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Doubling down on finance: top personal loans for August 2023

Peter Terlato avatar
Peter Terlato
- 3 min read
Doubling down on finance: top personal loans for August 2023

While the cash rate has remained stable for the past two months, interest rates remain relatively high. If you’re seeking finance, it may be worthwhile comparing a number of different loan options to find terms that align with your budget.

The latest lending indicators from the Australian Bureau of Statistics (ABS) saw the value of new loan commitments for fixed term personal finance fall (-6.8%) in June, following a sharp rise (+9.2%) in May 2023.

Commitments for personal lending were dragged down by a decrease in the number of fixed term loans for personal investment (-27.6%), while loans for travel and holidays rose (+6.5%) to the highest level since October 2018.

Can I take out a personal loan after getting a home loan?

After successfully securing a home loan and purchasing a property, it’s not uncommon for mortgage holders to be strapped for cash. You might consider taking out a personal loan to help pay for renovations costs, buy new furniture, or simply to cover necessary everyday expenses.

As long as you can show sufficient income to repay both loans on time, you should be able to get a personal loan approved. A personal loan can also help to improve your credit score showing financial discipline and responsibility, which may benefit you with more favourable terms for your home loan.

You’ll need to meet the general eligibility criteria for both a new personal loan and your existing home loan. You may also want to consider a range of criteria when applying for a personal loan.

Finding the personal loan that’s ideal for your situation

If you're seeking a personal loan with repayments that fit your budget, credit score and desired loan term, RateCity's personal loans calculator can provide you with an estimate to help find one that's right for you.

RateCity has ranked the top-rated personal loans on our Personal Loans Leaderboard using our comprehensive, game-changing Real Time Ratings™ system. This system gives loan products a score out of five, based on cost and flexibility. Unlike other ratings systems that rank their products once or twice a year, our Real Time Ratings™ system ranks products live as you use the site, helping you narrow down your shortlist of personal loan options.

Here are some of the most competitive personal loans on the RateCity database:

Compare personal loans

Product database updated 16 Jun, 2024

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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