Some of the top-rated personal loans in December 2024

Australians are increasingly turning to personal loans to fund home renovations, driven by high property prices and a desire to enhance their living spaces. According to a study by digital lender MONEYME, suburbs like Craigieburn in Victoria are leading the way in small renovation loans, while New South Wales tops the charts in both loan numbers and average loan value.

With high property prices making it harder for many to buy their dream homes, more Australians are choosing to renovate instead. Personal loans can help homeowners finance various projects, like kitchen upgrades, bathroom makeovers, and landscaping. This approach allows homeowners to add value to their properties without the financial strain of moving.

Besides renovations, personal loans can be used for a variety of purposes, including debt consolidation, financing vehicles or appliances, and covering costs for vacations or emergencies.

For those planning eco-friendly upgrades, green loans can be worth considering. These loans often feature lower interest rates and are designed to support projects like installing solar panels, upgrading to energy-efficient appliances, or improving insulation. Keep in mind that green loans typically have specific eligibility criteria, so it’s important to ensure your project qualifies.

If you’re planning a renovation or major expense in the coming year, personal loans can provide the necessary funds to get started. However, it’s crucial to compare your options before committing. Look beyond the advertised interest rate to evaluate other factors like fees, loan features, and repayment flexibility. 

While personal loans can offer a convenient solution for short-term projects, remember that borrowing comes with costs. Take the time to calculate the total repayment amount, including interest, to ensure the loan aligns with your budget and financial goals. By doing so, you can make an informed decision and confidently move forward with your plans. 

With several options available, comparing different offers can help you identify the best possible deal for your financial situation and personal goals. 

To help make the process of comparing personal loans simpler, RateCity’s Real Time Ratings™ combine the cost and flexibility of different personal loans into a single star rating, which is regularly updated to better reflect its current value. The top-rated personal loan deals in different categories are ranked on RateCity’s Home Loan Leaderboards, with some of the top performers also becoming eligible for the RateCity Gold Awards. 

(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.)

Here are some of the lowest rate secured personal loan options for December 2024 

Bendigo & Adelaide Bank Ltd Secured Green Personal Loan at 5.49% (comparison rate 5.84%)

Illawarra Credit Union Limited Online Personal Loan Package at 6% (comparison rate 6.64%)

Bank of us Secured Residential Estate Personal Loan at 6.29% (comparison rate 6.57%)

Newcastle Permanent Personal Loan Secured at 6.49% (comparison rate 6.84%)

Bank of Melbourne Secured Personal Loan Fixed* at 6.49% (comparison rate 7.69%)

Liberty Financial Pty Ltd Secured Personal Loan (Excellent Credit) at 6.52% (comparison rate 6.95%)

OurMoneyMarket Services Pty Ltd Low Rate Personal Loan Secured (Excellent Credit) at 6.57% (comparison rate 7.19%)

Here are some of the lowest rate unsecured personal loan options for December 2024 

Credit Union SA Ltd Tesla Powerwall Loan (HL members) at 5.74% (comparison rate 5.74%)

Harmoney Australia Limited Unsecured Personal Loan (Excellent Credit) at 5.76% (comparison rate 6.55%)

Police Credit Union Solar Eco Loan at 6.24% (comparison rate 6.24%)

Gateway Bank Ltd Eco Personal Loan at 6.44% (comparison rate 7.45%)

Horizon Bank Green Personal Loan at 6.49% (comparison rate 6.63%)

360 Finance Unsecured Personal Loan at 6.52% (comparison rate 7.76%)

Plenti Pty Limited Plenti Unsecured Personal Loan at 6.57% (comparison rate 6.57%)

*Same offer for BankSA and St.George

Source: RateCity.com.au. Data accurate as of 02 December 2024.