Your overview before you apply
The calculation is based on your answers. It is illustrative: the lender decides whether to lend and at what rate.
Repayment at different rates
Interest rateMonthly repaymentTotal repayable
8.9 %––
13.9 %––
19.9 %––
Your spare budget
Left after costs and repayments
–
Highest amount at the chosen term and 13.9 %
–
Costs and current repayments
–
The repayment at 13.9 % fits your budget. Still keep a buffer for unexpected costs.
The repayment at 13.9 % is higher than what you have left. Try a smaller amount or a longer term.
After your costs and current repayments there is no room for a new repayment.
The loan type that suits your purpose
Car loan or personal loanA car loan secured on the vehicle is usually cheaper than an unsecured loan. Compare the interest rate, fees and total cost.Read more → Home loan top-up or a cheaper alternativeFor a larger renovation, adding to your home loan usually costs less than a personal loan. For smaller amounts, compare the alternatives first.Read more → Debt consolidationCombining debts pays off when the new rate is lower and the total amount repayable falls after all fees.Read more → Emergency loan or alternativeFor small, urgent amounts, look mainly at the total cost and fees, and check the cheaper alternatives first.Read more → StudyLink student loanCheck what you can get through a StudyLink student loan before looking at other borrowing.Read more → Personal loanYou can use the money for anything. Compare the interest rate, fees and total repayable with several lenders.Read more →What your credit history means
The best starting pointWith a clean credit file you can compare banks and other lenders and negotiate on the rate.
Paid defaultDefaults can stay on your credit file for five years, even after the debt is fully paid. Some lenders still assess your application individually.
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Unpaid defaultsLenders must check that a loan is affordable for you, and with unpaid defaults you will usually be declined. Be wary of offers that ask for a fee before paying out. Free budgeting help is available from MoneyTalks.
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Check your credit reportYou can request your credit report for free from Centrix, Equifax and Experian. They should deal with your request within 20 days.
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