Compare personal loan rates in Australia
Find a loan that’s right for you by comparing interest rates, repayments, fees and more.
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Fixed up to 8.5%
Tech-savvy borrowers can join this digital lender, without needing to put down security.
Fixed up to 17.95%
1.5 years to 7 years
Make the most of this unsecured personal loan's competitive interest rate with no fees for extra repayments.
1 year to 5 years
An unsecured personal loan with a competitive interest rate and no ongoing or extra repayments fees, giving you the flexibility to pay it off faster.
Fixed up to 8.99%
3 years to 5 years
Enjoy lower rates and no early repayment fees with this 2020 RateCity Personal Loan Gold Award Winner.
Fixed up to 19.49%
1 year to 7 years
Fixed up to 9.49%
2 years to 3 years
Fixed up to 10.49%
3 years to 7 years
Variable up to 9.99%
1 year to 7 years
1 year to 10 years
1 year to 7 years
1 year to 7 years
1 year to 7 years
0 year to 7 years
1 year to 7 years
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When you’re in the market for a personal loan, it might be tempting to simply scope out the lowest interest rate loan that’s available to you. But while the interest rate should certainly be an important consideration in your comparison, it’s only one of a number of key factors.
If you’re not quite sure where to start or what to look for, it’s helpful to begin by having a good understanding of the purpose of the loan and the amount you want to borrow. This will make it easier to start comparing different repayment options and extra features across a range of different personal loans.
How do I compare personal loan rates?
Given interest rates will determine how much interest you will ultimately pay on your loan amount, comparing advertised rates can seem like the right place to start. However, advertised interest rates generally won’t include all of the other costs you may incur, such as ongoing fees, and some Australian lenders charge much higher fees than others. This can mean that the loan with the lowest advertised interest rate may in fact not be the most budget friendly.
This is where the comparison rate can come in handy. Comparison rates combine the interest rates with any standard fees and charges, which can give you a better idea of the overall cost. Be sure to do your research, however, as non-standard charges may apply in addition to this.
How do I choose between fixed and variable interest rate personal loans?
When you take on a personal loan, you will need to consider whether you want a loan with a fixed interest rate or a variable interest rate.
Interest charges on fixed rate loans will not change at any point throughout the duration of the loan. This means fixed rate loans have consistent and predictable repayments and can potentially be more manageable than loans with variable interest rates.
On the other hand, interest charges on variable rate personal loans may increase or decrease from one month to the next. This can be beneficial if there is a rate cut as it will mean your repayments will be reduced. However, if there is a rate rise, your repayments will go up. Variable rate loans may require a little more forward planning when it comes to budgeting, to ensure you’re prepared for a rate change in either direction.
As you can see, there are pros and cons for both fixed rate and variable rate loans, so consider weighing them up to help decide what might work best for you.
Why should I compare personal loan fees?
Comparing fees and charges on personal loans is important as they can add up and will ultimately increase the total cost of the loan. The fees you may incur tend to differ from one lender to the next, in both the type of fee and the amount charged.
Some of the fees that lenders may charge include:
- Application fees
- Upfront/establishment fees
- Ongoing fees such as monthly fees or annual fees
- Early exit penalty fees
- Missed payment penalties
- Redraw fees
- Extra repayment
- Early repayment fees
How do I compare personal loan features?
Once you’ve had a chance to compare interest rates and potential costs and fees, it’s a good time to consider what features might be offered with different loans.
The following are some of the features that might come in handy at some point during the life of the loan. Keep in mind, though, that some lenders may charge you a fee for using certain features.
- Extra repayments: Some personal loans will allow you to make extra payments that are additional to your regular repayments. If you choose a product that offers this feature, you will have the flexibility to put extra money on your loan should you find yourself in an improved financial situation, or even as a one-off. This could potentially help you pay off your loan sooner and in turn reduce the total amount of interest you pay.
- Redraw facilities: If your loan allows for additional repayments, it may also offer a redraw facility which will allow you to access any extra money you’ve paid on the loan should you need it.
- Flexible repayment options: To make your loan tie in with your budget or pay cycle, you might find fortnightly repayments easier to manage than monthly repayments. Loans with a flexible repayment feature will allow you to choose how frequently you make your repayments. It can also alter how much of your loan you pay off in the space of a year, so keep this in mind when comparing personal loan repayment costs.
- Internet banking: Most lenders will offer internet banking, but it's a good idea to confirm if it's a feature that's important to you.
How do I compare different loan terms?
A loan term is the length of time over which you agree to repay the total amount borrowed on a loan. Generally, the longer the loan term, the more you will likely pay in total interest charges.
On the other hand, while you may pay less in total interest charges when you choose a shorter loan term, it will mean that your regular repayments will be higher as you have less time to pay off the loan.
When choosing between different loan terms, be sure to consider whether the repayments will fit comfortably within your budget. RateCity's Personal Loan Calculator can assist by giving you an idea of what your repayments could look like depending on different terms, interest rates and loan amounts.
What’s the difference between secured and unsecured personal loans?
When taking out a personal loan, you will generally have the option to choose between a secured or unsecured loan, depending on your loan purpose, financial circumstances and what a lender will offer you.
Secured loans are loans that are secured by an asset, such as a property or a vehicle, that is used as collateral for the money that is being borrowed. Banks and lenders use this as a way to protect their investment.
In contrast, unsecured loans do not require the borrower to provide collateral. Since they are seen as more of a risk than secured loans, they tend to have higher interest rates.
How do I compare different loan amounts?
As you will have already determined your loan purpose, you should also have a good idea of the loan amount that you wish to borrow.
Minimum loan amounts and maximum loan amounts will differ from one lender to the next, but depending on your eligibility, you may be able to borrow as little as a few thousand dollars to as much as $100,000 and sometimes more.
How will my credit score affect my personal loan comparison?
With any financial product, your credit score will play an important part in determining what may be available to you. Consider checking your credit rating before applying for a personal loan.
You may also like to utilise RateCity's Personal Loan Marketplace to find a potential deal and assist with the application process. It could help you to minimise the risk of having your loan application rejected and in turn hurting your credit score.
How to compare personal loans at RateCity
Regardless of whether you're looking for a new personal loan or considering debt consolidation in the hope of bringing down your credit card rates, it's important to do a comprehensive analysis of different comparison rates, potential fees, extra features and varied loan terms among other factors.
RateCity's personal loan comparison search wizard makes it easy to compare financial products and lenders to help you make an informed decision.
For information specific to your personal circumstances, consider talking to a financial advisor.
Georgia Brown is a journalist and content writer for RateCity. Before venturing into the world of personal finance, she worked as a reporter for realestate.com.au and Smart Property Investment. She now works truly amongst personal finance, while also writing about other areas, such as sustainable finance and super.