Special Purpose Loans

Special purpose loans can be used for car finance, home renovations, overseas travel or a host of other purposes.

The maximum amount for "Special Purpose Loans" (SPL) is $30,000 per member or $40,000 per household.

Consideration to SPLs will only be given if the member(s) can answer YES to ALL of the following questions:-

• Do I own property with a substantial equity in that property?
• Is this loan to assist with any of the following:-

      • Purchase of new or late model vehicle, caravan, boat, etc?
      • Home renovations or improvements?
      • Approved investments?
      • Overseas travel?
      • Substantial medical procedures?
• Can I provide documentary proof to verify the purpose of the loan?

If you are eligible to apply you must complete a four page loan application and forward it together with copies of your pay advices, rates notice and, if applicable, copy of the last six months mortgage statement.

Interest rates for these loans are 11.90%, however, if you have been a member for ten continuous years the rate is reduced to 10.90%.

Frequently Asked Questions

2. If I am a joint owner of a property am I still eligible?
Yes, however, the other joint owners may be required to counter sign the contract making them equally liable for the loan.

3. Is there a minimum period of time that I must be a member to qualify?
No. There is no minimum period of time to be eligible for a Special Purpose Loan, however, approval is dependent on strict requirements including the ability to repay.

4. What are the interest rates?
The interest rate is determined by the amount of continuous years a member has been with APS Benefits. The standard rate is 11.90%, however, members with ten years or more continuous membership are rewarded with a 1% discount ie 10.90%.

5. Are there any application fees or additional charges?
The initial loan does not attract any application fees, however, if you already have a debt and are increasing this debt, a top up fee of $40 will apply. This fee may be added to your loan.

6. What is the maximum amount available?
The maximum available is $30,000.

7. Will these loans be secured or unsecured?
All loans will technically be unsecured, however, we will take an authority from you allowing us to lodge a caveat on your title if we deem it necessary. This is to protect the interests of the Society and also you, our members.

8. How do I apply?
Complete our four page application form which can be downloaded from our website and forward it with the other documentation required.

9. What other documentation is required?
In addition to the application form you will be required to provide:-
• Copies of your two latest pay advices.
• Copy of your latest rates notice confirming ownership.
• Copy of your latest home loan statement showing current debt and repayment history for the previous six months.
• Documentation of the proposed purchase/use.

10. How long will it take to obtain approval?
Once all the necessary documents are received approval can be expected within 48 hours and contracts dispatched shortly after. Once contracts are returned duly signed and witnessed the loan can be funded.

11. How can I repay this loan?
Loan repayments must either be made by allotment each fortnight from the member’s salary or by Direct Debit Request from the member’s bank account. These Direct Debit Requests can be made fortnightly or monthly.

12. What is the maximum term?
Maximum term for loans $11,000 to $30,000 is seven years.

13. If I am self-employed am I eligible?
Yes, however to support the application we would require the previous two years financial statements indicating that the loan can be serviced comfortably.

14. My partner is also a member. Can we each apply for $30,000?
No. The maximum debt for each household is $40,000.

15. I already have a loan. Can I still apply for a Special Purpose Loan?
Yes. Your current loan would be re-designated a Special Purpose Loan and therefore be entitled to a discount of 1%.

16. Can I top up my Special Purpose Loan?
Yes. However, we require that a substantial amount of the original loan is repaid (i.e. at least 20%) as these loans are not to be regarded as hard core debt.