A furniture and white goods loan is a cash loan you can use to help cover the cost of essential household items, such as furnishings like beds and dining tables and large domestic appliances like fridges and washing machines. These loans can offer up to $5,000, providing quick access to cash if you need to buy or replace items in a hurry. Whether you’re moving into a new home or replacing outdated or faulty appliances, a furniture and white goods loan can make these larger purchases more manageable.
With Savvy's simple, streamlined application process, you can be approved in 60 seconds and have funds in your account in as little as an hour. Start your application now!
How much will my furniture and white goods loan cost?
When it comes to cash loans, there are two main factors that influence your total loan cost: how much you borrow and how long you take to repay it.
In Australia, loans up to $2,000 have an establishment fee up to 20% of the loan amount and a monthly fee of up to 4% of the loan amount, with a repayment period ranging from 16 days to 12 months. Loans from $2,001 to $5,000 have a different fee structure, with a maximum $400 establishment fee and an annual interest rate of up to 48% to be paid back over as long as 24 months.
Let’s look at an example to see how this works in action:
Stan wakes up to find his fridge-freezer has broken down. Without an immediate replacement, the food inside will thaw and spoil. He finds a store offering same-day delivery for a new fridge-freezer if he places his order by 1pm – however, a new model will set him back $1,000, money he doesn’t have to hand.
Stan decides to apply for a quick loan. The loan is approved and funded within a couple of hours, allowing him to get his new fridge that day. He then pays back the loan back in instalments. This is how much the loan would cost him in total depending on whether he paid it back over six months or a year:
|
Loan amount |
Loan term |
Establishment fee |
Monthly fee |
Fortnightly repayment |
Total cost |
|
$1,000 |
6 months |
$200 |
$40 |
$111 |
$1,440 |
|
$1,000 |
12 months |
$200 |
$40 |
$65 |
$1,680 |
If Stan chooses the shorter repayment period, he will have higher fortnightly repayments but pay less in total. This option could be ideal if Stan’s budget allows for higher payments, as it would save him money in the long run. However, if his finances are tighter, the larger repayments may put a strain on his cash flow.
On the other hand, if Stan opts for the longer repayment period, he will have smaller, more manageable fortnightly payments, but he will end up paying more overall. This could be a better option if he needs to prioritise affordability in the short term. Ultimately, the best option depends on Stan’s ability to repay the loan comfortably.
Why apply for a small loan with Savvy?
Cash loan eligibility and information
Eligibility
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Age
You must be at least 18 years of age
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Residency
You must be an Australian citizen, permanent resident or an eligible visa holder with a fixed residential address
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Employment
You must be employed on a permanent or casual basis
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Income
You must have a consistent income deposited into your bank account for at least the last 90 days
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Finances
You must be managing your existing financial commitments comfortably
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Contact
You must have an active phone number, email address and online bank account in your name
Documents
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Personal info
Your full name, date of birth, address and contact details
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Employment details
Your employment status and the name of your employer (if applicable)
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Banking
Online banking details and secure access to your bank statements
Small loans to suit your circumstances
Cash loan cost table
| Small (SACC) loans | Medium (MACC) loans | |
|---|---|---|
| Minimum loan amount | $100 | $2,001 |
| Maximum loan amount | $2,000 | $5,000 |
| Minimum loan term | 16 days | 16 days |
| Maximum loan term | 12 months | 24 months |
| Repayment schedule | Weekly, fortnightly or monthly | Weekly, fortnightly or monthly |
| Establishment fee | Up to 20% of your loan amount | Up to $400 |
| Interest | N/A | Up to 48.00% p.a. |
| Monthly fee | Up to 4% of your loan amount | Included in the 48.00% p.a. maximum |
| Example loan | $1,500 loan over six months repaid fortnightly
Costs: $1,500 (loan amount) + $300 (establishment fee) + $360 (4% fees over six months) Total cost: $2,160, repayable in instalments of $167 per fortnight |
$3,000 loan over 12 months repaid fortnightly
Costs: $3,000 (loan amount) + $400 (establishment fee) + $912 (total interest over 12 months) Total costs: $4,312, repayable in instalments of $166 per fortnight |
