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®

1
Personal loan rates from 11 lenders in 60 seconds with Money Matchmaker
Real rates, not click bait

Rate comparison websites show you a low rate that hardly anyone qualifies for. We show real loan rates based on matching you to lender rules.

2
Money Matchmaker is 100% free to use
No hidden fees or paid promotions

A broker can add up to $1000 to your loan. A rate comparison site gets as much as $50 per click to a lender, so they don't care if you get rejected. We only charge the lender and we only do that if you take out a loan through us.

3
Money Matchmaker puts you in control of your loan choices
No time wasting or sales calls

Googling options and applying to each lender wastes time and can affect your credit score. Using rate comparison sites often leads to annoying sales calls. We show you options in 60 seconds with no follow up calls.

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 to finding the best personal loan with the lowest rates was to visit lots of lender websites. Now, with Money.com.au you can check 11 lenders low rate personal loans (the loans you actually qualify for - not just the ones with the lowest advertised rates) within 60 seconds.
reasons people take a personal loan

How to get the best personal loan for 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 the best real rates you qualify for. So you never get a rate shock.

Avoid rate shock on loans with Money Matchmaker

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.

How lenders view servicing on loans

Personal loan rate comparison

Personal loan amountRepayments (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

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.

Get a free credit score check.

credit history applicant
Australia's Money Matchmaker matching you with your best loans across multiple lenders
Money Tip: Personal loans do not require any collateral - i.e. security such as your home or car - and can be used for almost any purpose.

Find the best rate on personal loans

FIND YOUR LOAN

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.

The three types of lenders in Australia

Comparing the best ways to get a personal loan

Money Matchmaker™Direct with LenderBroker

Fees

$0

$0

up to $990

Commission

No

No

Yes

Lowest Comparison Rate

Yes

Yes

No

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

Money Matchmaker™ is able to offer the lowest overall cost for personal loans via our Lender Panel because we do not charge you any fees, nor do we add any margin to the loan. We pass on the best available price and rate that the lender is able to offer directly to you.

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.

Be proactive about managing debt with Money Matchmaker

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.

Get approval on a new car loan in a matter of days with Money Matchmaker

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.

What kind of car will get you the best loan with Money Matchmaker

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.

Small business loans with Money Matchmaker

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.
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

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
Fixed rate personal loans with Money Matchmaker

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
Variable rate loans with Money Matchmaker

The Cheapest Personal Loan in Australia

Today, the lowest rate personal loan has an advertised variable rate of 3.99% for the purpose of home improvement.

This personal loan has a $195 application fee and a $10 monthly account keeping fee. This equates to a comparison rate of 4.99%.

Find the best deal on personal loans

FIND YOUR LOAN

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.

How to qualify for a loan in Australia
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.

What documents you will need to provide to get a loan

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.

Australia

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"

HOW IT WORKS
Money Matchmaker

Meet your potential personal loan matches

Meet Plenti
  • No Early Repayment Fees
  • No Monthly Fees
  • Get Funds 24 Hours From Approval
Meet OurMoneyMarket
  • No extra repayment or early exit fees
  • Funding approved in 24 hours
  • Up to $75,000 loan amount
Meet Society One
  • No ongoing fees
  • No monthly fees
  • No Deposit Required
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 Finance One
  • Pay your loan out early with no fees
  • Change payment dates and frequency at any time
  • Make extra repayments at any time
Meet Money3
  • Pay your loan out early with no fees
  • Increase regular payments to suit your situation
  • Make extra repayments at any time
Meet Jacaranda
  • Apply in under 8 minutes
  • Once approved, cash transferred in 60 seconds
  • No early termination fees
Meet Now Finance
  • Get a guaranteed, personalised rate in 2 minutes
  • Apply online in under 10 minutes
  • Weekly and fortnightly repayments
Meet Alex
  • $0 establishment fee
  • $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 LOAN

About the Author

Shaun McGowan from money.com.au

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.

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.

Address

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

Company

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

© Copyright 2021 Money Ltd.



Disclaimer

Money Pty Ltd (trading as Money.com.au) provides information about credit products and is authorised to do so as the holder of Australian Credit Licence 528698. Money.com.au 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 Money.com.au 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.