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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. |
Min-max loan amount | $2,000 - $70,000 |
Plenti | |
Personal loan interest rate | 6.57% p.a. - 24.09% p.a. |
Comparison rate* | 6.57% p.a. - 26.28% p.a. |
Min-max loan amount | $5,000 - $65,000 |
NOW Finance | |
Personal loan interest rate | 6.75% p.a. - 26.95% p.a. |
Comparison rate* | 6.75% p.a. - 26.95% p.a. |
Min-max loan amount | $5,000 - $50,000 |
Pepper Money | |
Personal loan interest rate | 6.75% p.a. - 26.95% p.a. |
Comparison rate* | 6.75% p.a. - 26.95% p.a. |
Min-max loan amount | $5,000 - $50,000 |
ING | |
Personal loan interest rate | 6.89% p.a. - 18.99% p.a. |
Comparison rate* | 7.10% p.a. - 19.23% p.a. |
Min-max loan amount | $5,000 - $60,000 |
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. |
Min-max loan amount | $2,001 - $75,000 |
Liberty Financial | |
Personal loan interest rate | 7.24% p.a. - 19.99% p.a. |
Comparison rate* | 7.24% p.a. - 21.49% p.a. |
Min-max loan amount | $5,000 - $80,000 |
Moneyplace | |
Personal loan interest rate | 7.24% p.a. - 19.99% p.a. |
Comparison rate* | 7.24% p.a. - 21.49% p.a. |
Min-max loan amount | $5,000 - $80,000 |
MoneyMe | |
Personal loan interest rate | 6.74% p.a. - 24.49% p.a. |
Comparison rate* | 8.13% p.a. - 25.87% p.a. |
Min-max loan amount | $5,000 - $50,000 |
ANZ | |
Personal loan interest rate | 7.49% p.a. - 19.99% p.a. |
Comparison rate* | 8.18% p.a. - 20.58% p.a. |
Min-max loan amount | $5,000 - $50,000 |
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. |
Min-max loan amount | $1,000 - $90,000 |
Society One | |
Personal loan interest rate | 8.20% p.a. - 24.89% p.a. |
Comparison rate* | 8.27% p.a. - 25.64% p.a. |
Min-max loan amount | $5,000 - $70,000 |
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. |
Min-max loan amount | $5,000 - $75,000 |
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. |
Min-max loan amount | $2,000 - $50,000 |
BankSA | |
Personal loan interest rate | 7.49% p.a. - 20.59% p.a. |
Comparison rate* | 8.40% p.a. - 21.43% p.a. |
Min-max loan amount | $2,000 - $50,000 |
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. |
Min-max loan amount | $2,000 - $50,000 |
EBP Money | |
Personal loan interest rate | 8.99% p.a. - 15.99% p.a. |
Comparison rate* | 8.99% p.a. - 17.85% p.a. |
Min-max loan amount | $5,000 - $25,000 |
Westpac | |
Personal loan interest rate | 7.99% p.a. - 20.49% p.a. |
Comparison rate* | 9.18% p.a. - 21.61% p.a. |
Min-max loan amount | $4,000 - $50,000 |
Wisr | |
Personal loan interest rate | 8.49% p.a. - 23.29% p.a. |
Comparison rate* | 9.33% p.a. - 24.05% p.a. |
Min-max loan amount | $5,000 - $62,000 |
NAB | |
Personal loan interest rate | 8.49% p.a. - 20.49% p.a. |
Comparison rate* | 9.54% p.a. - 21.49% p.a. |
Min-max loan amount | $5,000 - $55,000 |
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) |
Min-max loan amount | $4,000 - $50,000 |
Latitude Financial | |
Personal loan interest rate | 9.49% p.a. - 29.99% p.a. |
Comparison rate* | 10.93% p.a. - 31.83% p.a |
Min-max loan amount | $5,000+ |
Fair Go Finance | |
Personal loan interest rate | 21.90% p.a. - 25.90% |
