Good credit, bad rates?
HOMEOWNER
SPECIAL
Comparison rate*
7.99
%
p.a.
Variable interest rate
8.55
%
p.a.
up to 5
YEARS
Put your high interest debt where it belongs this January.
Australia's #1 finance service rated by customers
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Repay your cards up to 5X sooner
Credit cards can be a decades long debt trap because there is usually no fixed monthly repayments or minimum term...
new repayments
interest
saved
^CALCULATION ASSUMPTIONS
Credit Cards: Minimum credit card repayments of 2.5% of outstanding balance OR $20 (which ever is greatest). Credit Card Cutter: 7.99% p.a. interest rate (8.55% p.a. comparison rate) 1 to 5 years. Savings: Savings do not take into account credit card fees and charges of the Credit Card Cutter application fee.
Credit Card -v- Consolidate
Credit cards can look much the same as a personal loan. You borrow at an interest rate and repay over time. But there are four key differences which could be costing you time and a lot of money.
No fixed term
Credit cards don't have a fixed repayment term. This means you'll always have the temptation to draw your credit card right back up to the limit.
Reducing Repayment
Minimum repayments are calculated as a percentage of the outstanding balance (usually 2% or 2.5%). The result can mean 4 to 5 times more interest than a consolidation loan and decades longer to repay.
Access to the money
Unlike a personal loan which you need to redraw to spend, a credit card is sitting right there in your wallet, ready to spend.
It's like carrying a packet of cigarettes with you when you're trying to quit smoking.
Honeymoon deals
Credit cards offer "honeymoon" deals that sound like incredible value. We all plan to transfer the balance when the intro rate is over, but few of us ever do.
Taking control of your credit cards is easy with an unsecured consolidation loan and Parker Lane.
Repay up to 5X faster
Lower repayments
Save thousands
FLEXIBLE FEATURES
UNSECURED
Borrow $1,000 up to $30,000 without the need to secure against your home
ADDITIONAL PAYMENTS
Use your cash and savings to save interest and repay your loan sooner
REDRAW
Redraw additional funds paid when you want them. (redraw fee applies)
EARLY TERMINATION
Repay your loan and close your account at any time without penalty
PRINCIPLE & INTEREST
Use your cash and savings to save interest and repay your loan sooner
APPLICATION FEE
A low once off application fee which can be added to the loan at settlement
$0 ACCOUNT FEES
Use your cash and savings to save interest and repay your loan sooner
FLEXIBLE TERMS
Choose the repayments that suit you. Choose to repay your loan from 1 up to 5 years.
INCREDIBLE RATES
HOMEOWNER
SPECIAL
up to 5
YEARS
7.99
%
p.a.
Variable interest rate
8.55
%
p.a.
Comparison rate*
About the lender
A not-for-profit Customer Owned Banking Institution with a history of outperforming the major banks. Established in 1964.
NON HOMEOWNER
up to 5
YEARS
Variable interest rate
9.99
%
p.a.
10.56
%
p.a.
Comparison rate*
About the loan
An unsecured personal loan for the purposes of consolidating and cutting up your credit cards once and for all.
LOAN INFORMATION
Loan Details
General
-
No monthly account keeping fees -
Use your money your way by making extra repayments without penalty and redraw your money as you need it -
Pay your loan our early without penalty -
Borrow from $1,000 to $30,000 with loan terms from 1 to 5 years -
$10 membership fee applies (refunded on closure of account)
- Credit cards and store cads
-
Personal loans accepted on case-by-case bases
Fees and Charges
Additional fees may also apply. Please refer to your lender for a schedule of fees and charges.
-
New application fee $395 -
$0 monthly and $0 annual fees -
Redraw fees may apply -
$10 membership fee applies (refunded upon closure of account)
Eligibility
You can apply if you:
-
Are over 18 years of age -
Have a regular income -
Are not bankrupt -
Are an Australian citizen, a permanent resident or have an approved working Visa -
Have not had defaults on any Loans, Credit cards, Interest free finance or Store cards in the last 5 years -
Have been in your current job longer than 6 months
-
Your personal details, such as your current and previous address, phone number and email address -
Details of your income, employment, any assets (e.g. home, car or savings) and debts (mortgages, loans and credit cards) you currently have.
-
Full documentation applicants acceptable.
-
You or your spouse must be an owner of a residential owner occupied or investment property in Australia
Comparison Rate Explained
The comparison rate is ASIC's standard for comparing loans of $30K over 5 years. Comparison rates may not be the best way to compare the value of loan options which are for different amounts and terms.
Obsessed with Delivering
WOW Every Time
Hundreds of Australians speak to Parker Lane every month about ways to save money.
4.9
Out of 5
"Extremely well spoken, 100% Organised and Professional in conducting every step along the way"
Cam, Lonsdale SA | 14 Nov 2018
Talk to a qualified adviser
Schedule a 10 minute call with the team voted #1 in 2018 for satisfaction to complete your application.
Australia's #1 finance service rated by customers
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