Digital-bank Winter has launched personal and car loans in a bid to prioritize the needs of Australia’s busy essential workers.
Launched last year by one of Australia’s largest banks owned by customers of Teachers Mutual Bank, digital bank Winter has expanded its product offerings beyond bank accounts to personal and car loans for essential workers.
Winter is currently offering customers 5% cash back for those who use the Visa debit card for essentials such as groceries, public transportation and utility bills.
Carolyn Murphy, Director of Winter’s Digital Banking, said Winter is focused on providing convenient and innovative banking services that meet the needs of Australians who have been on the frontlines 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.
Winter customers looking for a personal or car loan can borrow between $4,000 and $50,000 unsecured, with loan terms ranging from six months to six years.
Flexibility is offered for essential workers, including the ability to make monthly, bi-monthly or weekly repayments, as well as no set-up or ongoing fees, including monthly service charges.
Winter loan offers also include the options of unlimited additional repayments and free withdrawals on variable rate loans.
Winter says the application process can be completed in 15 minutes and an initial decision will be made in less than 30 minutes once the application is submitted.
Applicants who receive unconditional loan approval will receive same-day funding when their contracts are electronically accepted by 1:00 p.m. AEST on business days – Monday through Friday.
Applicants can upload supporting documents via Winter’s secure messaging feature through the digital banking app.
To become a Winter customer, membership eligibility applies. To meet the eligibility criteria, you must be an Australian citizen and fall into one of the following employment categories:
1. Employed in the education sector:
• Kindergarten, primary or secondary school
• A higher education institution such as TAFE or University
2. Employee of the emergency services sector:
• Employee of a government fire department
• Employed by Air Services Australia in its fire and emergency services
• Police (state and federal)
• State Emergency Services (SES)
• Ambulance services (including paramedics)
3. Employed in the health sector:
• Health care administrators
• All other professions employed in a healthcare facility
4. Graduated from an Australian university
5. Student currently studying at an Australian university
6. Immediate Family of Winter Members
*Comparative rates based on a loan of $30,000 for a term of five years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate, rates correct as of April 2, 2022. See disclaimer.
Image by Hush Naidoo Jade Photography via Unsplash