Personal Loans Calculator
Can you afford a personal loan? RateCity's calculator can help you work out how much your personal loan replayments may cost you, so you can find loans that may suit your budget.
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Based on your details, you can compare the following personal loans
Based on your details, you can compare the following personal loans
Product | Advertised Rate | Comparison Rate* | Company | Repayment | Upfront Fee | Ongoing Fee | Loan amount | Go to site | |
|---|---|---|---|---|---|---|---|---|---|
Fixed 7.99% | 8.35% |  Discounted Personal Loan | $627 based on $20,000 loan amount for 3 years | $250 | $0 | $10k to $100k | More details | ||
Fixed 7.49% up to 13.89% | 8.33% |  Unsecured Personal Loan (Excellent Credit Rating) (Fixed) | $622 based on $20,000 loan amount for 3 years | $249 | $0 | $2k to $45k | More details | ||
Fixed 12.45% | 13.32% |  Personal Loan Fixed | $669 based on $20,000 loan amount for 3 years | $150 | $30 Quarterly | $5k to $50k | More details | ||
Fixed 7.50% up to 9.99% | 9.51% |  Low Rate Personal Loan - (Excellent Credit) | $622 based on $20,000 loan amount for 3 years | 3% of loan amount | $0 | $10k to $50k | More details | ||
Fixed 7.65% up to 10.49% | 7.65% |  Liberty Personal Loan (Excellent Credit History) | $624 based on $20,000 loan amount for 3 years | $0 | $0 | $5k to $50k | More details | ||
Variable 5.75% | 6.47% |  Personal Loan - Excellent Credit | $606 based on $20,000 loan amount for 3 years | $0 | $10 Monthly | $5k to $50k | More details |
Learn with our guides
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Why should I use a personal loan calculator?
Whether you’re looking for a personal loan to pay for a purchase, cover expenses, or consolidate other debts, it pays to know what you’re getting into before you sign on the dotted line.
Use RateCity’s Personal Loan Calculator to work out how much a personal loan may cost you. Check different interest rates, loan terms and repayment schedules to estimate the impact a personal loan could have on your budget.
You can also compare personal loans that may match what you’re looking for. You may even find loans that offer cheaper deals!
How do I use a personal loan calculator?
- Enter how much you’d like to borrow – The bigger your loan, the harder it may be to easily pay back.
- Select your preferred interest rate – The lower the rate, more affordable your loan’s repayments may be. Some personal loans advertise interest rates lower than 5% p.a., though these loans are more likely to have extra terms and conditions.
- Choose monthly, fortnightly, or weekly repayments – Choosing a repayment schedule that suits your pay cycle could help make budgeting simpler. Plus, more frequent repayments could help reduce the total interest you’ll pay.
- Choose a loan term – A shorter personal loan means your repayments may be higher, but you should be out of debt sooner and pay less total interest. A longer personal loan means each repayment may be more affordable, but your loan may cost you more in total interest.
- Compare personal loans – Look for personal loan options that offer similar interest rates to your calculation. Remember, the best personal loan for you may not be the cheapest. Be sure to check a personal loan’s fees, features and other benefits before you apply, to make sure it suits your needs.
RateCity’s Personal Loan Calculator offers estimates only, and does not include fees and other charges. Variable interest rates may change over time, and affect the cost of your personal loan repayments. Products are not recommendations. You may not be eligible for every personal loan offer. Consider contacting a financial counsellor for professional advice about whether a personal loan is right for you.
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.
Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.
It’s unusual for a lender to provide a personal loan of above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.
Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.
For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.
For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.
Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.
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.
Alex Ritchie
Personal Finance Writer
Alex is a personal finance writer and PR professional at RateCity, and has been writing about finance for over three years. She is passionate about closing the gender pay and superannuation gap, and aims to help young Aussies to overcome their financial apathy and better manage their finances. Alex has been published in numerous print and online outlets, including Money Magazine, Lifehacker Australia, and Business Insider.