Backed by Latitude Financial Services — trusted by 2.6 million customer accounts across Australia and New Zealand for nearly a century.
What you need to know about this loan
- Loan amounts offered: From $2,000, with higher amounts available depending on individual financial circumstances
- Loan terms (monthly): 1 to 7 years (12–84 months)
- Payment methods: Weekly, fortnightly, or monthly direct debit repayments
- Interest rate: Secured loans 8.99%–28.99% p.a. · Unsecured loans 9.99%–29.99% p.a. (fixed or variable options)
Pros
- Fast rate check: Get a personalised rate estimate online in about 2 minutes with no impact to your credit score.
- Quick funding: Once your contract is signed, funds typically land in your account within 24 hours.
- Flexible repayments: Choose weekly, fortnightly, or monthly repayments, and switch between fixed and variable rates.
- No early repayment fees: Pay your loan off sooner without being penalised for it.
- Optional payment pause: Eligible new customers can defer their first 3 months of repayments.
Cons
- $240 establishment fee: Applies to every new Gem Personal Loan, on top of the interest rate.
- Wide rate range: Borrowers with lower credit scores could be offered rates as high as 28.99%–29.99% p.a.
Why Choose Gem for your loan?
Westpac’s standard personal loan sits around 13.90% p.a., while Gem’s fixed rate starts from just 8.99% p.a. for secured borrowers — a meaningful gap over a 7-year term.
ANZ’s unsecured personal loan rate hovers near 13.90% p.a., well above Gem’s 9.99% p.a. unsecured starting rate for well-qualified applicants.
ASB advertises debt consolidation loans from around 13.90% p.a. Gem’s rates start nearly 4 points lower, with no early repayment fee ever charged.
BNZ caps personal loans at $60,000. Gem offers more headroom for bigger plans, with terms stretching to 7 years and flexible repayment frequencies.
Heartland Bank’s rates run 13.95%–20.95% p.a., and it has stopped taking new unsecured loan customers. Gem remains open to both secured and unsecured applicants.
How to apply for your Gem Personal Loan
Ready to turn your plans into action? Check your personalised rate in under 2 minutes — it won’t affect your credit score, and there’s no obligation to proceed. From there, it’s just ID, proof of income, and a digital signature between you and funds in your account.