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Harmoney | |
---|---|
Personal loan interest rate | 5.76% p.a. to 24.03% p.a. |
Comparison rate* | 6.55% p.a. to 24.98% p.a. |
Plenti | |
Personal loan interest rate | 6.57% p.a. to 24.09% p.a. |
Comparison rate* | 6.57% p.a. to 26.28% p.a. |
NOW Finance | |
Personal loan interest rate | 6.75% p.a. to 26.95% p.a. |
Comparison rate* | 6.75% p.a. to 26.95% p.a. |
Pepper Money | |
Personal loan interest rate | 6.75% p.a. to 26.95% p.a. |
Comparison rate* | 6.75% p.a. to 26.95% p.a. |
ING | |
Personal loan interest rate | 6.89% p.a. to 18.99% p.a. |
Comparison rate* | 7.10% p.a. to 19.23% p.a. |
Our Money Market | |
Personal loan interest rate | 6.57% p.a. to 18.99% p.a. |
Comparison rate* | 7.19% p.a. to 21.78% p.a. |
Moneyplace | |
Personal loan interest rate | 7.24% p.a. to 19.99% p.a. |
Comparison rate* | 7.24% p.a. to 21.49% p.a. |
Liberty Financial | |
Personal loan interest rate | 7.24% p.a. to 19.99% p.a. |
Comparison rate* | 7.24% p.a. to 21.49% p.a. |
Bank of Melbourne | |
Personal loan interest rate | 6.89% p.a. to 19.99% p.a. |
Comparison rate* | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
BankSA | |
Personal loan interest rate | 6.89% p.a. to 19.99% p.a. |
Comparison rate* | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
St.George Bank | |
Personal loan interest rate | 6.89% p.a. to 19.99% p.a. |
Comparison rate* | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
Great Southern Bank | |
Personal loan interest rate | 7.49% p.a. to 19.99% p.a. |
Comparison rate* | 7.74 % p.a. to 20.27% p.a. |
NAB | |
Personal loan interest rate | 6.99% p.a. to 20.49% p.a. |
Comparison rate* | 7.91% p.a. to 21.33% p.a. |
ANZ | |
Personal loan interest rate | 7.49% p.a. to 19.99% p.a. |
Comparison rate* | 8.18% p.a. to 20.58% p.a. |
G&C Mutual Bank | |
Personal loan interest rate | 7.99% p.a. to 16.99% p.a. |
Comparison rate* | 8.20% p.a. to 17.22% p.a. |
Society One | |
Personal loan interest rate | 8.20% p.a. to 24.89% p.a. |
Comparison rate* | 8.27% p.a. to 25.64% p.a. |
Westpac | |
Personal loan interest rate | 7.99% p.a. to 20.49% p.a. |
Comparison rate* | 9.18% p.a. to 21.61% p.a. |
Wisr | |
Personal loan interest rate | 9.04% p.a. to 23.79% p.a. |
Comparison rate* | 9.88% p.a. to 24.56% p.a. |
Commbank | |
Personal loan interest rate | 8.49% p.a. to 20.49% p.a. (fixed); 8.00% p.a. to 20.00% p.a. (variable) |
Comparison rate* | 9.88% p.a. to 21.78% p.a. (fixed); 9.40% p.a. to 21.30% p.a. (variable) |
MoneyMe | |
Personal loan interest rate | 9.20% p.a. to 25.20% p.a. |
Comparison rate* | 10.58% p.a. to 26.58% p.a. |
Latitude Financial | |
Personal loan interest rate | 9.49% p.a. to 29.99% p.a. |
Comparison rate* | 10.93% p.a. to 31.83% p.a |
Fair Go Finance | |
Personal loan interest rate | 21.90% p.a. to 25.90% |
Comparison rate* | 27.54% p.a. to 33.80% p.a. |
Jacaranda Finance | |
Personal loan interest rate | 17.95% p.a. to 24.95% p.a. |
Comparison rate* | 32.40% p.a. to 39.63% p.a. |
Personal loan interest rate | Comparison rate* | |
---|---|---|
Harmoney | 5.76% p.a. to 24.03% p.a. | 6.55% p.a. to 24.98% p.a. |
Plenti | 6.57% p.a. to 24.09% p.a. | 6.57% p.a. to 26.28% p.a. |
NOW Finance | 6.75% p.a. to 26.95% p.a. | 6.75% p.a. to 26.95% p.a. |
Pepper Money | 6.75% p.a. to 26.95% p.a. | 6.75% p.a. to 26.95% p.a. |
ING | 6.89% p.a. to 18.99% p.a. | 7.10% p.a. to 19.23% p.a. |
Our Money Market | 6.57% p.a. to 18.99% p.a. | 7.19% p.a. to 21.78% p.a. |
Moneyplace | 7.24% p.a. to 19.99% p.a. | 7.24% p.a. to 21.49% p.a. |
Liberty Financial | 7.24% p.a. to 19.99% p.a. | 7.24% p.a. to 21.49% p.a. |
Bank of Melbourne | 6.89% p.a. to 19.99% p.a. | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
BankSA | 6.89% p.a. to 19.99% p.a. | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
St.George Bank | 6.89% p.a. to 19.99% p.a. | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
Great Southern Bank | 7.49% p.a. to 19.99% p.a. | 7.74 % p.a. to 20.27% p.a. |
NAB | 6.99% p.a. to 20.49% p.a. | 7.91% p.a. to 21.33% p.a. |
ANZ | 7.49% p.a. to 19.99% p.a. | 8.18% p.a. to 20.58% p.a. |
G&C Mutual Bank | 7.99% p.a. to 16.99% p.a. | 8.20% p.a. to 17.22% p.a. |
Society One | 8.20% p.a. to 24.89% p.a. | 8.27% p.a. to 25.64% p.a. |
Westpac | 7.99% p.a. to 20.49% p.a. | 9.18% p.a. to 21.61% p.a. |
Wisr | 9.04% p.a. to 23.79% p.a. | 9.88% p.a. to 24.56% p.a. |
Commbank | 8.49% p.a. to 20.49% p.a. (fixed); 8.00% p.a. to 20.00% p.a. (variable) | 9.88% p.a. to 21.78% p.a. (fixed); 9.40% p.a. to 21.30% p.a. (variable) |
MoneyMe | 9.20% p.a. to 25.20% p.a. | 10.58% p.a. to 26.58% p.a. |
Latitude Financial | 9.49% p.a. to 29.99% p.a. | 10.93% p.a. to 31.83% p.a |
Fair Go Finance | 21.90% p.a. to 25.90% | 27.54% p.a. to 33.80% p.a. |
Jacaranda Finance | 17.95% p.a. to 24.95% p.a. | 32.40% p.a. to 39.63% p.a. |
Compare your personalised interest rates
See what personal loan rates you actually qualify for by comparing multiple lenders at once.
