Personal loans
Personal loans from $10,000 to $100,000
Fixed repayments over one to seven years, from banks and non-bank lenders across Australia. We work out which lender's credit policy fits your situation before you apply anywhere.
What a personal loan is good for
A personal loan is a fixed amount, borrowed over a fixed term, with a repayment that doesn't move. That structure is its whole advantage: unlike a credit card, the debt has an end date built in.
It suits a defined, one-off cost — a renovation, a medical procedure, a wedding, moving house, replacing a car, or consolidating higher-rate debt. It suits ongoing or open-ended spending far less well.
What moves your rate
| Factor | Effect on your rate |
|---|---|
| Credit score | The largest single driver. Australian lenders use risk-based pricing across bands. |
| Security offered | A suitable vehicle as collateral generally prices below an equivalent unsecured loan. |
| Loan term | Shorter terms often price slightly lower and always cost less in total interest. |
| Income type | PAYG with a long tenure is assessed more easily than recently self-employed income. |
| Existing commitments | Cards and loans reduce assessed capacity even when balances are zero — limits count. |
| Loan purpose | Some lenders price green or vehicle purposes below general-purpose lending. |
Secured vs unsecured, plainly
Secured — you pledge an asset, usually a car under a certain age. Lower rate, larger amounts available, but the lender can repossess and sell the asset if you default.
Unsecured — nothing is pledged. Higher rate, faster to arrange, and a default is pursued as a debt rather than against a specific asset. Most loans between $10,000 and $50,000 in Australia are written this way.
Personal loan repayment estimate
Move the sliders to see how the numbers change.
- Total interest
- $6,500
- Total repayable
- $31,500
Eligibility
What lenders generally look for
These are broad market norms, not our rules, and individual lenders vary considerably. Not meeting one of them doesn't necessarily rule you out.
The basics
- 18 or over
- Australian citizen, permanent resident, or an eligible visa holder
- A regular, verifiable income
- An Australian bank account and contact details
Financial position
- Enough surplus income to service the repayment comfortably
- A credit file the lender's policy accepts
- No undisclosed current defaults or insolvency
- Stable employment or trading history
What you'll be asked for
- Photo ID
- Recent payslips, or two years of returns if self-employed
- Bank statements, usually 90 days
- Details of existing loans, cards and limits
Responsible borrowing
Three things worth doing before you sign anything
Check the comparison rate, not the headline rate. It's the number that includes the fees. Australian lenders must display it next to any advertised rate, and it's the only fair way to compare two products.
Work out the total, not the monthly. A longer term always looks more affordable per month and almost always costs more overall. Both numbers are on the calculator above for exactly this reason.
Don't apply everywhere at once. Every application is recorded on your credit file. A cluster of enquiries in a short window reads badly to the next lender who looks — which is a large part of why using a broker helps.
If money is already tight
Borrowing more is not always the answer. The National Debt Helpline (1800 007 007) offers free, confidential financial counselling Australia-wide. ASIC's Moneysmart site also has independent guidance on personal loans at no cost.
FAQ
Personal loan questions
What rate will I get?
Australian personal loan pricing is risk-based, so there's no single answer. The market range for unsecured personal loans runs from around 6% for borrowers with excellent credit up to the high 20s for higher-risk profiles. Secured loans generally price lower. Your credit score, income stability, existing commitments and whether you offer security all move the number. We can give you an indicative range before any credit enquiry is made.
Secured or unsecured — which should I choose?
Secured means you offer an asset, usually a car, as collateral. That typically buys you a lower rate and a larger loan, but the lender can take and sell the asset if you default. Unsecured means no asset is pledged, at a higher rate. If you have a suitable vehicle and you're confident in the repayments, secured is usually cheaper. If not, don't force it.
What's a comparison rate and why does it matter?
The comparison rate folds the interest rate and most standard fees into a single percentage, so you can compare loans that have different fee structures. Australian lenders are required by law to publish it alongside any advertised rate. Two loans both advertising 9.5% can have very different comparison rates if one charges $800 in upfront fees and the other charges $100. Always compare on the comparison rate.
How long does approval take?
Many Australian personal lenders now assess online and can approve within one business day, with funds a day or two later. That depends on how quickly you supply payslips, bank statements and ID. Loans requiring security or manual assessment take longer.
Can I pay it out early?
Usually yes on a variable rate loan, often with no penalty. Fixed-rate personal loans sometimes charge an early repayment or break fee. It's worth asking before you sign, particularly if you expect a bonus or tax refund that you'd want to put towards the loan.
Do you charge me a fee?
For standard personal loans, no — we're paid a commission by the lender on settlement. If a fee ever applies to your situation, we tell you the amount in writing before you commit. See our Credit Guide.
Find out which lenders suit your situation
One enquiry, an indicative range, and no credit check until you decide to proceed.
Checking your options does not affect your credit score. A credit check is only done if you decide to apply with a lender.