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Now showing 1 - 13 of 13 personal loans in Australia

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Company	Product	Advertised Rate	Comparison Rate	Monthly repayment	Upfront Fee	Features	Go to site
	Secured Fixed Low Rate (Excellent Credit Rating)	9.99% Fixed	11.24%	$968	$250	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
	Low Rate Personal Loan Secured (Excellent Credit)	8.00% Fixed	8.36%	$940	$250	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
	Personal Loan - Personal Loan special$100 establishment fee waiver when you have an active Orange Everyday at the time of application or request to open an Orange Everyday account	8.99% Fixed	9.13%	$954	$100	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
	Unsecured Personal Loan	Headline rate 12.69% Variable	13.57%	$1006	$150	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
	Unsecured Personal Loan (Excellent Credit) (3 Year Term)	From 6.99% Fixed	10.49%	$926	$500	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
	Unsecured Fixed Low Rate (Excellent Credit Rating)	10.99% Fixed	12.23%	$982	$250	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
	Unsecured Personal Loan - Diamond (Excellent Credit)	8.50% Fixed	9.36%	$947	$595	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
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	Secured Personal Loan	From 12.99% Fixed	14.22%	$1011	$250	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
	Discount Personal Loan	10.89% Variable	11.15%	$981	$175	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
	Unsecured Personal Loan	From 13.99% Fixed	15.21%	$1025	$250	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
	Unsecured Personal Loan - Platinum	11.50% Fixed	12.38%	$989	$595	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
	Unsecured Personal Loan special$0 Establishment Fee on new Westpac Unsecured Personal Loans. Special offer ends 30 September 2019. T&Cs apply	12.99% Fixed	14.15%	$1011	$250	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
	Unsecured Personal Loan Fixed	Headline rate 12.69% Fixed	13.57%	$1006	$150	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details

Include all personal loans products without View Now links

Data last updated on 24 Aug 2019

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Today's Top Personal Loans Products

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Secured Fixed Low Rate (Excellent Credit Rating)

9.99%

Fixed

11.24%

Can apply online

Low Rate Personal Loan Secured (Excellent Credit)

8.00%

Fixed

8.36%

No ongoing fees
Can apply online

Personal Loan

special$100 establishment fee waiver when you have an active Orange Everyday at the time of application or request to open an Orange Everyday account

8.99%

Fixed

9.13%

Unsecured Personal Loan

Headline rate

12.69%

Variable

13.57%

No early exit penalty
Can apply online
Can apply in branch
Available for 457 visa holders

It's not uncommon for Australians to find themselves in a position where they need some extra cash. You might want to consolidate high-interest debts, purchase a new car or renovate your home. Whatever the reason, there are options available for those who find themselves a little short.

“Where do I start though?” is the question that comes up frequently in relation to personal loans in Australia. The following guide might help clarify the process.

Choosing a personal loan in Australia

The first thing you'll need to do when you're looking at Australian personal loans is to figure out what exactly you want from your loan. Your loan’s purpose is important because lenders often assess your suitability for a personal loan based on what your loan purpose is. For example, some lenders are OK with you borrowing for a renovation, but not for a wedding.

How much to borrow

Before you apply for the loan, it's critical you figure out how much exactly you wish to borrow and, importantly, whether you will be able to repay that amount.

Once this has been decided, consider conducting research into the following:

The loan’s term: While spreading your repayments across several years could lead to smaller weekly or monthly repayments, this might also increase the amount of interest you pay overtime.

Your credit provider: Consider using ASIC professional registers search to check whether your lender is licensed.

Associated fees: Some loans involve various associated fees, which can be discussed with your lender.

Early exit fees: Some loans charge a fee if the total borrowed amount is repaid prior to the loan’s fixed term.

Secured vs unsecured

Both secured loans and unsecured loans in Australia have associated benefits as well as risks, so the type of personal loan most suited to your situation will depend on your purpose for applying for a loan.

A secured loan refers to a loan which is tied to an asset. Most commonly offered for assets such as cars and homes, secured loans are generally granted on the premise that the associated assets act as a guarantee, thereby giving the lender the ability to reposes the asset and sell it to obtain the amount owing if you default on your loan. This reduces the risk factor for the lender, which is why you might find that the interest rates associated with secured loans can be lower than those associated with the alternative—unsecured loans.

