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Find and compare personal loans for shares

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Show Online Partners Only?

We provide links to our Online Partners. If you click through to an Online Partner, you can get more product information, apply for or purchase the product and RateCity may earn a fee for referring you. This is one of the ways RateCity makes money and how we can offer our comparison service to you for free. See how we make money for more.

Product

Low Rate Personal Loan Unsecured (Good Credit)

Real Time Rating™

3.89

/ 5
Interest Rate

7.49

% p.a

Fixed up to 10.99%

Comparison Rate*

7.84

% p.a

Fixed up to 11.36%

Company
Monthly repayment

$933

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

3.89

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.84% would be $33,590*. Terms from 1-7 years

Product

Low Rate Personal Loan Unsecured (Very Good Credit)

Real Time Rating™

3.92

/ 5
Interest Rate

7.29

% p.a

Fixed up to 9.99%

Comparison Rate*

7.64

% p.a

Fixed up to 10.35%

Company
Monthly repayment

$930

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

3.92

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.64% would be $33,491*. Terms from 1-7 years

Product

Unsecured Personal Loan - Platinum

Real Time Rating™

3.38

/ 5
Interest Rate

10.70

% p.a

Fixed

Comparison Rate*

11.56

% p.a

Fixed

Company
Monthly repayment

$978

36 months

Loan term

3 years to 7 years

Total repayments
Real Time Rating™

3.38

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 11.56% would be $35,205*. Terms from 3-7 years

Product

Unsecured Personal Loan - Gold

Real Time Rating™

2.81

/ 5
Interest Rate

14.20

% p.a

Fixed

Comparison Rate*

15.09

% p.a

Fixed

Company
Monthly repayment

$1k

36 months

Loan term

3 years to 7 years

Total repayments
Real Time Rating™

2.81

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 15.09% would be $37,017*. Terms from 3-7 years

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Personal loan lenders we compare at RateCity

Learn more about personal loans

Shares loans

What are shares loans?

If you are applying for a personal loan, lender will often want to secure the loan with some type of collateral. Loans may be secured against a property or a car, for example, and if you fail to repay the debt you would be in danger of losing these assets.

Shares loans are another type of secured loan usually known as margin loans, where you borrow money that you are going to invest. The shares or managed funds you invest in are used as the collateral to give the lender security. Shares loans are for those who are dedicated investors, so if you are looking to use a shares loan as an investment vehicle you should be someone that actively monitors and manages investments.

Why do people use shares loans?

If developing your portfolio of investments is an integral part of your financial plans but you don't have sufficient spare cash to take out further investments, then shares loans can help to bridge that gap. You need to be knowledgeable about how the financial markets work and be clear about the pros and cons of this type of borrowing. It's not for everyone so if you are considering it make sure you really do have a broad understanding of what you are doing.

What are the main features of shares loans?

When you are loaned money to buy shares your lender uses the shares you buy as security. If you don't repay the loan the lender is entitled to sell the shares so the loan is repaid. Share prices move frequently, exposing you to the risk of them falling in value as well as increasing. Lenders will gauge the risk of a loan by using a Loan to Value Ratio (LVR). They will calculate the LVR by dividing the amount of your loan by the overall value of your shares. The majority of lenders will require you to maintain a LVR below 70%, with that being the maximum level. If your investment values fall to where the loan exceeds the agreed maximum LVR you may have to top up your investment or make a repayment of some of the loan, known as a "margin call".

You should explore a range of options before taking out a shares loan to ensure you are getting an appropriate deal, especially relating to terms, conditions and fees.

What are the pros and cons of shares loans?

Shares loans are considered high risk. High risks mean that if the market in your shares does well you could make good money. Equally if the market falls you could be facing considerable losses and have to sell some of your investment to meet a margin call – the price will be low and you'll have lost money. If you use your home as collateral as well as shares you could lose it, and lenders may also require you to pay of the loan at short notice if they decide your collateral is no longer viable to secure your investment.

Frequently asked questions

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

How are personal loans regulated?

Personal lenders in Australia are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

Can I get a personal loan if I receive Centrelink payments?

It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.

Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.

How long do personal loans take?

Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.

Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

Can I merge my personal loan with my home loan?

Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.

However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.

How do I consolidate my debt if I have bad credit?

The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.

However, people with bad credit histories can make debt consolidation work by following this three-step process:

  1. First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
  2. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
  3. Third, instead of spending those savings, use them to pay off the new loan.

What interest rates are charged for personal loans?

Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.

For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.

For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.

Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.

What are the Westpac personal loan eligibility criteria?

The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:

  • You should be over 18 years old
  • You must be a permanent resident or hold a valid visa with confirmed employment in Australia
  • You should earn a regular and permanent income of at least $35,000 before taxes

If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:

  • Personal details including name, contact information, and residential address 
  • Proof of identity such as drivers licence or passport details
  • If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
  • If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips

Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

Can I get an easy/instant personal loan?

Some lenders are able to approve applications with little documentation and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.