Australia's Money Matchmaker™
Compare personal loan rates in 60 seconds
Get your best personal loan. Compare prequalified offers from 11 lenders. Apply with confidence.
- Comparison rates from 4.99% p.a*
- 100% free with no credit score impact
- No hidden fees or broker fees
Why Money Matchmaker™
- Receive real rate offers from 11 lenders
- No paid promotions
- No sales phone calls
- Your in control of your personal data
“Super quick, I got lots of offers. All I had to do was choose which one! I went with Wisr because they were the cheapest. Thanks” - Angela
Personal loans in Australia
Written by
Shaun McGowanConsolidating your debt? Finally renovating that bathroom? Replacing the car that never starts? Taking a trip somewhere (Covid free)? Marrying your partner? Or need to cover a medical bill?
The great thing about personal loans is that they could fund almost anything.
They are perfect when you need that little bit extra, or money now, to cover expenses, start that new project or get you back on track.
Getting the personal loan that best suits you
You can get a loan between $5000 to $100,000, although the average is around $20,000.
Loan terms can vary between 1 to 7 years, most commonly 3 years.
Other things you need to think about when taking out a loan are:
- Do you want to be able to make additional payments?
- Do you want the flexibility to pay your loan out early?
- Is the ability to redraw on your loan important?
To get the best personal loan, you'll want to get the lowest rate you can, with no fees and the loan features that are important to you.
Avoid Rate Shock
According to Society One, the most common reason for not continuing to get a loan is due to price shock. Price shock is when you expect to get the advertised rate, but instead due to your credit profile, you get a bigger rate. Money Matchmaker™ doesn't show you advertised rates, only real rates. So you never get a rate shock.
Apply for the right loan amount
Personal loans are there to assist you in the short term, not leave you with long term debt.
Lenders will work out your monthly surplus (what you have got left after you have paid all your expenses) to ensure you can meet the repayments.
If you are not able to meet the repayments comfortably, you can try reducing the amount or extending the loan term.
Personal loan comparison of repayments
| Personal loan amount | Repayments (8% interest) | Repayments (12.5% interest) | Repayments (16% interest) |
|---|---|---|---|
| $5,000 | $23.40 | $25.96 | $28.06 |
| $10,000 | $46.79 | $51.92 | $56.12 |
| $15,000 | $70.19 | $77.88 | $84.18 |
| $20,000 | $93.58 | $103.84 | $112.24 |
| $25,000 | $116.98 | $129.80 | $140.30 |
| $30,000 | $140.38 | $155.75 | $168.36 |
| $40,000 | $187.17 | $207.67 | $224.47 |
| $50,000 | $233.96 | $259.59 | $280.59 |
| $60,000 | $280.75 | $311.51 | $336.71 |
3 Tips for getting your personal loan approved
- Avoid applying with multiple lenders as it can impact your credit score.
- Know how much you can afford comfortably to repay by making a budget.
- Always ask the lender to communicate the single, total dollar amount of what the loan will cost.
What lenders are looking for
Lenders love boring, or should we say, consistency!
They love it if you've had the same job forever and have been at the same house since you first left home.
Here's an example of how your employment history can influence your approval.
How lenders view credit history
Here is how your credit history can influence your ability to be approved.
Find the best deal on personal loans
FIND YOUR LOANHow do I get the best personal loan?
You need to shop around and do a true personal loan comparison.
There are lots of lenders who can offer you a loan, based on you meeting their criteria. Many of these new lenders offer rates much better than the banks do for strong credit customers.
You need to compare the interest rates but also most importantly the fees. Look at the total cost of the loan over the term. That'll quickly tell you which one is best from a repayment perspective.
You also need to consider what loan features are important and what fees may arise if you were to pay your loan out early.
Once you have all the information, you'll be able to make a decision on what personal loan works best for you.
Comparing the best ways to get a personal loan
| Money Matchmaker™ | Direct with Lender | Broker | |
|---|---|---|---|
| Fees | $0 | $0 | up to $990 |
| Commission | No | No | Yes |
| Impact Credit Score | No | Yes | No |
| Multiple Lenders | Yes | No | Yes |
| Number of Quotes | Up to 11 | 1 | 1-3 |
| Time to Quote | 60 seconds | 1-5 minutes | 1-2 days |
| Phone call follow ups | No | Yes | Yes |
| Cost to apply | No | Yes | Yes |
PERSONAL LOAN RAPID FIRE QUESTIONS
Can I get a personal loan if I’m self-employed?
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. Read more about low-doc personal loans.
How fast is a personal loan approved?
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.
Can you buy a car with a personal loan?
Yes, but you should consider a specific car loan if the vehicle is less than 7 years old.
Can you use a personal loan for a business?
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.