Comparison rate* | 28.71% p.a. - 33.80% p.a. |
Min-max loan amount | Up to $10,000 |
Jacaranda Finance | |
Personal loan interest rate | 17.95% p.a. - 27.95% p.a. |
Comparison rate* | 32.40% p.a. - 42.80% p.a. |
Min-max loan amount | $3,000 - $25,000 |
| Personal loan interest rate | Comparison rate* | Min-max loan amount | |
|---|---|---|---|
Harmoney | 5.76% p.a. - 24.03% p.a. | 6.55% p.a. - 24.98% p.a. | $2,000 - $70,000 |
Plenti | 6.57% p.a. - 24.09% p.a. | 6.57% p.a. - 26.28% p.a. | $5,000 - $65,000 |
NOW Finance | 6.75% p.a. - 26.95% p.a. | 6.75% p.a. - 26.95% p.a. | $5,000 - $50,000 |
Pepper Money | 6.75% p.a. - 26.95% p.a. | 6.75% p.a. - 26.95% p.a. | $5,000 - $50,000 |
ING | 6.89% p.a. - 18.99% p.a. | 7.10% p.a. - 19.23% p.a. | $5,000 - $60,000 |
Our Money Market (OMM) | 6.57% p.a. - 18.99% p.a. | 7.19% p.a. - 21.78% p.a. | $2,001 - $75,000 |
Liberty Financial | 7.24% p.a. - 19.99% p.a. | 7.24% p.a. - 21.49% p.a. | $5,000 - $80,000 |
Moneyplace | 7.24% p.a. - 19.99% p.a. | 7.24% p.a. - 21.49% p.a. | $5,000 - $80,000 |
MoneyMe | 6.74% p.a. - 24.49% p.a. | 8.13% p.a. - 25.87% p.a. | $5,000 - $50,000 |
ANZ | 7.49% p.a. - 19.99% p.a. | 8.18% p.a. - 20.58% p.a. | $5,000 - $50,000 |
G&C Mutual Bank | 7.99% p.a. - 16.99% p.a. | 8.20% p.a. - 17.22% p.a. | $1,000 - $90,000 |
Society One | 8.20% p.a. - 24.89% p.a. | 8.27% p.a. - 25.64% p.a. | $5,000 - $70,000 |
Great Southern Bank | 7.99% p.a. - 19.99% p.a. | 8.31 % p.a. - 20.35% p.a. | $5,000 - $75,000 |
Bank of Melbourne | 7.49% p.a. - 20.59% p.a. | 8.40% p.a. - 21.43% p.a. | $2,000 - $50,000 |
BankSA | 7.49% p.a. - 20.59% p.a. | 8.40% p.a. - 21.43% p.a. | $2,000 - $50,000 |
St.George Bank | 7.49% p.a. - 20.59% p.a. | 8.40% p.a. - 21.43% p.a. | $2,000 - $50,000 |
EBP Money | 8.99% p.a. - 15.99% p.a. | 8.99% p.a. - 17.85% p.a. | $5,000 - $25,000 |
Westpac | 7.99% p.a. - 20.49% p.a. | 9.18% p.a. - 21.61% p.a. | $4,000 - $50,000 |
Wisr | 8.49% p.a. - 23.29% p.a. | 9.33% p.a. - 24.05% p.a. | $5,000 - $62,000 |
NAB | 8.49% p.a. - 20.49% p.a. | 9.54% p.a. - 21.49% p.a. | $5,000 - $55,000 |
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) | $4,000 - $50,000 |
Latitude Financial | 9.49% p.a. - 29.99% p.a. | 10.93% p.a. - 31.83% p.a | $5,000+ |
Fair Go Finance | 21.90% p.a. - 25.90% | 28.71% p.a. - 33.80% p.a. | Up to $10,000 |
Jacaranda Finance | 17.95% p.a. - 27.95% p.a. | 32.40% p.a. - 42.80% p.a. | $3,000 - $25,000 |
Personal loan interest rates in Australia
Today, the lowest interest rate on a personal loan in Australia is at 5.76% p.a. (comparison rate 6.55% p.a.). That's a fixed rate, unsecured personal loan. But the lowest rates can vary depending on the personal loan type:
- Lowest rate on a variable-rate personal loan: 7.49% p.a. ( comparison rate of 8.18% p.a.)
- Lowest rate on a secured personal loan: 5.66% p.a. ( comparison rate of 6.45% p.a.)
- Lowest rate on a green personal loan: 5.49% p.a. ( comparison rate of 5.49% p.a.)
The thing to be aware of is that very few borrowers will be eligible for the very lowest personal loan rates.
The average personal loan interest rate actually quoted to borrowers is 13.87% p.a., according to Money’s analysis of more than 10,000 personal loan requests.
