Hiver launches personal and car loans for essential workers

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on March 02, 2022 Fact Checked
Hiver launches personal and car loans for essential workers

Digital-bank Hiver launched personal and car loans in an effort to put the needs of Australia's busy essential workers first.

Launched last year by one of Australia's largest customer-owned banks in Teachers Mutual Bank, digital bank Hiver has extended its product offerings beyond bank accounts to personal and car loans for essential workers.

Hiver currently offers customers 5% cashback for those who use the Visa debit card for essentials such as groceries, public transport and utility bills.

Hiver Chief Digital Bank Officer Carolyn Murphy said Hiver is focused on delivering convenient and innovative banking services that meet the needs of the Australians who have been on the frontline of the pandemic.

"Nurses, doctors, teachers, paramedics and police do so much for society, and they deserve a bank that understands them," Ms Murphy said.

Hiver customers looking to take out a personal or car loan can borrow between $4,000 and $50,000 unsecured, with the loan term ranging from six months to six years.

Flexibility is provided to essential workers including the option to make monthly, fortnightly or weekly repayments as well as no application or ongoing fees including monthly service fees. 

Hiver's loan offerings also include the options of unlimited additional repayments and fee-free redraw on variable rate loans.

Hiver says the application process can be completed within 15 minutes and an initial decision will be provided in less than 30 minutes once the application has been submitted.

Applicants who receive unconditional loan approval will be granted same day funding when their contracts are electronically accepted before 1:00PM AEST on business days - Monday to Friday. 

Applicants can upload supporting documents through Hiver’s secure message feature through the digital bank's app.

Hiver eligibility

To become a Hiver customer, membership eligibility applies. To meet eligibility requirements you must be an Australian citizen and fit into one of the following employment categories:

1. Employee in the Education sector:
• Pre-school, Primary or Secondary school
• A tertiary education institution such as TAFE or University

2. Employee in the Emergency Services sector:
• Firefighters
• Employee of a government Fire Service
• Employee of Air Services Australia in their fire and emergency services
• Police (state & federal)
• State Emergency Services (SES)
• Ambulance Services (including paramedics)

3. Employee in the Health sector:
• Nurses
• Midwives
• Doctors
• Pharmacists
• Health care administrators
• All other occupations employed in a health setting

4. Graduate of an Australian University

5. Student currently studying at an Australian University

6. Immediate family of Hiver members


In the market for a personal loan? The table below features unsecured personal loans with some of the lowest interest rates on the market.

Lender

FixedUnsecuredN/AMore details
CHECK YOUR RATE IN 2 MINUTES
  • No ongoing fees
  • No early exit charges
  • Apply online
CHECK YOUR RATE IN 2 MINUTES

Unsecured Loan (Excellent Credit)

  • No ongoing fees
  • No early exit charges
  • Apply online
FixedUnsecuredN/AMore details
APPLY ONLINE
  • No ongoing fees
  • No early exit charges
  • Apply online
APPLY ONLINE

Low Rate Personal Loan Unsecured (Excellent Credit)

  • No ongoing fees
  • No early exit charges
  • Apply online
FixedUnsecuredN/AMore details
FUNDING WITHIN 24 HOURS
  • 2-min rate estimate
  • Flexible repayments
  • No monthly, ongoing or early repayment fees
FUNDING WITHIN 24 HOURS

Liberty Personal Loan (Excellent Credit History)

  • 2-min rate estimate
  • Flexible repayments
  • No monthly, ongoing or early repayment fees

*Comparison rates based on a loan of $30,000 for a five-year loan term. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate, Rates correct as of August 11, 2022. View disclaimer.


Image by Hush Naidoo Jade Photography via Unsplash

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Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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