On the 17th December 2022 we will increase the interest rate on Symple Variable Personal Loans that were opened before 10th May 2022.
Why are you increasing the interest rate?
Rate increases are a reflection of economic conditions. Over the last six months, the Reserve Bank of Australia has raised the cash rate, with the most recent increase in November 2022. .
Since the launch of the Symple Loans Variable Rate product in January 2019, and up until now, we have been able to hold the current interest rates, however, due to current market conditions, we have made the decision to increase the rate.
Will you be making further rate changes in the future?
We cannot advise whether future rate changes will be made. However, if they are required, we will make sure you are notified in writing before the change.
Can I switch to a fixed product?
We cannot transfer your variable loan product to a fixed rate personal loan.
However, you can apply for a new fixed rate loan and refinance the existing variable rate loan. If you decide to do this a new credit enquiry will be made and your application is subject to our lending criteria. You can find out more about the application process here.
I’ve got a direct debit set up. Do I need to change it?
You don’t need to do anything to amend your direct debit. If a change to your repayment amount is required, we will update it for you.
I can’t afford the rate increase – what do I do?
If you are having difficulty managing your repayments, you can find out more about our Hardship Care assistance here.
