What is a Balloon Payment?

A balloon payment is a lump sum amount you pay to a lender at the end of your loan, after all your regular monthly payments have been made. You may choose to add a balloon payment because it reduces your monthly repayments during the term of your loan. Give us a call to speak to one of our friendly finance specialists to discuss whether a balloon payment is right for you.

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* Your actual interest rate will be based on a number of factors, including the type and age of the asset you are seeking to purchase; the information you provide during your application and the term of the loan. This rate may be different from our lowest advertised rates. The Comparison Rate is calculated on a Secured Loan of $30,000 fixed for a term of 5 years, effective 01/11/2024 and subject to change. The Comparison Rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate.

Lender	Comparison Rate	Source

A comparison rate is a rate that helps you work out the true cost of a loan. It reduces to a single percentage figure the interest rate plus most fees and charges relating to a loan. The comparison rate allows you to compare loans from different lenders to find out how much it will cost you. Definition Source: www.moneysmart.gov.au

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