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Australia’s best personal loans for July 2020

Australia’s best personal loans for July 2020

As Australians kick off the new financial year, plenty are giving deeper thought to their financial situations, and how to better prepare themselves during the pandemic and recession.

Many who have been financially impacted by COVID-19 might have seen a recent change in their financial situation. In news that may have been relieving for many, the government announced this week the extension of stimulus measures, including JobKeeper and JobSeeker.

While this is being extended, the payments will be tapered and, for those on JobSeeker, reduced. It’s also important to remember that government support will not go on forever.

As a result, some people may be planning their budgets and prioritising the repayment of their debts, particularly any debts with high interest rates.

If you’re aiming to clear your debts in the short-to-medium term, it might be worth considering consolidating your debts into one personal loan. Doing this may help you save on interest costs, as you’d be on one interest rate. You might also save on personal loan fees, as you would typically only be charged one set of fees.

It’s important to understand that consolidating your debts with a personal loan still means you are taking on a financial commitment. It’s best to compare all your options before opting for a debt consolidation personal loan. It could be a good idea to speak to a financial adviser for advice specific to your personal situation.

If want to stay up to date on the personal loans market, consider using RateCity’s Personal Loans Leaderboards, where personal loans are tracked and rated daily. 

RateCity has put together some of the top-rated personal loans for July 2020 to help start your personal loan comparison.

(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

Best excellent credit personal loans

Company
Product

Fair Rate Personal Loan Diamond

Real Time Rating™

4.43

/ 5

Winner of Excellent Credit Personal Loans, RateCity Gold Awards 2022

Interest Rate

5.99

% p.a

Variable

Comparison Rate*

6.20

% p.a

Variable

Monthly repayment

$913

36 months

Real Time Rating™

4.43

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 6.20% would be $32,851*. Terms from - years

Winner of Excellent Credit Personal Loans, RateCity Gold Awards 2022

Company
Product

Equity Plus Personal Loan Unsecured

Real Time Rating™

4.22

/ 5

Winner of Excellent Credit Personal Loans, RateCity Gold Awards 2022

Interest Rate

6.34

% p.a

Variable

Comparison Rate*

6.94

% p.a

Variable

Monthly repayment

$917

36 months

Real Time Rating™

4.22

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 6.94% would be $33,022*. Terms from - years

Winner of Excellent Credit Personal Loans, RateCity Gold Awards 2022

Company
Product

VIP Personal Loan (existing HL customer)

Real Time Rating™

4.03

/ 5
Interest Rate

7.49

% p.a

Variable

Comparison Rate*

7.49

% p.a

Variable

Monthly repayment

$933

36 months

Real Time Rating™

4.03

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.49% would be $33,590*. Terms from - years

Company
Product

Personal Loan

Real Time Rating™

4.18

/ 5

Winner of Excellent Credit Personal Loans, RateCity Gold Awards 2022

Interest Rate

6.85

% p.a

Variable up to 13.4%

Comparison Rate*

7.72

% p.a

Variable up to 14.83%

Monthly repayment

$924

36 months

Real Time Rating™

4.18

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.72% would be $33,273*. Terms from - years

Winner of Excellent Credit Personal Loans, RateCity Gold Awards 2022

Read more...

Best green personal loans

Company
Product

Green Loan

Real Time Rating™

4.17

/ 5
Interest Rate

6.99

% p.a

Fixed

Comparison Rate*

7.12

% p.a

Fixed

Monthly repayment

$926

36 months

Real Time Rating™

4.17

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.12% would be $33,342*. Terms from - years

Company
Product

Green Loan

Real Time Rating™

4.17

/ 5
Interest Rate

6.99

% p.a

Fixed

Comparison Rate*

7.12

% p.a

Fixed

Monthly repayment

$926

36 months

Real Time Rating™

4.17

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.12% would be $33,342*. Terms from - years

Company
Product

Green Loan

Real Time Rating™

4.40

/ 5
Interest Rate

5.15

% p.a

Variable

Comparison Rate*

6.08

% p.a

Variable

Monthly repayment

$901

36 months

Real Time Rating™

4.40

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 6.08% would be $32,441*. Terms from - years

Company
Product

Solar Loan

Real Time Rating™

4.36

/ 5
Interest Rate

5.99

% p.a

Variable

Comparison Rate*

6.26

% p.a

Variable

Monthly repayment

$913

36 months

Real Time Rating™

4.36

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 6.26% would be $32,851*. Terms from - years

Company
Product

Green Personal Loan

Real Time Rating™

4.29

/ 5
Interest Rate

6.75

% p.a

Variable

Comparison Rate*

6.78

% p.a

Variable

Monthly repayment

$923

36 months

Real Time Rating™

4.29

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 6.78% would be $33,224*. Terms from - years

Read more...

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This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

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