancial.com.au/au?subType=betterStart'>Check your interest rate</a> and then apply online today.

    I’m keen. How do I apply?
  • I don’t need to consolidate debt. Can I use the Better Start offer for something else?

    The offer is currently only eligible to new Personal Loan Debt Consolidation customers. If you are interested in a Personal Loan for other reasons, visit our <a target='_blank' href='/loans/personal-loan/'>Personal Loans</a> page

    I don’t need to consolidate debt. Can I use the Better Start offer for something else?
  • Will I be charged any fees in the first 3 months?

    No repayments are required within the first 3 months and no interest will be charged. If you choose to make additional payments with either BPAY® or Australia Post, a payment handling fee applies. Should you decide to pay your loan out in full, within the first half of your loan term, an early termination fee will apply.

    Will I be charged any fees in the first 3 months?
Repayments
  • What’s the fine print on repayments? When do they start?

    You don’t need to pay any repayments or interest in the first 3 months. The first repayment is due and interest will be applied after the 3 month no payment period. And don’t worry - you will receive reminders via email and SMS when your first payment is due.

    What’s the fine print on repayments? When do they start?
  • Can I choose to start making repayments in the first 3 months?

    Yes. You may make payments within the first 3 months if you choose. This will reduce the amount of interest you pay overall.

    Can I choose to start making repayments in the first 3 months?
  • What if I pay my Better Start loan back early?

    An early termination fee may apply if you pay your loan out early: <ul><li>$300 within the first half of your loan term (inclusive of the 3 months no payment period)</li><li>$0 within the second half of your loan term</li></ul>

    What if I pay my Better Start loan back early?
Other details
  • Is a Better Start Loan term longer than a standard loan term?

    Yes. Your loan term will be extended by an extra 3 months - this is due to the 3 month no repayment and no interest period.

    Is a Better Start Loan term longer than a standard loan term?
  • How can I manage my loan?

    <ul><li>The <a href="https://www.latitudefinancial.com.au/mobile-app/" target="_blank">Latitude Mobile App</a></li><li>We send statements every 6 months</li><li>Contact our call centre on <a href="tel:132826">13 28 26</a> </li></ul>

    How can I manage my loan?

Important information

^ Approved customers only. Terms, conditions, fees and charges apply for Latitude Personal Loan. Terms, conditions, fees and charges apply for Latitude Car and Motor Loan. All applications are subject to lending and approval criteria.

Loan terms range from 1-7 years.

For Better Start Personal Loans the loan term is extended by an additional 3 months which represents the 3 month no interest and no repayment period.

Better Start Personal Loan is a promotional offer that ends 8th December 2021.

Latitude Personal Loan rates range from 5.99% p.a. to 21.99% p.a. for secured loans (comparison rates 7.26% p.a. to 23.15% p.a.) and 7.99% p.a. to 22.99% p.a. for unsecured loans (comparison rates 9.24% p.a. to 24.15% p.a.).

Latitude New and Used Car (Including Boat, Caravan, Motorbike and Commercial Vehicle) Loan rates are 5.99% p.a. and 9.99% p.a. (comparison rates 7.24% p.a. and 11.08% p.a.) and is available as a secured loan.

* The Comparison rate for the above products are based on $30,000 over 5 years.

WARNING: These comparison rates apply only to the example or examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

EXAMPLE: A personal loan of $30,000 borrowed for 5 years with an interest rate of 10.99% p.a. (12.21% p.a. comparison rate), would equate to a total amount payable of $40,233 (including a $250 establishment fee and $13 monthly loan servicing fees).

Results from the calculators should be used as an indication only, and they do not represent either a quote or pre-qualification or approval for a loan. The calculator should only be used as a guide to see how loan repayments can vary when you change the loan amount, interest rate and loan term. Fees and charges are payable and the calculators do not take these into account.

1 You can make additional payments at any time, however an early termination fee may apply if the loan is repaid within the first half of your loan term.