Loans > Special Purpose Loans

Special Purpose Loans

Borrow up to $100,000 for your next project. This loan requires equity in property. 

Interest rate

Repayment calculator





per annum

Applicants who have a clean credit rating and have more than 50% equity in their property.


per annum

Applicants with a clean credit rating


per annum

Applicants whose credit rating is considered “credit-impaired”


Versatile use cases

Use this loan to renovate property, take a holiday, make an investment or pay for medical treatment.

A fixed rate for more control

Having a fixed rate for length of the loan means you know exactly what your repayments will be.

No early repayment fees

Pay off the loan whenever it suits you. No additional fees or maximums apply.

Fast tracked loan approval

If you’re eligible, you could have a loan approved in as little as 48 hours.

Repayment calculator

1. Choose an amount you might want to borrow, up to $100,000
2. Add the interest rate that applies to you
3. Add loan duration up to 7 years (84 months)






To meet the requirements for a special purpose loan, you must:

Own property

The loan request can’t be greater than 25% of the equity in your residential or investment property

Make ongoing repayments

Repayments can be made from your salary or direct debit from your bank account

Pass a third party credit rating

You must have a satisfactory credit rating with Equifax, a provider of credit information

Be up to date on all repayments

The loan will not be approved if you are in arrears with any of your other loans or you have been self-employed for less than one year

“Great to deal with. I don’t have the best credit history and Tony was happy to help when banks wouldn’t.”

“Always exceptional customer service. APS make the loan application process so easy and effortless.”

“Wonderful compared all the other lenders. They help you when life throws curve balls – tough times.”

We're here to help

Write to us


1300 131 809
8:30am to 5:00pm


Send us an email at

Drop in

440 William Street, West Melbourne VIC 3003, Australia 

Tips for managing your special purpose loan

APS members

What if I need more than a personal loan of $15,000?

At APS Benefits, members can apply for a Personal Loan up to the value of $15,000 or a Special Purpose Loan up to the value of $100,000.

approved for personal loan

Am I eligible for a Special Purpose Loan?

To get a Special Purpose Loan, you need to own property and have have net equity of at least four times the amount of the loan that you are applying for.

personal loans applying

Features and benefits of a Special Purpose Loan

The main benefit of a Special Purpose Loan is that you can borrow more: up to $100,000.


Do I need to be a property owner?

Yes, you must own either a residential or investment property to be eligible for a Special
Purpose Loan. Your equity must also be at least four times the amount of your loan.

Are there any fees involved?

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!

Can I pay off my loan early?

All our loans can be paid out whenever you like without penalty.

What purposes will the Special Purpose Loans be approved for?

Special Purpose Loans will generally be approved for items such as home renovations and approved investments, however, consideration will be given to purposes of a special nature. If you are unsure, get in touch with the team and we can chat about your application.

Are Special Purpose Loans secured or unsecured?

All loans will be unsecured, however, an authority to place a caveat on your property will be required and will be lodged if deemed warranted.

I already have a loan with APS, can I apply for a Special Purpose Loan?

Yes, you are welcome to apply for a Special Purpose Loan, however, please note that the
maximum debt that any one member may have with the APS Benefits Group is $60,000. If you
do have a current loan this will need to be paid out from the proceeds of the Special Purpose

I do not have a good credit history and have defaults listed, will I be eligible?

Yes, applications will be assessed on a case by case basis.

What happens if I can no longer afford my loan repayments?

If you can no longer afford your loan repayments, we ask that you contact the APS loans team to arrange an amicable repayment plan. If you are experiencing challenges that affect your ability to repay your loan, we will work with you to make necessary adjustments.

Can I take out a second loan, even if I already have one?

You can have multiple APS Car Loans, Caveat Loans and Home Loans. However, you can only
have one Personal Loan or Special Purpose Loan.


Comparison Rate Warning

Nominal & Comparison rates are identical. Top up fees are excluded from the comparison rate. The Everyday Loans interest rate is for an unsecured loan. The Special Purpose and Vehicle/Vessel Loans interest rates are for a secured loan. All interest rates subject to approval.

   Comparison rate schedule
   PDF • 301KB

   Print application form
   PDF • 1MB

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