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.

UPDATE: Effective Saturday, 27 August 2022 the 5% cash back offer has been withdrawn from market for all new members who join from that date.

Existing Members who joined on or before 26 August 2022 will continue to enjoy 5% cash back until 5pm EST Wednesday, 7 September 2022 for everyday essential purchases.

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.

Update resultsUpdate
LenderCar LoanInterest Rate Comparison Rate* Monthly Repayment Interest Type Secured Type Early Exit Fee Ongoing Fee Upfront Fee Total Repayment Early Repayment Instant Approval Online Application TagsFeaturesLinkCompare
6.57% p.a.
7.19% p.a.
Featured Loan amounts from $2k to $75k
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
7.24% p.a.
7.24% p.a.
11.24% p.a.
12.29% p.a.
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of . View disclaimer.

Image by Hush Naidoo Jade Photography via Unsplash

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