BEST PERSONAL LOAN INTEREST RATES
Is a fixed or variable rate the best personal loan for me?
This depends on your circumstances and goals.
- If you plan to pay your loan off early, a variable rate will generally not include extra charges or fees when making additional, early repayments.
- If you plan on repaying the minimum amount over the loan term, a fixed interest rate may be better. Fixed rates are often a little lower, and they provide certainty that makes budgeting and meeting repayments easier.
Fixed interest rate personal loans
Pros
- Same interest rate for their entire term, or a set portion of the term.
- You know that your repayments will stay the same which makes budgeting easier
- You’re also protected against interest rate increases.
- Often lower interest rates
Cons
- You may be charged fees if you make extra repayments
- You may be charged a break fee if you pay your loan off earlier
- If market interest rates decrease, yours will stay the same and you may miss out on savings
- Fixed interest rates tend to have shorter loan terms
Variable interest rate personal loans
Pros
- Variable interest rates increase or decrease in relation to the market
- Make extra repayments or repaying the loan early without incurring fees
Cons
- Variable interest rates increase or decrease in relation to the market
- Your repayments could change at any time and, if market interest rates increase, you could end up paying more interest
Find the best deal on personal loans
FIND YOUR LOANHow 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 over $25,000 per year
The most important factor when gaining approval is to demonstrate your ability to meet the repayment schedule over the term of the loan.
The documents you'll need to supply
- Proof of identity — e.g. passport or driver licence
- Proof of income — e.g. payslips, bank statements
- Details of any current debts or other loans
You will need to provide personal identification and financial documents (usually your bank statements or recent payslips), as lenders will need to assess your financial stability and determine if you can service the loan amount.
Meet Money Matchmaker™
"Hey I’m Money Matchmaker™, I have a team of wizards making me super smart. I’ve been loaded up with all the information that lenders use, and when you take my quiz, I use your answers to check against all our lenders at once. I’m harmless, I don’t impact your credit score and I’ll show you the best loan matches I can with no brokers fees or annoying ads"
Can you help me get a loan anywhere in Australia?
With most personal loan providers, they operate across the country as the process is done 100% online and via the phone. Most 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.
Meet your Potential Personal Loan matches
- No Early Repayment Fees
- No Monthly Fees
- Get Funds 24 Hours From Approval
- Same day decisioning
- No admin, early repayment or "risk" fees
- Support from real people
- Build your credit score by making timely repayments
- Once approved, loans are funded in minutes
- Flexible repayments; weekly, fortnightly, monthly options
- No ongoing fees
- No monthly fees
- No Deposit Required
- Apply in under 8 minutes
- Once approved, cash transferred in 60 seconds
- No early termination fees
- Pay your loan out early with no fees
- Increase regular payments to suit your situation
- Make extra repayments at any time
- Get a guaranteed, personalised rate in 2 minutes
- Apply online in under 10 minutes
- Weekly and fortnightly repayments
- Pay your loan out early with no fees
- Change payment dates and frequency at any time
- Make extra repayments at any time
- $0 establishment fee: offer expires 8 DEC 2021
- $0 ongoing fees, early repayment fees, exit fees
- Multi Award winning and 100% digital
The right personal loan can save you $1,000s
FIND YOUR BEST LOANAbout the Author
Shaun
McGowan
Shaun McGowan
Shaun is the founder of Money.com.au and is determined to help people pay as little as possible for financial products. Through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.
Want to know more about Personal Loans?
Information about borrowing rates The rate advertised are comparison rates. See below for further information about comparison rates. Using our lender SocietyOne as an example Tier 1 borrowers will receive an interest rate between 5.95% - 10.49% p.a. (comparison rate 5.95% - 12.83% p.a.). Tier 2 borrowers will receive an interest rate between 9.99% -12.19% p.a. (comparison rate 12.05% - 15.03% p.a.). Tier 3 borrowers will receive an interest rate between 11.99% - 15.99% p.a. (comparison rate 14.37% - 18.62% p.a.). Tier 4 borrowers will receive an interest rate between 14.99% - 19.99% p.a. (comparison rate 18.41% - 21.70% p.a.). The maximum annual percentage rate (APR) interest rate is 19.99% p.a. (comparison rate 21.70% p.a.). An establishment fee applies for most borrowers. Personal loan example: for a borrower with excellent credit (Tier 1 borrower), a loan of $10,000 over a 3 year term, with an interest rate of 8.99% p.a. (comparison rate 12.32% p.a.) and a $495 establishment fee, the fortnightly repayment would be $154 and the total cost over the life of the loan (including the establishment fee) would be $12,013. SocietyOne personal loans are available for terms of 2, 3 and 5 years. Minimum loan term repayment period is 2 years, maximum loan term repayment period is 5 years.
*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.
