Variable Rate Personal Loans

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Variable Rate Personal Loans

If you are looking to take out a personal loan and are considering a variable rate then you’ve come to the right place to search, compare and apply for some of Australia’s best variable interest rates on offer.

A variable rate means that the rate is not fixed and that it may change with the movements of the cash rate set by the Reserve Bank of Australia. It’s a popular choice for [personal loans] in Australia but the only way to know if it’s the best option for you is by assessing your financial situation and repayments goals.

To get you started we have listed some advantages and disadvantages of variable rate personal loans:

Advantages of a variable rate

  • You’re interest rate reflects the current cash rate so if the Reserve Bank lowers interest rates, your lender can pass on the lower rate to you, which will decrease your repayments.
  • If you would like the option to make extra repayments and pay off the loan early, without the penalties that fixed rate loans can incur, then consider the flexibility of a variable rate loan.
  • A benefit of being able to make extra repayments and pay off the loan quicker is that it will shorten the total loan term, which means you pay less interest and save on the overall cost of the loan.

Disadvantages of a variable rate

  • It’s the yin and the yang of finance, if interest rates can fall they can also rise. If the Reserve Bank increases interest rates, you can expect your lender will kindly pass on the rate increase, which will in turn increase your required repayments.
  • A variable rate personal loan can make it harder for the budget conscience borrower that wants the stability of knowing their repayments won’t change. If there are interest rate changes it will affect your repayments. This is fine if the interest rates drop and lower your repayments but be prepared for an interest rate rise also.

Now that you’ve weighed up the pro’s and con’s you can start comparing some of Australia’s best variable rate personal loans below.

Updating your preferences
We found 22 products that match your search

Show: 10 All 22 Results

Company Product Advertised Rate Comparison Rate Application Fees Monthly Repayment Go To Site
Select up to 3 products to compare
bankmecu Home Improvements PL - Eco 8.14% Variable 9.17% $150 $314.01 Go to Site
IMB Personal Loan Secured 7.99% Fixed 9.19% $175 $313.32 Go to Site
SocietyOne Unsecured Personal Loan 9.80% Fixed 9.80% $0 $321.74 Go to Site
Gateway Credit Union Personal Loan 10.49% Variable 11.53% $149 $324.98 Go to Site
NRMA Car Loans Secured Personal Loan - Used Car 9.45% Fixed 11.97% $357.90 $320.10 Go to Site
RACV Secured Personal Loan 9.45% Fixed 11.97% $357.90 $320.10 Go to Site
St.George Bank Secured Fixed Personal Loan 9.99% Fixed 13.27% $195 $331.63 Go to Site
bankmecu Personal Loan 12.64% Variable 13.70% $150 $335.21 Go to Site
ME Bank Personal Loan Fxd 12.99% Fixed 14.05% $150 $336.90 Go to Site
Suncorp Bank Personal Loan-Unsecured 12.99% Fixed 15.27% $175 $341.90 Go to Site
nab Personal Ln Unsec Var 12.99% Variable 16.12% $150 $346.90 Go to Site
nab Personal Ln Unsec Fixed 12.99% Fixed 16.12% $150 $346.90 Go to Site
GE Money Personal Loan 11.99% Fixed 16.48% $250 $345.10 Go to Site
Aussie Unsecured Loan 12.99% Fixed 16.48% $199 $346.90 Go to Site
RACQ Personal Loan (Unsecured) 13.95% Fixed 16.53% $357.90 $341.54 Go to Site
RACV Unsecured Personal Loan 13.95% Fixed 16.53% $357.90 $341.54 Go to Site
ANZ Fixed Rate Personal Loan-Unsecured 13.95% Fixed 17.04% $150 $341.54 Go to Site
St.George Bank Unsecured Fixed Personal Loan 14.35% Fixed 17.59% $195 $352.48 Go to Site
360 Finance 360 All-in-One Loan 13.50% Fixed 17.64% $399 $345.36 Go to Site
ANZ Variable Rate Personal Loan-Unsec 14.69% Variable 17.78% $150 $345.14 Go to Site
Westpac Personal Loan Unsecured 14.39% Fixed 18.24% $250 $353.68 Go to Site
Suncorp Bank Personal Overdraft 16.75% Variable 19.81% $150 $355.29 Go to Site

Showing all 22 results

Show: 10 All 22 Results

Data last updated July 26th, 2014

Monthly repayments are indicative and based on advertised rate, loan amount and selected payment frequency over nominated loan term. Rates shown are minimum available and may vary depending on your individual circumstances and loan amount.

The comparison rate is based on secured credit of $10,000 and a term of 3 years. WARNING: The comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure here.