Unsecured loans are loans which do not require security on the borrower’s part. Such loans are generally granted for smaller amounts than secure loans, for personal discretionary purposes such as renovations, travel or medical bills. Some lenders might allow you to nominate family members to act as guarantors for unsecured loans, thereby reducing the risk associated with the loan for the lender.

All about interest rates

Once you’ve decided on a type of loan, the next step is to examine the associated interest rates and work out whether repayments are affordable for you. Interest rates on personal loans in Australia can vary significantly, so it's important to find a personal loan that offers all your essential features, without costing you too much each month in interest. The higher the interest rate, the more you will have to repay on top of the amount borrowed in the long run.

When researching personal loans, you will come across two main types of interest rate – fixed interest rates and variable interest rates.

Opting for a personal loan with a fixed interest rate can be beneficial as the rate will remain the same for the duration of the personal loan, regardless of market rates. That being said, if market rates happen to drop, you will still be bound to the fixed interest rate you agreed to.

Variable interest rates, on the other hand, fluctuate with market rates. While they do leave you with the risk of having to adhere to a very high interest if market rates increase significantly, they will also allow you to benefit from a lower rate if market rates drop.

Are personal loans regulated?

The short answer the that question is yes. The National Credit Act sets the rules for providers and consumers of credit, including personal loans in Australia.

According to ASIC, “Anyone who wants to engage in credit activities (including lenders, lessors and brokers) must be licensed with ASIC or be a representative of someone who is licensed (that is, they must either have their own licence or come under the umbrella of another licensee as an authorised credit representative or employee).” The law also specifies that credit providers should not enter into contracts which are unsuitable – the borrower’s financial situation and ability to meet repayment requirements must be assessed by the lender prior to entering into the contract. The law also sets parameters for fees and charges allowed on personal loans in Australia.

Applying for a personal loan in Australia

How easy it is to apply for a personal loan in Australia could depend on your finances and the type of personal loan you are hoping to get approved. Your lender of choice might have personal loan options which suit your needs. Doing your research before committing to a personal loan could assist you to obtain the best financial outcome. Make sure to check out RateCity’s personal loan comparison page when researching potential loans and lenders.

Once you decide on a lender and loan amount, approaching the lender with your questions and specification is the next step to take. Most lenders will require you to produce certain documents prior to granting approval, so ensure you have access to these to make the process as fast as possible.

Another option is to consult a finance broker and let them organise the loan on your behalf. Most finance brokers won’t charge for the service; instead, they’ll earn a commission from the lender.

Necessary documents

Once you apply for a personal loan you mostly likely will be asked to produce proof of identity, finances and employment, in order for the lender to assess your eligibility for the loan and ability to meet repayment requirements. Examples of documents you might be asked to provide include:

Proof of identity

Driver’s license
Passport
Proof of age card
Birth certificate
Utility bills

Proof of income

Recent pay slips
Recent tax returns or financial statements
Recent ATO tax notice of assessment

Proof of ability to meet repayment requirements

Bank statements
Credit card statements
Information on any other loans undertaken

If you’re applying for a personal loan for the purpose of purchasing a car, you might be asked to provide additional documentation relating to the car and its insurance policy.

Pros and cons of personal loans in Australia

Being approved for a personal loan could provide you with the financial assistance needed for that big purchase, holiday or renovation you had in mind. A personal loan’s interest is also typically lower than that of a credit card, meaning you will have to pay less in interest in the long run. That being said, taking out a personal loan will add to your debt, which might not be ideal for those who already have a large amount owing on a home loan or credit card or other personal loans.

As with any financial decision, it’s important to do your research prior to committing to a loan. Visit RateCity’s personal loan comparison page to find out more about personal loan options which suit your needs.

FAQs

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The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. They have higher interest rates than regular personal loans and are also harder to access.

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, with higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will guarantee the loan, taking on the financial responsibility if the borrower defaults.

Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.

It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.

So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.

Many personal loans, much like home loans, can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent, without worrying about ending up out of pocket if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.

It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.

It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full time employment, so several self-employed personal loans require borrowers to have excellent credit.

If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
Non-bank lenders (such as Pepper Money, Liberty and RACV)
Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.