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How we help you find the best personal loans

  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.

  2. Money Matchmaker® securely analyses your data against each lender. It finds the best loan offers that match your profile.

  3. Based on your situation, you'll see a range of qualified loan offers. Choose one and apply online today.

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Shopping around for the right loan can save you thousands of dollars in interest and fees.

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Best personal loan interest rate comparison February 2024

Compare a selection of personal loan interest rates in Australia, with ranges based on the borrower's credit score and other factors. As you can see, the difference between a lender’s lowest and highest rate can be massive. This is why it's important to get personalised quotes from multiple lenders. The table is sorted by lowest comparison rate.

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.

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.

Bank of Melbourne

Personal loan interest rate

6.89% p.a. to 19.99% p.a.

Comparison rate*

7.81% p.a. to 20.83% p.a.

BankSA

Personal loan interest rate

6.89% p.a. to 19.99% p.a.

Comparison rate*

.81% p.a. to 20.83% p.a.

St.George Bank

Personal loan interest rate

6.89% p.a. to 19.99% p.a.

Comparison rate*

7.81% p.a. to 20.83% 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

8.99% p.a. to 18.95% p.a.

Comparison rate*

9.83% p.a. to 18.87% 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 rateComparison 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.

Great Southern Bank

7.49% p.a. to 19.99% p.a.

7.74 % p.a. to 20.27% p.a.

Bank of Melbourne

6.89% p.a. to 19.99% p.a.

7.81% p.a. to 20.83% p.a.

BankSA

6.89% p.a. to 19.99% p.a.

.81% p.a. to 20.83% p.a.

St.George Bank

6.89% p.a. to 19.99% p.a.

7.81% p.a. to 20.83% 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

8.99% p.a. to 18.95% p.a.

9.83% p.a. to 18.87% 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.

Personal loan interest rate comparison based on products analysed by Money.com.au advertising a high and low interest rate range. Rates are current as of 3 February 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.com.au.

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Cheapest personal loans in Australia

Today, 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 is 13.87% p.a.

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 amount requested, Money.com.au personal loan data shows)
  • Loan terms from 1 - 7 years
  • Weekly, fortnightly or monthly repayments
  • Fixed or variable interest rate
  • Interest rate tailored to you

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 in 2023.

How to get the best personal loan for YOU

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

Personal loan 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.

Your personal loan interest rate will be based on:

  • Your credit score
  • The loan amount
  • The loan purpose
  • Your income
  • Your age
  • Your employment status
  • Living situation (renting/owner)
  • Your dependants (e.g. children)
  • Other debts

Best personal loan example

Personal loan saving comparison
How to qualify for a loan in Australia

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 you will need to provide to get a loan

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 (and saving money)

  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.
  2. Don't apply with multiple lenders at once. This could negatively impact your credit score.
  3. Don’t borrow more than you need: Borrowing just what you need will make the loan more affordable.
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BEST PERSONAL LOAN INTEREST RATES

Is a fixed or variable rate the best personal loan option?

This 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.

Fixed rate personal loans with Money Matchmaker

Fixed interest rate personal loans

Pros

  • Same interest rate for their entire term
  • Repayments will also stay the same which makes budgeting easier

Cons

  • There may fees if you make extra repayments or repay your loan early (for example, if you refinance the loan with another lender)
  • If interest rates decrease, you won't benefit
Variable rate loans with Money Matchmaker

Variable interest rate personal loans

Pros

  • Generally more flexibility to make extra repayments and repay the loan early without fees
  • You could save if interest rates go down

Cons

  • Your lender could raise the interest rate at any time
  • Your regular repayment amount could change too which could mess up your budget

Secured versus unsecured personal loans

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:

  • Secured personal loans are generally cheaper
  • But only certain purchases are eligible
  • Unsecured personal loans are more flexible
  • But you’ll typically pay more in interest and fees

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.

Personal loan 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

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.

Written by

Shaun McGowan Money.com.au founder

Loans Expert

Shaun McGowan

Reviewed by

Sean Callery Editor Money.com.au

Editor

Sean Callery

AS FEATURED IN

*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.