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Find and compare fully drawn personal loans

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Show Online Partners Only?

We provide links to our Online Partners. If you click through to an Online Partner, you can get more product information, apply for or purchase the product and RateCity may earn a fee for referring you. This is one of the ways RateCity makes money and how we can offer our comparison service to you for free. See how we make money for more.

Product

Low Rate Personal Loan Unsecured (Good Credit)

Real Time Rating™

3.89

/ 5
Interest Rate

7.49

% p.a

Fixed up to 10.99%

Comparison Rate*

7.84

% p.a

Fixed up to 11.36%

Company
Monthly repayment

$933

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

3.89

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.84% would be $33,590*. Terms from 1-7 years

Product

Low Rate Personal Loan Unsecured (Very Good Credit)

Real Time Rating™

3.92

/ 5
Interest Rate

7.29

% p.a

Fixed up to 9.99%

Comparison Rate*

7.64

% p.a

Fixed up to 10.35%

Company
Monthly repayment

$930

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

3.92

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.64% would be $33,491*. Terms from 1-7 years

Product

Unsecured Personal Loan - Platinum

Real Time Rating™

3.38

/ 5
Interest Rate

10.70

% p.a

Fixed

Comparison Rate*

11.56

% p.a

Fixed

Company
Monthly repayment

$978

36 months

Loan term

3 years to 7 years

Total repayments
Real Time Rating™

3.38

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 11.56% would be $35,205*. Terms from 3-7 years

Product

Unsecured Personal Loan - Gold

Real Time Rating™

2.81

/ 5
Interest Rate

14.20

% p.a

Fixed

Comparison Rate*

15.09

% p.a

Fixed

Company
Monthly repayment

$1k

36 months

Loan term

3 years to 7 years

Total repayments
Real Time Rating™

2.81

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 15.09% would be $37,017*. Terms from 3-7 years

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Personal loan lenders we compare at RateCity

Learn more about personal loans

Fully drawn loans 

What are fully drawn loans? 

Fully drawn loans, also known as fully drawn advances, are loans aimed at businesses in Australia. They are appropriate for many types of businesses, including partnerships and sole proprietorships. A fully drawn loan can be used for any purpose by a business, but the lender will carry out a due diligence examination of the potential borrower's financial circumstances to ensure there as few risks as possible in terms of the loan being repaid.

Why do people use fully drawn loans? 

Running a business is a tough prospect and it's often the case that you don't have sufficient money at a particular time to buy essential equipment, such as new computers or vehicles. You may want to expand the business, so as well as needing more space, and the increase in cost that implies, you may also want to increase the number of employees you have. Taking out a fully drawn loan will enable you to develop your business in a way that increases your asset base and could provide more workers to expand productivity and thus become more profitable.

What are the main features of fully drawn loans?

This type of loan enables you to borrow a fixed amount of money according to your business needs. That money will be repaid on a regular basis, usually monthly, with a schedule predetermined by the lender that will then be agreed between you. It's often the case that you and the lender will work together so that loan payments are structured to suit your business's cash flow. Interest will be charged on the loan monthly or quarterly, though you may be able to negotiate semi-annual or even annual interest charges.

A loan could also be interest only so that regular payments are smaller and the principal is repaid when the term of the loan ends. For this, a structure needs to be put into place to ensure there is sufficient money to pay off that principal sum. 

What are the pros and cons of fully drawn loans? 

Fully drawn loans offer businesses access to funds they may not be able to access in other ways. They can offer a significant boost to your business, and as an entrepreneur you are always likely to be seeking to expand. These types of loan are aimed at helping you do that. 

You should always have a sound business plan to present to your lender and keep a keen eye on interest rates. If you take a fixed rate you get stable repayments, however, if interest rates go down you may want to renegotiate and that may involve a penalty for early repayment of an existing loan. If you go for a variable rate then repayments can go up or down depending on where market interest rates go, so you should weigh up whether you could relatively easily afford to pay higher instalments should that be necessary. A good budget should factor these variables in before you make a final decision.

Frequently asked questions

How are personal loans regulated?

Personal lenders in Australia are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.

What are the pros and cons of personal loans?

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.

Where can I get a personal loan?

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

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.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

Can I get a personal loan if I receive Centrelink payments?

It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.

Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.

How long do personal loans take?

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.

Should I get a fixed or variable personal loan?

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. You won't have to worry about higher repayments 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.

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

Can you refinance a $5000 personal loan?

Much like home loans, many personal 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.

Do student personal loans require security?

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, which typically have 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 fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

How much can you borrow with a bad credit personal loan?

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 and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

How long does it take to get a $5000 loan?

Depending on the lender, personal loans and medium-amount loans for $5000 can sometimes be approved in under an hour, and give you access to the money the same day. Other loans may take 24 hours or longer to assess your application, and you may not get the money for a few days.

How long are $3000 loans?

Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.

Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.

How do I consolidate my debt if I have bad credit?

The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.

However, people with bad credit histories can make debt consolidation work by following this three-step process:

  1. First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
  2. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
  3. Third, instead of spending those savings, use them to pay off the new loan.

What interest rates are charged for personal loans?

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.

What are the Westpac personal loan eligibility criteria?

The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:

  • You should be over 18 years old
  • You must be a permanent resident or hold a valid visa with confirmed employment in Australia
  • You should earn a regular and permanent income of at least $35,000 before taxes

If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:

  • Personal details including name, contact information, and residential address 
  • Proof of identity such as drivers licence or passport details
  • If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
  • If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips

Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

Can I get an easy/instant personal loan?

Some lenders are able to approve applications with little documentation and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.