Personal Loans


What is a personal loan?


  • Is an agreed-upon amount of money you borrow from a bank or other financial institution Is an agreed-upon amount of money you borrow from a bank or other financial institution

  • Can be either secured or unsecured

  • Must be repaid over a set period of time, usually between one and seven years

  • Requires regular repayments – weekly, fortnightly or monthly

  • Can have a fixed or variable interest rate


How does a personal loan work?


After choosing which lender you’d like to borrow money from, you can apply for a personal loan. When applying for a personal loan, you’ll be asked if you want to apply for a secured or unsecured loan:


· Secured loans require you to offer an asset as collateral against the loan. Sometimes secured loans offer a lower interest, as the lender will be able to sell your asset in the event you’re unable to pay off the debt.


· Unsecured loans don't require collateral. Instead, you'll need to prove you can repay your loan and validate your credit score and your income - before your application will be approved.


Once your application is approved, your lender will make the funds available for you to draw down (withdraw the loan amount) or you lender may pay the vendor directly if purchasing an asset. Remember - you'll only start making repayments once you draw on the loan.


What can personal loans be used for?


A personal loan can supplement your income to help you pay for large expenses. Some common expenses include:

· Holidays
· Medical bills
· New car
· Home renovations


What should you consider before applying for a personal loan?


Like other financial commitments, there are a number of factors to consider before applying for a personal loan:

  • The term of the loan: This is the period during which you must repay the loan. For many lenders, the term is usually between one and seven years.

  • Interest rate: The interest rate determines how much interest you’ll pay each year for the duration of the loan. Interest is usually charged monthly and is incorporated into your repayment amount. You’ll also need to decide whether you want a fixed or variable interest rate. 

  • Repayment amount: This is the regular amount you’ll need to repay in order to pay off your loan, plus the interest charged, within the set time frame.



Personal loans can help bridge the gap between your savings and your savings goal. 



We can save you time by finding a loan that's suitable for you.



Heart Financial Advisers offers services in:


Townsville & Rockhampton

1300 861 143

Level 1, 25 Sturt Street, Townsville, Qld, 4810

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Stu Varidel and Your Choice Financial Planning Pty Ltd ABN 80124246877 trading as Heart Financial Advisers are authorised representatives of Sentry Financial Services Pty Ltd ABN 30 113 531 034 & AFSL 286786 (Provides financial advice services subject to the Australian Financial Services Licence 286786)


Amanda Varidel and Your Choice Mortgage Brokers Pty Ltd atf Halo Innovation Trust trading as Heart Mortgage Services - Australian Credit Licence 386437 (Provides credit & lending services under their credit licence 386437)

Sentry Financial Services Pty Ltd does not provide credit services.

Please contact us on 1300 861 143 if you are unsure of whether you are dealing with Heart Financial Services or Heart Mortgage Services.



The information contained or referred to on this website has been compiled for the convenience of our clients, looking for information about us and the services we provide both financial advice and credit services. We have taken all reasonable care in preparing and presenting this information, but we cannot warrant that it is complete and/or accurate in all respects or fully up to date. We are not responsible for any eventualities arising from the use of the information in this website for any purpose whatsoever.


General Advice Warning The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your Adviser before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Heart Financial Advisers and Heart Mortgage Services nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.