Personal Loans
Flexible Personal Finance for the Things That Matter
A personal loan can provide access to funds for a range of eligible purposes, from debt consolidation and home improvements to travel, weddings and other major expenses. OCEAN Lending can help compare suitable options and explain the repayments, fees and loan features.
Understanding Personal Finance
What Is a Personal Loan?
A personal loan provides a set amount of money that is generally repaid by regular instalments over an agreed term. Depending on the lender and product, the loan may have a fixed or variable interest rate and may be secured or unsecured.
Personal loans can be useful when you need to fund a specific expense but do not want to use a credit card or redraw against a home loan. The right option depends on the purpose, amount, repayment period and your overall financial position.
OCEAN Lending can help you compare relevant personal-loan options and understand the total repayment commitment before you proceed.
Common Personal Loan Uses
What Can a Personal Loan Be Used For?
Personal loans can be used for many eligible purposes. The lender will usually want to understand how the funds will be used as part of the application.
Debt Consolidation
Combine eligible personal debts into one loan and one regular repayment where the structure makes financial sense.
Home Improvements
Finance selected repairs, upgrades or smaller renovation projects without necessarily refinancing your home loan.
Holidays & Travel
Fund an eligible holiday or travel expense with structured repayments over an agreed term.
Weddings & Special Events
Personal finance may be available for major personal occasions and selected event-related costs.
Recreational Assets
Finance may be available for selected recreational vehicles, boats and other eligible personal assets.
Other Major Expenses
Depending on the lender, personal loans can be considered for a range of other eligible one-off expenses.
Looking Beyond the Interest Rate
Compare the Full Cost of the Loan
The lowest advertised rate is not always the whole story. The repayment amount, establishment fees, ongoing fees, loan term, early repayment conditions and total amount repaid can all affect whether a personal loan suits your needs.
- Interest rate and comparison rate
- Application or establishment fees
- Monthly or annual fees
- Loan term and repayment frequency
- Fixed or variable rate structure
- Extra repayment options
- Early payout conditions
- Total cost over the life of the loan
Our Process
A Clear Personal Loan Process
Discuss the Purpose
We start with how much you need, what the funds are for and your preferred timeframe.
Review Your Position
We consider your income, expenses, existing debts and the information likely to be required.
Compare Options
Relevant loan options can be compared based on rate, fees, repayments, term and lender requirements.
Application Support
We help prepare and lodge the application and communicate with the lender throughout assessment.
Frequently Asked Questions
Personal Loan Questions
How much can I borrow with a personal loan?
The amount available depends on the lender, your income, expenses, existing commitments, credit assessment, loan purpose and overall financial position.
What is the difference between a secured and unsecured personal loan?
A secured loan uses an eligible asset as security for the loan, while an unsecured loan generally does not rely on a specific asset as collateral. Rates, terms and eligibility can differ between the two structures.
Can I use a personal loan to consolidate debt?
Potentially, yes. Debt consolidation can simplify multiple repayments, but the new interest rate, fees, loan term and total cost should be considered before proceeding.
Are personal loans always fixed rate?
No. Fixed and variable rate personal loans may be available, depending on the lender and product.
Can I make extra repayments?
Some personal loans allow additional repayments, while others can have restrictions or fees. The specific loan terms should be checked before you proceed.
Is personal loan approval guaranteed?
No. Approval is subject to lender eligibility, serviceability, credit assessment, verification and formal approval.
Thinking About a Personal Loan?
Book a conversation with OCEAN Lending to discuss what you are hoping to fund, the amount required and the personal-loan options that may be worth considering.
Email: scott@oceanlending.com.au
The information on this page is general in nature and does not take into account your objectives, financial situation or needs. Personal loan products, interest rates, comparison rates, fees, terms, security requirements and lending criteria vary between lenders and are subject to change. Finance is subject to lender assessment and approval. OCEAN Lending is a registered Trading Name of HBF Finance Pty Ltd. HBF Finance CCR No. 428493 of Buyers Choice Licensing Pty Ltd, ACL 509484. Scott Prosser CR No. 428685.