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Shop & Compare Personal Loans in 60 Seconds

  • Instant online quotes from top Australian lenders
  • Low finance rates tailored to you
  • Get your best deal

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Personal loans

Just some of the 30+ lenders we compare

Why compare personal loans with Money

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30+ Australian lenders to choose from

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Personalised rates

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No credit score impact

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$200 best match guarantee

Best personal loan interest rate comparison July 2024

Compare a selection of unsecured personal loan rates in Australia, with ranges based on the borrower's credit score and other factors.

Harmoney

Personal loan interest rate

5.76% p.a. - 24.03% p.a.

Comparison rate*

6.55% p.a. - 24.98% p.a.

Plenti

Personal loan interest rate

6.57% p.a. - 24.09% p.a.

Comparison rate*

6.57% p.a. - 26.28% p.a.

NOW Finance

Personal loan interest rate

6.75% p.a. - 26.95% p.a.

Comparison rate*

6.75% p.a. - 26.95% p.a.

Pepper Money

Personal loan interest rate

6.75% p.a. - 26.95% p.a.

Comparison rate*

6.75% p.a. - 26.95% p.a.

ING

Personal loan interest rate

6.89% p.a. - 18.99% p.a.

Comparison rate*

7.10% p.a. - 19.23% p.a.

Our Money Market (OMM)

Personal loan interest rate

6.57% p.a. - 18.99% p.a.

Comparison rate*

7.19% p.a. - 21.78% p.a.

Liberty Financial

Personal loan interest rate

7.24% p.a. - 19.99% p.a.

Comparison rate*

7.24% p.a. - 21.49% p.a.

Moneyplace

Personal loan interest rate

7.24% p.a. - 19.99% p.a.

Comparison rate*

7.24% p.a. - 21.49% p.a.

MoneyMe

Personal loan interest rate

6.74% p.a. - 24.49% p.a.

Comparison rate*

8.13% p.a. - 25.87% p.a.

ANZ

Personal loan interest rate

7.49% p.a. - 19.99% p.a.

Comparison rate*

8.18% p.a. - 20.58% p.a.

G&C Mutual Bank

Personal loan interest rate

7.99% p.a. - 16.99% p.a.

Comparison rate*

8.20% p.a. - 17.22% p.a.

Society One

Personal loan interest rate

8.20% p.a. - 24.89% p.a.

Comparison rate*

8.27% p.a. - 25.64% p.a.

Great Southern Bank

Personal loan interest rate

7.99% p.a. - 19.99% p.a.

Comparison rate*

8.31 % p.a. - 20.35% p.a.

Bank of Melbourne

Personal loan interest rate

7.49% p.a. - 20.59% p.a.

Comparison rate*

8.40% p.a. - 21.43% p.a.

BankSA

Personal loan interest rate

7.49% p.a. - 20.59% p.a.

Comparison rate*

8.40% p.a. - 21.43% p.a.

St.George Bank

Personal loan interest rate

7.49% p.a. - 20.59% p.a.

Comparison rate*

8.40% p.a. - 21.43% p.a.

Westpac

Personal loan interest rate

7.99% p.a. - 20.49% p.a.

Comparison rate*

9.18% p.a. - 21.61% p.a.

Wisr

Personal loan interest rate

8.49% p.a. - 23.29% p.a.

Comparison rate*

9.33% p.a. - 24.05% p.a.

NAB

Personal loan interest rate

8.49% p.a. - 20.49% p.a.

Comparison rate*

9.54% p.a. - 21.49% p.a.

Commbank

Personal loan interest rate

8.50% p.a. - 20.50% p.a. (fixed); 8.50% p.a. - 20.50% p.a. (variable)

Comparison rate*

9.89% p.a. - 21.79% p.a. (fixed); 9.89% p.a. - 21.79% p.a. (variable)

Latitude Financial

Personal loan interest rate

9.49% p.a. - 29.99% p.a.

Comparison rate*

10.93% p.a. - 31.83% p.a

Fair Go Finance

Personal loan interest rate

21.90% p.a. - 25.90%

Comparison rate*

28.71% p.a. - 33.80% p.a.

