You can borrow more with a Special Purpose Loan
The main benefit of a Special Purpose Loan is that you can borrow more. The maximum borrowing amount for APS Personal Loans is $15,000. With APS Special Purpose Loans, you can borrow up to $60,000 as an individual or $80,000 for households.
Interest rates are lower for a Special Purpose Loan
Interest rates for Special Purpose Loans are also lower compared to APS Personal Loans. This is because your property is used as security. See our current interest rates in the table below.
There are no monthly fees, no application fees and no penalty for early repayment. As a not-for-profit cooperative, we are focused on helping to pay your loan off as efficiently as possible without the added stress of fees!
Your loan is secured to your property
We can provide low interest rates for Special Purpose Loans because your loan is secured to your property. To be eligible for a Special Purpose Loan, you need to have your own property (residential or investment) with net equity of at least four times the amount of the loan that you are applying for. Learn more about eligibility for Special Purpose Loans here.
Do you have questions about our Special Purpose Loans?
Our team are here to help answer all of your questions – big and small! Get in touch to speak to one of our Loans Specialists.