Geelong Bank is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Therefore you must be a member of Geelong Bank to have a loan.
The minimum amount you can borrow is $1,000 for a Personal Loan (secured or unsecured). You may wish to consider a credit card for smaller amounts. The maximum amount you can borrow will depend upon your circumstances. Secured loans are dependent upon the security offered. In all circumstances our personal loans are limited by your ability to meet your repayments. Wish to calculate how much you could borrow? Use our Loan Calculator.
Our preferred method is via automatic payroll deduction. However, you can arrange to make your loan repayments either by payroll deduction, direct debit from your savings or transaction account with Geelong Bank or financial institution.
Statements are produced monthly. Duplicate statements can be requested at anytime from our office.
Account information including balances and statements are available through our internet banking services.
The security required will depend upon your individual circumstances. Examples of the type of security we may require are a mortgage over property and a Bill of Sale over an asset such as a motor vehicle. A fee is payable where this is required.
The best way to obtain peace of mind that your repayment obligations will be met in the case of accident, illness, disablement, involuntary unemployment or death is to take out insurance. A Lending Consultant will discuss this option with you.
By contributing any extra income to your loan, in addition to your usual repayments, you are able to pay off your loan sooner and could potentially save thousands of dollars in interest costs. We don’t charge a fee for early pay-out of your loan either.
Geelong Bank gives you the option of making extra repayments on your loan and then having the flexibility of being able to redraw on these extra repayments. The quicker you pay out your loan the more money you save in interest charges. We do not charge a fee for early repayment of your loan.