Refinance Personal Loan

Personalised Loan Shopping

See which lenders will give you the best personal loan refinance. Instant online results.


This is a totally free process and will not affect your credit rating.

Refinance Personal Loan
Fast, Stress free, No obligation

Here's how easy it is

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One smart-form

Simple & quick, we narrow down the lenders you're eligible for.

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Personalised rates

See multiple lender rates you actually qualify for, all at once.

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Checkout with confidence

After easily comparing, select the lender who best suits you.


Our mission (Money) is on a mission to enable Australian consumers to enjoy an online shopping experience for financial products, starting with personal loans.

We believe that by providing you with fair & transparent choice, we will achieve our mission, and help more Australians get better deals (more for your money).

Putting you first means:

  • We only show you loans you qualify for, ranked by the lowest repayment

  • We show you “apples with apples” loan comparisons (by simplifying & standardising information)

  • We do not accept paid endorsements or promote lenders based on commission.

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Compare personal loan rates

In the table below, the repayments are based on a $30,000 loan repaid over 5 years for an individual with excellent credit. To get your personalised rate for different amounts and terms, click 'Get your rate'.

Loan Terms
Interest Rates
Comparison Rates
Upfront Fees
Ongoing Fees
18 - 84 months 4.95% - 17.95% 4.95% - 17.95% $0 $0 $130 $33,800 Get your rate
6 - 84 months 6.39% - 17.89% 6.39% - 20.41% $0 $0 $135 $35,100 Get your rate
24 - 60 months 6.99% - 19.99% 6.99% - 21.56% From $0 $0 $137 $35,620 Get your rate
36 - 84 months 6.99% - 19.95% 7.55% - 20.89% From $475 $0 $139 $36,140 Get your rate

Representative example 1: Based on a loan with Now Finance for an amount of $30,000 over 5 years a borrower with an excellent credit history can expect to repay a total of $33,800. This represents a comparison rate of 4.95% p.a. and includes all interest and fees (there are no fees with Now Finance for a borrower with excellent credit) included in your loan repayments over the life of your loan. Interest rates vary subject to a full credit assessment.

Representative example 2: Based on a loan with a poor credit history with Wisr for a loan amount of $30,000 over 5 years a borrower can expect to repay a total of $49,435. This represents a comparison rate of 20.89% p.a. and includes all interest and fees (Fee breakdown - upfront fees of $525 and no ongoing fees) included in your loan repayments over the life of your loan. Interest rates vary subject to a full credit assessment.

Warning: For Personal Loans, the comparison rate is based on a $30,000 unsecured loan over 5 years; This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Key features of personal loan refinance:

  • Borrow from $2,000 to $100,000

  • Fixed or variable interest rates

  • Repayments to suit your budget

  • Terms from 1 to 7 years (most common is 3 years)

  • Secured & unsecured options

Who is eligible to refinance a personal loan?

  • Australian Permanent Residents (& some visa holders)

  • Must be over the age of 18

  • Earn a minimum of $25,000 a year

Learn more about personal loan refinance

Refinancing a personal loan

Refinancing a personal loan can be a great way to pay a lower total amount of interest and fewer fees or change your loan term. Before you refinance your loan, it’s important to understand the process and the costs involved.

Refinancing a personal loan is a process where you take out a new loan to pay off an old loan, usually with a different lender.

Generally, this is done to secure a better deal on the loan amount or consolidate debts into one simple loan. It's also an option to get better rates if you've previously agreed to a low-doc personal loan.

Whether you’re looking for the lowest rate, the lowest repayments, or just a personal loan without unnecessary fees, taking a few minutes to compare your available options can save you time and potentially hundreds or thousands of dollars over the lifetime of your loan. You can do that simply by using our smart-form.

Money Tip: No matter the reason for refinancing your personal loan, it’s always important to compare any new option you’re considering to your current loan to ensure the change will save you money and make your life easier.

How to refinance a personal loan

If you want to refinance a personal loan, the process is fairly straightforward. The most important aspect will be in taking your time to truly understand the costs of your existing debts, and an accurate comparison of any new loan and how you will benefit.

Here’s how to refinance your personal loan in 3 simple steps:

1. Compare personal loans

You should regularly review personal loan offers on the market, at least every six months. If a personal loan comes up that could save you time and/or money, you’ll spot it and be able to refinance. Focus on interest rates, fees and loan flexibility when comparing your loan to others.

The four types of fees you should be aware of when comparing lenders for a personal loan include:

  • Upfront costs - establishment fees and application fees

  • Ongoing fees - annual fees and monthly fees

  • Late payment fees - charged if you miss a payment

  • Extra repayment fees - charged if you make early repayments to reduce the amount of interest payable on the principal amount.

