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Personal lending falls 3.2% over the year
Australians took out $6.4 billion of personal loans in October, according to new data from the Australian Bureau of Statistics.
That was down 3.2 per cent on the year before, although it was up 1.6 per cent on the previous month and 6.6 per cent on the previous quarter.
By way of contrast, owner-occupiers took out $20.5 billion of home loans in October – more than triple the amount borrowed in personal loans.
The average personal loan interest rate is 11.89 per cent, according to an analysis of the 401 personal loans listed on RateCity.
The lowest rate is 4.20 per cent, for the RateSetter Unsecured Personal Loan. The highest rate is 48.00 per cent – the maximum legal limit.
Application fees for the personal loans listed on RateCity cost an average of $168.
Disclaimer
This article is over two years old, last updated on December 12, 2017. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent personal loans articles.
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