NSW personal loans from 90+ brands

Whether you’re in Sydney, Newcastle or Wollongong; on the Central Coast or South Coast; or in the regional centres of the Central West, a time may come when you could use some extra financial support to achieve your goals.

Depending on your circumstances, a personal loan may be able to help you access the money you need. But with a wide range of personal loan options available in New South Wales, it's essential to compare what’s on offer before making a choice.

Just like elsewhere in Australia, you can apply for personal loans for a variety of different purposes in New South Wales. These can include:

• Debt consolidation loan
• New car or used car loans
• Holiday loans
• Wedding loans
• Home renovation loans
• Student loans
• Personal loans for shares
• Medical personal loans

Some lenders won’t be concerned with the purpose of your personal loan. Others will want to know how you plan to use the money they lend you, as they may not offer loans for purposes they consider risky.

To find the best personal loan in New South Wales for you and your household, consider comparing the following:

Depending on your financial situation, you may prefer a shorter personal loan term of 1 to 4 years, or a longer term of 5 to 10 years. Generally, shorter personal loan terms involve making higher repayments, but cost less in interest charges over the long run. Longer personal loan terms may cost less month to month, but you’ll be in debt or longer and pay more in total interest charges.

Many borrowers look for low interest rates when comparing personal loans, as the lower the rate, the less you’ll pay in interest charges. However, some low-rate personal loans also charge high fees, which could cost more in total than some other options. To quickly get an idea of a personal loan’s total cost, consider looking at the comparison rate, which combines interest charges plus standard fees into a single percentage.

You may also be able to choose between a personal loan with a fixed or variable interest rate. Fixed rate personal loans mean making the same repayments each month, as you’ll be charged interest at the same rate for the duration of the loan term. A variable rate on your personal loan could rise or fall, increasing or decreasing the cost of your repayments, and you’re more likely to have access to flexible repayment features, such as fee-free extra repayments.

Based on your credit history (your record of borrowing and repaying money on time), your credit score helps lenders assess the risk of lending you money. Good credit borrowers are more likely to have their personal loan application approved, and may pay lower interest rates or fees, while bad credit borrowers may find it harder to get a personal loan, or may need to pay higher interest rates. You can check your credit score for free to get a better idea of how lenders see you.

A secured personal loan is guaranteed by the value of an asset, such as your car, equity in your home, savings in a term deposit, or other valuable assets such as shares, artworks, or jewellery. This reduces the lender’s risk, so the interest rate may be lower. An unsecured loan may have a higher interest rate, but you won’t risk losing your collateral if you can’t keep up with the repayments.

Paying your personal loan monthly, fortnightly or weekly may better suit your household budget and payroll cycle, and also affect the total interest you’ll pay on the loan. Use a personal loan repayment calculator to see how.

Different lenders may have different eligibility criteria for personal loans, but some of the common requirements include:

• Being 18 years old or older
• Being an Australian citizen or permanent resident
• Meeting minimum income requirements
• Being employed in one role for a minimum amount of time
• Having a good or excellent credit score

You may be able to improve your personal loan application’s chance of approval by: 

• Passing the probation period at your new job
• Checking your credit score and correcting any errors in your credit history
• Getting a guarantor
• Clearing other outstanding debts
• Calculating if you can afford the repayments
• Offering to provide security
• Contacting a personal loan broker for more personal advice