No Fee Personal Loan
specialNOW Finance has permanently removed all establishment, account keeping and early repayment fees on new unsecured loans up to $50,000. For a simple borrowing solution, get your rate without affecting your credit score today.
Pay ZERO fees on loans up to $50,000 with NOW Finance. T&Cs apply
Make the most of this unsecured personal loan's competitive interest rate with no fees for extra repayments.
Variable up to 7.99%
Variable up to 8.69%
1 year to 7 years
Total repayments for a 3-year, $30,000 loan at 6.47% would be $32,733*. Terms from 1-7 years
Enjoy the flexibility of a variable-rate personal loan on a competitive interest rate.
Fixed up to 8.5%
Fixed up to 8.78%
3 years to 5 years
Total repayments for a 3-year, $30,000 loan at 7.14% would be $33,096*. Terms from 3-5 years
Tech-savvy borrowers can join this digital lender, without needing to put down security.
Fixed up to 7.49%
Fixed up to 8.19%
3 years to 5 years
Total repayments for a 3-year, $30,000 loan at 6.39% would be $33,047*. Terms from 3-5 years
Enjoy lower rates and no early repayment fees with an unsecured loan.
Fixed up to 7.05%
Fixed up to 7.4%
1 year to 7 years
Total repayments for a 3-year, $30,000 loan at 6.07% would be $32,587*. Terms from 1-7 years
Pay no ongoing fees, and avoid being penalised for paying off your personal loan early.
Winner of Excellent Credit Personal Loans, RateCity Gold Awards 2021
Fixed up to 7.49%
Fixed up to 10.79%
2 years to 3 years
Total repayments for a 3-year, $30,000 loan at 5.95% would be $32,831*. Terms from 2-3 years
Fixed up to 24.79%
Fixed up to 25.74%
Total repayments for a 3-year, $30,000 loan at 6.14% would be $32,539*. Terms from 3-3 years
Fixed up to 19.95%
Fixed up to 21.36%
1 year to 5 years
Total repayments for a 3-year, $30,000 loan at 7.64% would be $32,978*. Terms from 1-5 years
Personal loan lenders we compare at RateCity
Learn more about personal loans
Sometimes in life you need or want something here and now and you simply can’t wait until you’ve saved up enough money to buy it. That’s when a personal loan might be the right option for you, but only if you know you have the financial means to pay it off on time.
Big purchases like a new swimming pool, a boat, renovations, paying for a holiday or wedding or even cosmetic surgery are the types of things you could take a personal loan out for.
What should I look for in a personal loan for a major purchase?
It pays to compare the costs and features of personal loans carefully, to find one that meets your needs and also has the best value.
Things to compare carefully are:
- Interest Rates (fixed or variable)
- Fees (upfront fees + ongoing fees)
- Repayment options (can you make extra repayments and pay the loan off early?)
- Features (like redraw facility)
- Loan term (between 1-10 years)
At RateCity.com.au you can compare personal loan rates and options from dozens of Australian lenders side by side to find one with the features and benefits that suit your financial situation.
How much can I borrow on a personal loan?
Personal loan lenders in Australia offer loans of anywhere from $1,000 to $300,000.
However, it’s unusual for a lender to make a personal loan above $100,000. Your personal financial situation will also determine how much a lender is willing to lend, as each borrower is assessed on a case-by-case basis.
How long will I have to pay off a personal loan?
|Type of personal loan||Average length of loan||What to consider|
|Shorter term personal loan||Under 12 months||
· Can be paid off more quickly· Monthly repayments may be higher
|Typical personal loan||3 - 5 years||
· Lower interest rate than a credit card· May cost you in fees and/or interest
|Longer term personal loan||7 – 10 years||
· More affordable monthly repayments· Pay more interest over time
Who is eligible to take out a personal loan for a major purchase?
Every lender and its own list of criteria but generally you will need to prove that:
- You are an Australian resident/citizen
- You are at least 18 years old
- You are employed or can prove you have regular income
- You have a good credit history
Some lenders in Australia will still consider customers who have a bad credit history.
How can I take out a personal loan for a major purchase?
Most lenders in Australia allow customers to make applications online or over the phone. If the lender has a branch, you can also apply in person.
You will most likely need the following documents:
- Mobile phone number and email address
- Driver’s license or Medicare Card or passport
- Bank statements covering the last 90 days
What benefits does a personal loan have over a credit card when making a major purchase?
The interest rates on personal loans are usually lower than the interest rates on credit cards. If you’re planning to make a major purchase, but know you will not have the cash needed to pay it off by the end of the month or even several months, putting it on your credit card could be a more expensive option than taking out a personal loan.
What’s the difference between a secured and unsecured personal loan?
Generally, secured personal loans have lower interest rates than unsecured personal loans. This is because you put up an asset, like a car, a property or some other valuable, as collateral for a secured loan.
Need more information about personal loans for a major purchase?
RateCity.com.au has a personal loans guide filled with helpful tips that may help you in making a decision when purchasing a personal loan.
Learn with our guides
Find personal loans from a wide range of Australian lenders that best suit your needs.
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Personal Finance Editor
Georgia Brown is a Personal Finance Editor and journalist 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.
Today's top personal loans
Frequently asked questions
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.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
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.
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.
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 I merge my personal loan with my home loan?
Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.
However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.
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 long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
Does refinancing a personal loan hurt your credit score?
Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.
In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.
However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
Can I get a bad credit personal loan with a guarantor?
Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).
If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.
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 repay a $3000 personal loan early?
If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.
Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
How can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.
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.
Can I include my spouse’s income on a personal loan?
If you apply for a joint personal loan with your spouse, you can include their income on the application. If approved, they then become jointly liable for the loan.
Both you and your spouse need to meet the eligibility criteria, such as income, age, and residency requirements, as stipulated by the lender. A joint loan could increase your chance of approval for a higher amount, as both borrowers’ incomes are assessed when determining borrowing capacity.