Personal Loan secured by a fixed term deposit

Buying a car is an exciting step, and finding the right loan can make all the difference. Whether you’re after a lower rate with a car loan or the flexibility of a personal loan, it’s all about choosing what works best for you. We’re here to walk you through both options, so you can make a confident decision that suits your budget and lifestyle. Let’s explore the benefits of each and help you get on the road with the right finance solution.

A personal loan secured by a Fixed term deposit is a loan that uses your term deposit as collateral. You may be familiar with a secured car loan where the car is the collateral to secure the loan. In this case, your term deposit balance is your collateral. This option allows you to borrow money, with the added benefit of potentially earning interest on your term deposit.

This type of loan typically offers lower interest rates because it is less risky for lenders. The amount you can borrow is usually based on the value of your deposit.

Yes, you must have a Coastline Bank Fixed Term Deposit to take out a Coastline Bank Personal Loan secured with a Fixed Term Deposit. You can apply for both at the same time.

A personal loan secured with a fixed term deposit from Coastline Bank can be used for a variety of purposes, providing you with financial flexibility. Some of the most common uses include:

• Debt consolidation
  Combine multiple debts into a single loan by applying for a personal loan with a lower interest rate.
• Home improvements
  Fund renovations or repairs and enhance your living space.
• Medical expenses
  Cover unexpected medical bills or elective procedures.
• Appliances and furniture
  Get the funds you need to buy white goods, electronics, or furniture.
• Education
  Cover the kid’s school fees or invest in training to further your career.
• Travel expenses
  Pay for flights, holidays, tours and travel-related costs.

Before you apply for a loan, always consider your financial situation and how much you can realistically borrow.

A variable rate is a type of interest rate that goes up and down with market conditions. When you have a variable rate loan, the amount of interest you pay may vary during your loan term.

Interest rates are influenced by the cash rate, which the Reserve Bank of Australia sets. If the cash rate goes up, your interest rate may increase too, but if the cash rate is lowered, your rate (and the amount of interest you pay) might be reduced too.

When applying for a personal loan, we’ll ask for some information and documents to verify you and your income. This may include:

• Proof of Identity
  We’ll ask for some ID. This may be a combination of items, such as your Driver’s Licence, Passport, Medicare Card or Birth Certificate.
• Proof of income
  Gather your last 3 payslips or your most recent tax returns.
• Bank statements
  Please provide bank statements for the past 3 months.
• Proof of employment
  We’ll ask for some details of your employment and conduct an employment check.
• Other loans and debts
  We'll ask some questions about any existing debts you may have.

Having your documents ready will help streamline your online application process. Our secure verification is designed to be fast and easy.

Yes, at Coastline Bank, you can pay off your unsecured personal loan early without penalty. Early repayment can be a wise move as you’ll save money on interest costs.

After you submit your application and all the required documents, you can typically expect a response within 1-3 business days. If we need some additional information, it may take slightly longer. Once approved, you'll receive the funds within a few days.

We strive to make the process as smooth as possible. If you have any questions or wish to check the progress of your application, contact us, we’re happy to help.