If you are using the smart-form to compare personalised loan offers and rates, the fees for each loan will be listed alongside the comparison rate on the results screen.

If you do not find any available offers to compare, you can work with a personal finance broker to assist in finding you a suitable deal and completing your application.

Brokers operate all across Australia — whether you need to refinance your personal loan in Sydney, Melbourne, Brisbane, Perth, Adelaide, Newcastle, or Canberra, you'll be able to find one who can help you assess a range of suitable options specific to your financial circumstances.

2. Cost-benefit analysis

If you find a loan you think might be more suited to you, work out what refinancing your personal loan may cost you and compare it to what it will save you. Make sure you know whether your existing loan and new loan have any of the following fees that may add to the cost of refinancing:

  • Break fees

  • Early exit fees

  • Discharge fees

  • Application fees

  • Loan establishment fees

3. Apply for the new personal loan

If you use our smart form and find a lender you want to apply with, you will be directed to the lender’s website and need to supply all documentation as you normally would when applying for a new persona loan, which may include:

  • 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.

Reasons to refinance a personal loan

You should always have a clear goal and a reason in mind before refinancing a personal loan. Here are some of the most common reasons for refinancing:

  • Lower rates — If you’ve had your personal loan for a while, chances are market rates have changed. If this is the case, you could secure a loan with low interest rates by refinancing.

  • Lower fees — It’s a good idea to regularly compare your personal loan fees to those of other comparable loans. If you find your fees are higher than others, refinancing could save you money.

  • Longer loan term — If you’d like a longer loan term and smaller monthly repayments, refinancing your personal loan could be a way to achieve this. But be careful — the longer your loan term, the more interest you’ll pay in total.

  • Higher credit limit — The easiest way to access more credit is usually to request it from your current lender. But if that doesn’t work, refinancing your personal loan may allow you to access a higher credit limit.

  • Better loan features — One reason to refinance your personal loan could be to secure a new loan with better features, such as lower fees or flexible repayments. The features must be suitable for your specific situation, such as saving you money and or making it easier to meet repayments.

  • Debt consolidation — If you have existing debt tied up in many different loans, refinancing to consolidate those debts could help you save money and simplify your repayments. Learn more about your options when refinancing to consolidate personal loan debt.

Personal loan refinance comparison

As an example, we’ve compared an existing personal loan with two refinancing options, each with five-year loan terms and $10,000 loan amounts.

Refinance personal loan example

Existing Loan
Refinance Option 1
Refinance Option 2
Upfront Fees
Monthly Fees
Monthly Repayments
Total Cost

Important: this is only an example for demonstrative purposes and does not reflect actual loan offers. Use our smart form to see the real rates you qualify for.

In this example, it may not be worth refinancing to option A because, despite its lower interest rate, the loan saves you less than $150 over five years due to high upfront and ongoing fees.

Personal loan refinancing option B on the other hand, has a higher interest rate but lower upfront and ongoing fees. This loan’s monthly repayment amount is $23 less than the existing loan and costs $1,256 less in total.

Summary icon


Refinancing a personal loan is the process of taking out a new loan to repay your existing personal loan. It can be a great way to switch to a new loan to save money, access new loan features, or consolidate debt.

However, refinancing isn’t right for everyone.

Before you refinance your personal loan you should always compare the total cost of any loan you choose to your current loan to make sure the switch saves you money and makes your life easier.

Once you’re approved and the funds are paid out, you’ll usually have to repay your other loans yourself, but in some cases, your new lender will settle the loans directly with your old lender.

How much money do you need?

Here are the most popular questions people are asking about refinancing personal loans:

Can I refinance my personal loan with the same lender?

In some cases, yes. While your lender will inevitably prefer to keep you on your current loan rather than give you a better deal, they may allow you to refinance your loan in order to keep your business. That’s why if you’re considering refinancing it may be a good idea to approach your current lender after you’ve shopped around to see if they’ll match the best deals you find.

Is a fixed or variable interest rate better for refinancing a personal loan?

Whether a fixed or variable interest rate is best for you will depend entirely on your circumstances. For more information visit our guide to personal loan interest rates.

Can I refinance my personal loan with an unsecured loan?

Yes, many lenders offer unsecured personal loans that are ideal for refinancing. Keep in mind these may have higher interest rates than secured loans.

When is the best time to refinance a personal loan?

The best time to refinance your personal loan will depend on the specific loan you have and your circumstances, but generally speaking, any time may be a good time to refinance your personal loan provided the change saves you money or makes your life easier. Just keep in mind that it’s best not to refinance too often as applying for credit frequently may negatively affect your credit history.