Jacaranda Finance

Personal loan interest rate

17.95% p.a. - 27.95% p.a.

Comparison rate*

32.40% p.a. - 42.80% p.a.

Personal loan interest rateComparison rate*

Harmoney

5.76% p.a. - 24.03% p.a.

6.55% p.a. - 24.98% p.a.

Plenti

6.57% p.a. - 24.09% p.a.

6.57% p.a. - 26.28% p.a.

NOW Finance

6.75% p.a. - 26.95% p.a.

6.75% p.a. - 26.95% p.a.

Pepper Money

6.75% p.a. - 26.95% p.a.

6.75% p.a. - 26.95% p.a.

ING

6.89% p.a. - 18.99% p.a.

7.10% p.a. - 19.23% p.a.

Our Money Market (OMM)

6.57% p.a. - 18.99% p.a.

7.19% p.a. - 21.78% p.a.

Liberty Financial

7.24% p.a. - 19.99% p.a.

7.24% p.a. - 21.49% p.a.

Moneyplace

7.24% p.a. - 19.99% p.a.

7.24% p.a. - 21.49% p.a.

MoneyMe

6.74% p.a. - 24.49% p.a.

8.13% p.a. - 25.87% p.a.

ANZ

7.49% p.a. - 19.99% p.a.

8.18% p.a. - 20.58% p.a.

G&C Mutual Bank

7.99% p.a. - 16.99% p.a.

8.20% p.a. - 17.22% p.a.

Society One

8.20% p.a. - 24.89% p.a.

8.27% p.a. - 25.64% p.a.

Great Southern Bank

7.99% p.a. - 19.99% p.a.

8.31 % p.a. - 20.35% p.a.

Bank of Melbourne

7.49% p.a. - 20.59% p.a.

8.40% p.a. - 21.43% p.a.

BankSA

7.49% p.a. - 20.59% p.a.

8.40% p.a. - 21.43% p.a.

St.George Bank

7.49% p.a. - 20.59% p.a.

8.40% p.a. - 21.43% p.a.

Westpac

7.99% p.a. - 20.49% p.a.

9.18% p.a. - 21.61% p.a.

Wisr

8.49% p.a. - 23.29% p.a.

9.33% p.a. - 24.05% p.a.

NAB

8.49% p.a. - 20.49% p.a.

9.54% p.a. - 21.49% p.a.

Commbank

8.50% p.a. - 20.50% p.a. (fixed); 8.50% p.a. - 20.50% p.a. (variable)

9.89% p.a. - 21.79% p.a. (fixed); 9.89% p.a. - 21.79% p.a. (variable)

Latitude Financial

9.49% p.a. - 29.99% p.a.

10.93% p.a. - 31.83% p.a

Fair Go Finance

21.90% p.a. - 25.90%

28.71% p.a. - 33.80% p.a.

Jacaranda Finance

17.95% p.a. - 27.95% p.a.

32.40% p.a. - 42.80% p.a.

Personal loan interest rate comparison based on products analysed by Money advertising a high and low interest rate range. The table is sorted by lowest comparison rate. Rates are current as of 1 July 2024. Check with the provider for full current loan details, including rates, fees, eligibility and terms and conditions. While this is an extensive list of personal loans available in Australia, not all loans in the market are shown. This list is for reference only and does not reflect the selection of loans you may see if you get a personalised quote through Money. *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.

Cheapest personal loans in Australia

  • Today, the lowest rate on an unsecured 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 5.66% p.a. ( comparison rate of 6.45% p.a.)

Of course, various factors can impact what YOUR interest rate will be.

  • According to Money data, the average personal loan interest rate actually quoted to borrowers is 13.87% p.a.

Your personal loan interest rate will be based on

  • Your credit score
  • The loan amount
  • The loan purpose
  • The loan term (duration)
  • Your income
  • Your age
  • Your employment status
  • Your living situation
  • Your dependants
  • Your other debts

What personal loan options are there?

