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Personal Loan Repayment Calculator
Use Savvy's personal loan calculator to get an estimate of the repayments you'll likely need to budget for each month, fortnight or week.
Last updated on April 8th, 2022 at 04:01 pm by Thomas Perrotta
Calculate your personal loan repayments
It’s crucial that, before you start the personal loan application process, you’re able to have an idea of what your ideal personal loan might cost. You can use Savvy’s personal loan repayment calculator today to find out how different loan terms and interest rates affect what you might spend overall.
Your estimated repayments
$98.62
Total interest paid: | $1233.43 |
Total amount to pay: | $5,143.99 |
Compare personal loans with Savvy
I want to borrow:
Over how long?
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Apply for an unsecured personal loan between $2001 to $75,000 for a variety of loan purposes. Get a personalised rate estimate in minutes without impact your credit score.More details |
- No extra repayment or early exit fees
- Up to $75,000 in loan amounts
- Funding approved within 24 hours
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Borrow up to $70,000 with personalised rates and repay over 3,5 or 7 years loan terms.More details |
- All loans are unsecured
- Rates from 5.35% (comparison rate 6.14%)
- Your rate is fixed for the life of the loan
- Establishment fee of $275 for loans under $5,000
- Establishment fee of $575 for loans $5,000and over
- No monthly account keeping or early repayment fees
- You can repay weekly, fortnightly or monthly
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Borrow up to $50,000 with no fees, now and forever. Minimum requirement to earn $22,100 p.a. and have good to excellent credit.More details |
- Great rates, starting from 5.95% p.a.
- No establishment fees
- No account keeping fees
- No early repayment fees
- Fixed repayments for the life of your loan
- Loan term – 1.5 to 7 years
- Loan amount – $5,000 to $50,000
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Apply for an unsecured personal loan and enjoy low rates for excellent credit. With no early repayment or exit fees, there’s a lot to love about this loan.More details |
- Low rates from 6.39% (comparison rate 6.39% p.a.*)
- Get a rate estimate in 1 minute that won’t affect your credit score
- No early repayment or exit fees
- Lender approval subject to applicant’s good to excellent credit history
- Settlement within 24 hours
- A 5-star experience from end to end from Australia’s #1 rated consumer lender
- Join over 95,000 Australians bringing their big ideas to life with Plenti.
Disclaimer: A comparison rate indicates the true cost of a loan. The comparison rate displayed for this advertiser is calculated based on a loan amount of $30,000 over 5 years and represents the effective rate on the loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
The product features of a personal loan through Savvy
Affordable rates starting at 5.35% p.a.
From comparison rates of 6.14% p.a., you can set the interest on your personal loan at an affordable rate thanks to a highly competitive field of lenders.
Repayment terms up to seven years
By selecting a loan as short as one year or as long as seven, you can have a say in the cost of your repayments and your loan as a whole.
Borrow up to $75,000
You can borrow smaller sums as low as $2,000 or apply to receive a greater amount of money all the way up to $75,000 with your lender.
Use your loan how you wish
Personal loans are versatile. Whether you need one to complete home improvements, consolidate outstanding debts or even fund your wedding, you have the power to do so.
Unsecured finance
There is no requirement for you to supply an asset to serve as collateral for your personal loan, freeing you up to spend however and wherever you see fit.
Choose variable or fixed interest
Thanks to our range of lending partners, you can choose to fix the interest on your personal loan or leave it variable and open to market movement.
Free early repayments
You don’t have to stick to the schedule if you don’t want to. You can find and compare lenders who charge no fees for settling your loan early.
Available to self-employed workers
Even if you don’t receive your income via conventional payslips, you can still be approved for a personal loan through your tax returns.
Why you should compare and choose your personal loan with Savvy
Reputable lending partners
We only partner with the most trustworthy lenders across Australia, as the quality of product you receive is of paramount importance to us.
Online, all in one place
We make it simple to find and compare loan offers by combining them in one easy place, accessible online and even via your smartphone on the go.
Instant lender matching
We take you straight to your lender’s site once you’ve decided on your personal loan, saving valuable time spent navigating other sites.
