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
Best Match Guarantee
Best Match Guarantee
Australia's Money Matchmaker matching you with your best loans across multiple lenders
My matching process checks multiple lender rates at once, making it super fast to shop around.

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

More about how it works

Personal loans in Australia

Written by

Shaun McGowan

Consolidating 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.

Australia's Money Matchmaker matching you with your best loans across multiple lenders
The trick is finding the best personal loan with the lowest rates that is best suited to your requirements.

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 amountRepayments (8% interest)Repayments (12.5% interest)Repayments (16% interest)
$30,000 $140.38$155.75$168.36

Personal loan repayment comparison examples are calculated using weekly repayments with a fixed interest rate on a 5-year term. They do not include any fees that may be charged by a lender in addition to interest.

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.

employment history applicant

How lenders view credit history

Here is how your credit history can influence your ability to be approved.

credit history applicant
Australia's Money Matchmaker matching you with your best loans across multiple lenders
Money Tip: An unsecured personal loan doesn’t require any collateral - i.e. security such as your home or car - and can be used for almost any purpose.
Best Personal Loan Rates with Money Matchmaker

Find the best deal on personal loans


How 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 LenderBroker
Fees$0$0up to $990
Impact Credit ScoreNoYesNo
Multiple LendersYesNoYes
Number of QuotesUp to 1111-3
Time to Quote60 seconds1-5 minutes1-2 days
Phone call follow upsNoYesYes
Cost to applyNoYes Yes


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.

Find Personal Loans with Money Matchmaker


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.
Australia's Money Matchmaker matching you with your best loans across multiple lenders
Personal loan interest rates are advertised by the lender at the best, cheapest rate available, while the actual interest rate you’ll get is determined by your risk profile.

Fixed interest rate personal loans


  • 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


  • 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


  • Variable interest rates increase or decrease in relation to the market
  • Make extra repayments or repaying the loan early without incurring fees


  • 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


How 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.

Australia's Money Matchmaker matching you with your best loans across multiple lenders
Money Tip: If approval speed is important, you may wish to consider an online lender. Depending on the personal loan lender, approving your application can take anywhere from a few minutes to a couple of days.

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"

Money Matchmaker

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

Meet Plenti
  • No Early Repayment Fees
  • No Monthly Fees
  • Get Funds 24 Hours From Approval
Meet Wisr
  • Same day decisioning
  • No admin, early repayment or "risk" fees
  • Support from real people
Meet Fair Go
  • Build your credit score by making timely repayments
  • Once approved, loans are funded in minutes
  • Flexible repayments; weekly, fortnightly, monthly options
Meet Society One
  • No ongoing fees
  • No monthly fees
  • No Deposit Required
Meet Jacaranda
  • Apply in under 8 minutes
  • Once approved, cash transferred in 60 seconds
  • No early termination fees
Meet Money3
  • Pay your loan out early with no fees
  • Increase regular payments to suit your situation
  • Make extra repayments at any time
Meet Now Finance
  • Get a guaranteed, personalised rate in 2 minutes
  • Apply online in under 10 minutes
  • Weekly and fortnightly repayments
Meet Finance 1
  • Pay your loan out early with no fees
  • Change payment dates and frequency at any time
  • Make extra repayments at any time
Meet Alex
  • $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


About the Author

Shaun McGowan from



Shaun McGowan

Shaun is the founder of 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 and Lend.

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.


Money Pty Ltd,
Suite 3, Level 2,
1 Taylor Street,
Moorabbin, VIC, 3189 Australia


Money Pty Ltd trading as Money
ABN: 42 626 094 773
ACL: 528698
AFCA: 83955

© Copyright 2021 Money Ltd.


Money Pty Ltd (trading as provides information about credit products and is authorised to do so as the holder of Australian Credit Licence 528698. does not compare every Lender in Australia. We are not a broker or credit provider and when we provide information via this website, we are not providing you with a recommendation or suggestion about a particular credit product. When you apply for a credit product via the website, you are not applying with us, you are applying directly with a Lender Partner. Before entering into any credit product from one of our Lender Partners, you should confirm the rates and product information with the Lender. All information on this website is general advice only and does not take into account your objectives, financial situation or needs. You should consider whether this advice is right for you and we encourage you to seek independent financial advice.