GET STARTEDGET STARTEDToday, the lowest rate personal loan comes with a fixed interest and comparison rate starting at 5.76% p.a. (comparison rate 6.55% p.a.).
The lowest rate on a secured personal loan is the same at 5.66% p.a. with a comparison rate of 6.45% p.a.
Of course, various factors can impact what YOUR interest rate will be.
According to Money.com.au data, the average personal loan interest rate actually quoted to borrowers in 2023 is 13.87% p.a.
A personal loan allows you to borrow a set amount of money and repay it plus interest and fees over a fixed time period.
Here’s what to expect with a personal loan:
A personal loan can be used to fund more or less any kind of purchase or project. Our data shows debt consolidation, home renovations and funding a holiday are the three most popular reasons to apply for a personal loan in 2023.
Find the lowest interest rate you can. But remember, the personal loan interest rate a lender displays on its website probably won’t be the one you get. Your actual rate will be calculated based on your risk profile. Higher risk = higher rates.
These can really add up on some loans, but a lot of fees are avoidable. Look out for application fees, ongoing fees (monthly or annual), extra repayment fees and early payout fees (if you completely pay off the loan before the end of the term).
When comparing personal loan deals, always look at the comparison rate. This is a better reflection cost of the total loan cost per year based on interest and most fees.
A shorter term on your personal loan will save you money in interest. The catch? Your regular repayments will be higher. But if you can afford the repayments on a shorter term, it’s a big money saver.
Even if you opt for a longer loan term, you may still be able to repay the loan early to save money. You’ll need to make sure the loan you choose allows: extra repayments without penalty fees and early payout with no penalty.
You can apply for a personal loan in Australia if you are:
You’ll need to provide ID and financial documents:
Lenders need these to assess whether you can afford the repayments.
If you can’t provide standard documents a low doc personal loan could be a suitable alternative.
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GET STARTEDGET STARTEDThis really depends on your circumstances and goals. I've summarised the pros and cons below.
Of course, it’s important to consider what the actual rate is too. Getting the lowest rate you can, whether fixed or variable, is still important.
Pros
Cons
Pros
Cons
Personal loans can be secured or unsecured, depending on whether the loan is backed by an asset you own.
With a secured loan the lender can repossess the asset if you can’t make your repayments.
This means:
A car loan is the most common example of a secured personal loan.
If you’re looking for finance to buy a car, head over to our car loans guide.
You can also get secured finance to buy other types of vehicles including caravans, boats or motorcycles.
Shopping around for the right loan can save you thousands of dollars in interest and fees.
Get matched with these top Australian Lenders
Personal Loans guides and resources
The great thing about personal loans is they can fund almost anything. They are perfect when you need that bit extra to cover expenses, start a project or reset your finances to get back on track.
In simple terms, a higher credit score usually means a lower personal loan interest rate.
The calculation for the lender is that borrowers with a clean credit history are less risky.
Lenders value certainty, and having reliable borrowers is appealing.
So they offer lower rates to attract them.
An excellent credit score could get you one of the lowest personal loan interest rates on offer, between 6-9%.
A borrower with a bad credit score could pay interest of 15-20% or even higher.
So it can be worth improving your credit score before you apply.
Remember, though, your credit score is just one of the factors lenders consider when calculating personal loan interest rates for their customers.
Yes, but you’ll need to provide different documentation to lenders. In general, you will need to provide tax returns in place of employee payslips. Generally self-employed borrowers will need to apply for a low-doc personal loan.
Approval speeds vary between lenders. In general, banks have the slowest approval speeds, while online lenders can offer same-day (some even offer instant approval) approval.
Yes, but you should consider a specific secured car loan if the vehicle is less than 7 years old (the cut off can be higher with some lenders so it’s worth checking if the car you’re buying qualifies
Yes you can use a personal loan for business expenses. However, there are specific business loans which may be better suited - such as a chattel mortgage for business vehicles, or a business line of credit.
With most personal loan providers, they operate across the country as the process is done 100% online or via the phone.
Most lenders are located in the major capital cities like Perth, Sydney, Melbourne, Brisbane, Adelaide and Hobart and often have support staff in smaller towns.
All the lenders we work with all have Australian based teams. So rest assured, when arranging your loan you'll be working with a lender in Australia.
*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $10,000 over 3 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.