How you can maximise your personal loan savings
Choose a shorter loan term
One of the first steps you can take to save money is choose a shorter loan term. By reducing your time spent paying interest and fees, you can reduce the cost of both and save yourself a meaningful amount of money. A $30,000, five-year personal loan at 7.5% p.a. interest will end up costing you almost $2,500 more in interest alone, for instance.
Make additional repayments
Similarly, contributing more than the minimum can help you save and reduce your loan term. The five-year loan from the previous example comes with monthly repayments of $601, but simply paying an extra $100 each month would shorten your loan by ten months and save you over $1,000 over the life of the loan. Also, if your interest is variable, you can save money by paying more while rates are lower.
Improve your credit rating
The better your rating, the lower your interest is likely to be. The rock-bottom minimum rates like those displayed above are generally available to borrowers with excellent credit scores, which is only a small portion of the population. However, by doing simple things such as paying off your debts and lowering the limit on your credit cards, you can improve your score and, as a result, lower your potential interest rate.
Refinance down the track
A more long-term view of personal loans is that, in order to consistently keep your rates as low as possible, you should refinance to other loans with different lenders. For instance, if you’re midway through your $20,000, four-year loan at 9% p.a. and find another offer for 7%, you could save over $200 by switching to the other loan for the final two years. It’s always important to ensure that any fees associated with refinancing don’t negate the benefit of doing so altogether.
Make fortnightly repayments
A simple switch you can make to save you some extra money on your loan is to make your repayments on a fortnightly basis, rather than monthly. This is because lenders count months as being four weeks, meaning that monthly repayments are only equal to 24 payments compared to a fortnightly schedule including 26. While it may only be worth a few hundred dollars, every little bit counts in the scheme of things.
Compare as many options as possible
Finally, above all else, the best way to save money is by comparing options in the market as comprehensively as you can. You’re unlikely to come across the cheapest and best personal loan for you with the first offer that you find, but you’re more likely to form an educated view of which is best when you understand the loan market.
Common personal loan queries
The cost of your personal loan will, as mentioned, be dependant on the length of your loan and the interest rate you receive. It’ll also depend on the fees that you’re charged, which will be as follows:
- Ongoing fees: $0 to $10
- Establishment fee: $0 to $595
- Late payment fees: $15 to $35
You may also be charged a fee for repaying early in some instances, with the cost depending on the time left to run on the loan, but most of our lending partners won’t do so.
The calculator itself doesn’t have a function where you can input your fees, but you can do this yourself using the following method:
- Add your establishment fee to your loan amount
- Add your ongoing fee onto your repayment cost afterwards (multiply by the number of months on your loan to find the total cost)
If you don’t yet have these figures, you can use average charges in their place. The average establishment fee will sit at around $350, while average ongoing fees are only $3 to $4.
Additionally, if you don’t have your interest rate yet, simply add 2% to the advertised rate above in your calculations for an average representation.
Comparison rates are important when it comes to choosing your personal loan, as they give an indication of what your loan will cost inclusive of both interest and fees. As such, using your comparison rate in personal loan calculations instead of your interest rate is another way to incorporate the cost of fees into your repayments. This rate still doesn’t include more conditional fees such as early or late repayments, though.
Both fixed and variable rates have their advantages. Fixed rates bring stability and certainty to your repayments, making budgeting more accurate and protecting you against rises in interest rates. Variable rates, on the other hand, leave the door open for you to take advantage of interest decreases, albeit at a higher base rate than fixed. The ultimate decision on which to go with rests with you, so it’s important to compare and find which one is best for you.
Yes – personal loans are available to borrowers who have struggled with credit in the past. These may take longer to process, given that applicants aren’t likely to meet the automatic approval criteria that those with good credit do, and are subject to higher rates and lower borrowing caps of around $10,000. You can still use the loan in the same way as any other borrower, though, ensuring it’s still a useful solution for borrowers who find themselves in this position.
Yes – because lenders assess applications based on risk, those whose income is stable and comfortable are more likely to receive a lower interest rate and less costly fees than someone without the same job stability or income. For instance, a full-time worker in the same job for several years prior will have substantial job security in the eyes of a lender, while a part-time worker with less than six months in their existing position won’t have nearly as much. As such, the full-time worker will almost certainly receive a lower rate than the part-time employee.