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Travelling around Australia by motorhome is one of those experiences you’ll never forget.

The beauty of a motorhome is that it gives you freedom - whether you want to drive the Sydney Harbour Bridge, Great Ocean Road and Nullarbor Plain, or stop off at Uluru, the Great Barrier Reef and the Flinders Ranges.

Unfortunately, motorhomes can be expensive, which is why some people take out loans so they can finance one. Sometimes these motorhome loans are classified as ‘personal loans’; on other occasions, these loans are classified as ‘car loans’. Either way, there are a lot of Australian lenders that are willing to provide motorhome loans.

How do I get motorhome finance?

The first thing to do if you want a personal loan for motorhome finance is to visit a comparison site like RateCity. This will allow you to search for products from dozens of different Australian lenders.

All that choice can be a double-edged sword. With so many options, who do you turn to for motorhome finance?

That’s where filtering comes in. Once you enter your preferences, the comparison site will eliminate all unsuitable options. Here are some ways you can filter motorhome loans:

  • Loan amount - how much do you want to borrow?
  • Loan term - how long will you take to pay off the motorhome loan?
  • Employment type - are you full-time, part-time, casual, self-employed or unemployed?
  • Annual income - how much money do you make per year?
  • Loan purpose - do you want to buy a new motorhome or an old motorhome?
  • Credit score - is it excellent, very good, good, average or below average?

The next step is to decide how you want your motorhome finance options to be displayed. Do you want them to be ranked from the lowest advertised interest rate to the highest? Or would you prefer them to be ranked from the lowest comparison rate to the highest?

Either way, you’ll now be able to get a rough idea of what your monthly repayments would be for each motorhome loan option. Please note that this would be an approximation, because the numbers could change based on your specific circumstance.


What do I need to know about motorhome finance?

Here are five other things to consider when researching personal loans for motorhome finance:

  1. Fees - What fees are charged by your motorhome loan? Possible fees include upfront fees, ongoing fees, early exit penalty fees, redraw fees and missed payment penalty fees.
  2. Security - Are you going to put up your motorhome as a form of security (also known as collateral)? Lenders often charge lower interest rates for secured personal loans than unsecured personal loans, because they seem less risky.
  3. Loan type - Do you want your motorhome loan to be variable or fixed? If it’s variable, the interest rate would fluctuate during the course of the loan - which would be great if it went down, but bad if it went up. If it’s fixed, the interest rate would remain unchanged during the course of the loan - which would be great if market rates moved up, but bad if they moved down.
  4. Extra repayments - Do you want to be able to make extra repayments? This would allow you to get ahead on your personal loan and potentially pay off your motorhome ahead of schedule.
  5. Redraw - Do you want a redraw facility? This would allow you to ‘reborrow’ any repayments that you’d made ahead of schedule.


How to research motorhome finance repayments

While you’re researching personal loans for motorhome finance, you might want to use a personal loans calculator to crunch numbers.

The great thing about a personal loans calculator is that it allows you to estimate how much you’d have to repay both per month and over the life of the loan. How? By allowing you to change several variables. They include:

  • Loan size
  • Loan term
  • Interest rate

For example, here are five different repayment scenarios:

Loan size Loan term Interest rate Monthly repayment Total repayment
$30,000 5 years 9% $623 $37,365
$30,000 4 years 9% $747 $35,834
$30,000 3 years 9% $954 $34,344
$30,000 5 years 7% $594 $35,642
$30,000 5 years 11% $652 $39,136

Frequently asked questions

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.

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.

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.

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.

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.

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.

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.

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 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.

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.

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 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.

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.

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 I need to get a fast loan?

Most lenders will need to you provide the following information in your application for a fast loan:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of any assets you own (e.g. car, home etc.)
  • Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
  • How much you want to borrow
  • Over how long you want to pay it back
  • Purpose of your loan

Are there alternatives to $2000 loans?

If you need to borrow $2000 or less, alternatives to getting a personal loan or payday loan include using a credit card or the redraw facility of your home, car or personal loan.

Before you borrow $2000 on a credit card, remember that interest will continue being charged on what you owe until you clear your credit card balance. To minimise your interest, consider prioritising paying off your credit card.

Before you draw down $2000 in extra repayments from your home, car or personal loan using a redraw facility, note that fees and charges may apply, and drawing money from your loan may mean your loan will take longer to repay, costing you more in total interest.

Can you get an emergency loan on Centrelink?

When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.

Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.