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:

  • Borrow from $5,000 - $100,000 ($22,643 is the average personal loan amount requested, Money data shows)
  • Loan terms from 1 - 7 years
  • Weekly, fortnightly or monthly repayments
  • Fixed or variable interest rate
  • Interest rate tailored to you
  • Some loans allow for extra repayments and early payout

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 were the three most popular reasons to apply for a personal loan.

How to get the best personal loan for YOU

As financial products go, personal loans are fairly straightforward. Here are the top factors to consider when comparing them:

1

Interest rate

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.

2

Fees

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).

3

Comparison rate

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.

4

Loan term

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.

5

Early repayment possible?

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.

6

Your credit score

If your credit score is not in great shape, consider waiting until you have improved it. A low credit score will likely mean you need to pay a higher interest rate.

Best personal loan example

Shopping around for the best personal loan you can find could add up to thousands of dollars in interest saved...

Personal loan saving comparison

Am I eligible to get a personal loan?

You can apply for a personal loan in Australia if you are:

  • Over the age of 18; and
  • An Australian citizen or permanent resident; and
  • Employed or have a regular source of income that's enough to meet the repayments

What documents will you need?

You’ll need to provide ID and financial documents:

  • Passport or driver licence
  • Proof of income and expenses e.g. payslips, bank statements
  • Details of any current debts or other loans

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.

3 tips for getting your personal loan approved

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1. Check your credit score

This will give you an idea of where you stand and whether you’ll be eligible for a personal loan.

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2. Don't apply with multiple lenders

This could negatively impact your credit score. Instead, compare rates and then apply with the lender offering the best deal you qualify for.

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3. Don’t borrow more than you need

Applying for just what you need will help you to get approved and make the loan more affordable.

What kind of personal loan should you get?

As well as shopping personal loan rates between lenders, you'll also need to decide what kind of personal loan rate you want, fixed or variable.

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Fixed rate personal loans

This means you'll have the same interest rate for their entire term. Your repayments will stay the same which may make budgeting easier and you'll be protected from rate increases. However, there may fees if you make extra repayments or repay your loan early (for example, if you refinance your loan with another lender).

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Variable rate personal loans

The lender can change the interest rate at any time during the loan term. You could save if interest rates go down but your regular repayment amount could also increase if rates go up which could make it harder to budget. You generally have more flexibility to make extra repayments and repay the loan early without fees.

You may also have the option to choose between a secured and unsecured personal loan.

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Secured personal loan

You may be able to get a lower interest rate by offering up an asset to sure the loan. If you can't repay the loan, the lender may reclaim the asset to cover its costs. A car loan is the most common type of secured personal loan.

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Unsecured personal loan

Most personal loans are unsecured, meaning the borrower does not put up an asset to back the loan. Unsecured personal loans are more flexible, but tend to be come with higher interest rates.

How we help you find the best personal loan

Money can help you find the best deal you can on a personal loan in three simple steps:

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1. Let us know who you are and what you're looking for

A little bit of information goes a long way in helping us find the right loans for you.

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2. We securely analyse your data against each lender

This process finds the best loan offers that match your profile.

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3. Get matched

You'll see qualified personal loan offers showing your estimated repayments.

Ready to compare personal loans?

Get your best offers from multiple lenders. There's no obligation and checking your rates won't impact your credit score.

Personal loan guides & resources

Not sure about the next steps? Our guides and resources can help.

Personal loans FAQs

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

If you qualify, you can get a personal for more or less and legal purpose. Other common reasons people take out a personal loan in Australia include home renovations, putting in a pool, and vehicle repairs.

You generally can't use a personal loan for business expenses. Instead you can apply for a specific business loan which may be better suited - such as a chattel mortgage for business vehicles, or a business line of credit for ongoing expenses.

Most personal loan providers operate across the country and the process is done 100% online or via the phone.

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.

Sean Callery Editor Money.com.au

Written by

Sean Callery

Sean Callery is the Editor of Money.com.au. He has over 15 years of international experience. He is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821) and is compliant to provide general advice in Tier 1 General Insurance (RG 146) products.

Shaun McGowan Money.com.au founder

Reviewed by

Shaun McGowan

Shaun McGowan is the founder of Money.com.au. He's determined to help people and businesses pay as little as possible for financial products, through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.

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