Personal loans with no ongoing fee from 90+ brands

Find personal loans from a wide range of Australian lenders that best suit your needs. Compare interest rates, repayments, fees and more. - Data last updated on 22 Sep 2019


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No monthly ongoing fees 

Australian lenders are prepared to offer a variety of loans for different purposes due to the competitive loan marketplace and you can choose a fixed rate or a variable rate of interest. When you are searching for the best possible deal it’s important to remember to look at ongoing fees payable monthly, as well as establishment and settlement fees.

What are monthly ongoing fees?

In addition to a fee for setting up your loan, some lenders also make monthly charges for administration. This means that the total monthly outgoings for your loan are likely to be part interest repayment, part capital repayment and part administration charge. A loan arrangement with no monthly ongoing fees is one that will mean you are still repaying interest and capital, but not administration charges. 

Why look for a loan with no monthly ongoing fees?

There are a number of reasons why you might want to choose a loan with no monthly ongoing fees:

  • It’s a cheaper option to select a loan where no ongoing monthly fees are due;
  • It helps your personal cash flow if you don’t have to factor in monthly administration charges on top of your loan repayments.
  • Not having to pay monthly charges may mean that you can afford to overpay your loan every now and again;
  • Such extra payments will serve to reduce the amount of debt you have and this in turn will reduce the interest you’re paying. 

What are the main features?

Lenders that charge monthly ongoing fees must advertise the fact when setting out the details of the products they are offering. Some lenders ask for a one off setup fee, but then waive any ongoing charges. Other lenders will waive the setup fee but then charge you ongoing monthly fees for the period of the loan. If you do a quick calculation when comparing loans for the same amount over the same period you can usually tell which is the better deal.

Loans with no ongoing fees have become more and more popular in Australia, although many of these do not offer the same kind of features as others and sometimes the interest rate is slightly higher. For example, you may not be able to link an offset account to a loan with no ongoing fees, which could be a disadvantage for some people. 

What are the pros and cons of a loan with no monthly ongoing fees?

The chief benefit is that you’re paying less each month and everything you are paying is paying down your borrowings. There’s also the advantage of perhaps being able to afford occasional extra payments to reduce your debt quickly. Always ensure the lender won’t charge you for overpaying before you select this option. 

Remember: Australian lenders are always competing to make their products the most attractive, which is why it’s possible to spot loan packages with no establishment fees, no early exit fees and no monthly ongoing charges. That is why it is important to shop around for a loan.

Always check the terms and conditions of your loan contract for specific information about no monthly ongoing fees.

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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