Your personalised rate is calculated by lenders based on factors like your credit score. Personal loan rates also fluctuate over time across the market.
Personal loan interest rates by credit score
| Credit score range | Average personal loan interest rate |
|---|---|
853-1200 | 9.79% |
735-852 | 10.99% |
661-734 | 11.84% |
460-660 | 20.07% |
0-459 | 25.25% |
Cheapest personal loans in Australia
Shaun McGowan, Loans Expert
The cheapest personal loan is the one with the lowest overall cost to you. That means getting the lowest combination of interest and fees over the life of the loan, with the flexibility to repay the loan as quickly as possible by making extra repayments. The personal loan with the lowest advertised interest rate won’t always be the cheapest. Compare personalised rates and use a personal loan calculator to estimate your actual costs before choosing a loan.
Shaun McGowan, Loans Expert
What will your personal loan interest rate be based on?
1. Your credit score
The best personal loan interest rates are generally reserved for borrowers with the highest credit scores.
2. The loan amount
Higher loan amounts typically involve more risk for lenders, and can result in a higher interest rate.
3. The loan purpose
Some lenders charge higher rates if the loan purpose is deemed to be riskier. Debt consolidation loans are an example of a higher-risk personal loan purpose.
4. The loan term (duration)
Broadly speaking, our data suggests lenders offer cheaper personal loan rates on loans taken out over a longer period of time. The average rate on a five-year personal loan is 10.42% p.a., compared to 15.83% p.a. on a one-year term according to our analysis.
5. Your income
Our research consistently shows that higher income borrowers qualify for the lowest personal loan rates.
6. Your age
Our research clearly shows that younger borrowers pay a premium on their personal loan rate. Average rates gradually decrease the older the borrower is.
7. Your employment status
Full-time employees with a strong history in employment generally qualify for lower personal loan rates than part-time or casual workers.
8. Your living situation
Borrowers who own their own home are quoted cheaper personal loan rates on average than those who rent or live with parents. Homeowners with no mortgage get even cheaper rates on average than those with a home loan.
9. Your dependants
If you have dependents (e.g. children), you may pay a higher rate on your personal loan due to the impact on your expenses and the perceived greater risk this brings when lenders are calculating your rate.
10. Your other debts
If you have high levels of other debt (e.g. credit card debt), you will likely pay a higher rate than someone with lower levels of debt.
What are personal loans and what can you get?
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)
- Can be used to fund more or less any large purchase or expense
- Loan terms from 1 - 7 years
- Fixed or variable interest rate
- Interest rate tailored to you
- Weekly, fortnightly or monthly repayments
- Some loans allow for extra repayments and early payout
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) and whether you want to provide collateral (secured or unsecured).
Fixed rate personal loan
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 be fees if you make extra repayments or repay your loan early.
Variable rate personal loan
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 repayments could increase if rates go up. You generally have more flexibility to make extra repayments and repay the loan early without fees.
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.
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 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 personal loan 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.
7
Is the lender reputable?
Moneysmart advises watching out for loan offers that seem too good to be true, lenders offering no credit checks, loans that require an up-front deposit or your bank details, urgent offers that expire soon and unsolicited approaches. Always check that the lender you’re considering has a credit licence and is regulated by ASIC.
Best personal loan example
Shopping around for the best personal loan you can find could add up to thousands of dollars in interest saved...
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 high 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.
Tips for getting your personal loan approved
1. Check the eligibility criteria closely
Some lenders have age limits and a minimum income you must be earning. Your citizenship and residency status will matter too.
2. Check your credit score
This will give you an idea of where you stand and whether you’ll be eligible for a personal loan.
3. 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.
4. 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 are the most common personal loan purposes?
By far the most common reason people take out a personal loan in Australia is to purchase a vehicle (59% of all loans), according to the loan requests received by Money. However, for unsecured loans, the most common purposes are:
For unsecured loans, the most common purposes are:
- Debt consolidation (23%)
- Home improvement (6%)
- Medical/dental loans (3%)
- Loans for travel (2%)
The remaining loan requests were made up of a mixture of other purposes, such as loans for investing, paying for a wedding, and covering vehicle repairs and other large bills.
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:
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. We securely analyse your data against each lender
This process finds the best loan offers that match your profile.
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.
