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Last updated on June 22nd, 2022 at 10:24 am by Thomas Perrotta

Compare personal loans with rates from 5.35% p.a.

Whether you’re looking for a helping hand with renovating your home, consolidating your debt or planning your next getaway, Savvy is the best place to compare your personal loan options. Find the lowest, most competitive interest rates and flexible features all in one place today.


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site-logos Harmoney Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
site-logos 5.35%
fixed up to 19.09% p.a.
fixed up to 19.99% p.a. based on $30,000 over 5 years
3 to 7
$2,000 to
over 60 months
Go to site

Borrow up to $70,000 with personalised rates and repay over 3,5 or 7 years loan terms.

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site-logos Plenti Unsecured Personal Loan (Excellent Credit)
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
site-logos 6.89%
fixed up to 8.69% p.a.
fixed up to 9.81% p.a. based on $10,000 over 3 years
3 to 5
$5,000 to
over 60 months
Go to site

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.

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site-logos Wisr Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
site-logos 6.95%
fixed up to 17.95% p.a.
fixed up to 18.37% p.a. based on $30,000 over 5 years
3 to 7
$5,000 to
over 60 months
Go to site

Borrow between $5,000 and $64,000 with great low rates for excellent credit. Get a personalised rate estimate in 2 minutes that won't impact your credit score.

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site-logos OurMoneyMarket Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
site-logos 5.85%
fixed up to 20.99% p.a.
fixed up to 23.83% p.a. based on $30,000 over 5 years
1 to 7
$2,000 to
over 60 months
Go to site

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.

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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.

Features to compare when choosing your personal loan

Competitive interest rates

See how our lenders stack up against one another when it comes to finance rates, with affordable deals starting from 5.35% p.a. (6.14% p.a. comparison).

How much you can borrow

Our lenders allow you to borrow up to $75,000 for your personal loan, with amounts available from as little as $2,000 to service a variety of needs.

Minimum and maximum loan terms

You can choose the term over which you repay your personal loan, from as short as 12 months all the way up to seven years, to shape the cost of your repayments.

Flexible repayment schedules

Additionally, our lenders offer you the freedom to choose between monthly, fortnightly and weekly repayments to suit your own income schedule.

Free early repayments

We can match you with lenders who enable you to make fee-free extra contributions to your loan and pay it off before your initial end date without incurring any additional charges.

Compare different lenders

You can compare the various fees and charges offered between lenders. You may prefer those who don’t charge ongoing service fees or an initial establishment fee to help you save further on your personal loan.

Security requirements

We compare unsecured personal loans from our lenders, which means you can sidestep the need to put up a valuable asset as collateral for your financing.

Get funded within 24 hours

Get a personalised interest rate and complete our quick quote in a few minutes, receive an instant outcome in 60 seconds and receive your funds within 24 hours.

Why you should compare personal loans with Savvy

More common questions about comparing personal loans

Why is comparing personal loans thoroughly so important?

Comparing different personal loans could be the difference between you spending hundreds of dollars more or saving that money.

It’s also important to be able to weigh up your options in areas aside from simply rates and fees. For example, you may find a loan with a slightly greater interest rate than another but cheaper or no costs associated with repaying it early.

It’s up to you to then determine which of these aspects are more important to you in a loan. Savvy is with you throughout this process to help make your comparison the most accurate it can be.

Can I compare what I’m able to use my personal loan for?

All personal loans can essentially be used for whatever purpose you like. Because they’re designed for private, personal use, there are almost no restrictions on how they can be used. They’re often seen as a great way to consolidate existing debts into one singular loan, making them more manageable each month and ensuring they all come under the one interest rate. Alternatively, many people use them to pay for home improvements, short or longer holidays or simply to pay for their car.

How do I know if I’m eligible for personal financing?

All of our lenders cover essentially the same eligibility criteria when it comes to personal loans. These generally include:

  • All applicants must be over the age of 18 and a citizen or permanent resident of Australia.
  • They must also hold full-time or permanent part-time employment, earning a minimum of $20,000 annually (which can also come from other streams such as Centrelink payments and investments).
  • You must have a clean credit report when it comes to any previous defaults or bankruptcies.
How do I maximise my personal loan savings in addition to comparing added costs?

Beyond comparing interest and fees, there are a few ways you can look to cut down on the total cost of your personal loan. Choosing a shorter repayment term will mean that you’re paying more per instalment, but it’ll help you reduce the total interest and fees that you pay.

Selecting fortnightly repayments instead of monthly will give you the equivalent of 13 months’ worth of contributions each year, meaning this can also marginally reduce your total bill. Lowering your existing credit limits and paying off existing finance are two ways to increase your credit score, which in turn will decrease your offered rate.

How do I compare my personal loan repayments before applying?

Our online personal loan offers provide real-time calculations based on your lender’s advertised rate and your chosen loan amount and term. This gives you a rough idea of the amount you’ll be paying each month and overall. However, the interest rate you’re offered will be based on a number of individual factors, so you may find your rate is different to the one indicated above.

What are my options for comparing loans if I’m self-employed?

Self-employed workers can still qualify for standard personal loans if you’re able to supply the right documentation. Because payslips aren’t usually possible, lenders will accept the two most recent years’ worth of tax returns. If you don’t have these, though, your options are likely limited to low doc personal loans. These utilise alternative documents, such as profit and loss statements, BAS documents and an income declaration.

More about personal loans and how to compare them

Market update for personal loans: June 2022

As interest rates are expected to be on the rise once again in June, it’s more important than ever to continue comparing personal finance offers from some of the most reputable lenders in Australia right here with Savvy.

After the Reserve Bank of Australia (RBA) increased the national cash rate in May by 0.25% from its record low of 0.1%, an increase is likely once again when they meet at the start of the month, which won’t affect borrowers currently paying off existing fixed rate loans but could impact those yet to apply (or paying off a variable rate loan).

Lending indicators released by the Australian Bureau of Statistics (ABS) for April of this year were released at the start of the month, showing an overall decrease in the value of new fixed-term finance commitments in contrast to the month prior.

February’s total new fixed-term loan commitment value was the highest it had been in almost six years, but March’s numbers fell slightly by 0.4% before April’s new commitments fell by a further 3.7% to $2.19 billion. This still represents the third-highest overall month since April 2016, however.

Notably, there was a 6.7% decrease in the value of commitments taken out for the purpose of purchasing a vehicle and a significant 20.6% drop in that of finance for personal investment, although finance for household and personal goods ($0.13 billion to $0.15 billion) grew.

How should I compare personal loans?

There are several key areas which you should look to when comparing personal loans. Paying attention to these factors will boost your chances of applying for the best loan for your needs. Make sure you compare the following areas:

Interest rates

These are perhaps the easiest aspect to compare when it comes to personal loans, as interest rates are always prominently displayed on lender sites and personal loan rate comparison tables. The reality is, though, that even a small difference in interest rates can save you a significant amount of money over a relatively short timeframe.

If you were looking for a $30,000 personal loan to be repaid monthly over five years, for instance, you would save around $15 per month and over $850 in total if you opted for a 7.5% p.a. interest rate over an 8.5% p.a. rate. It’s also important to note that each rate is personalised to the customer, so the rate you’re offered might be different to one that your friend or neighbour would be.

Additional costs

Fees also vary on personal loans depending on the lender you choose and the nature of the loan you take out. The most common fees you’ll face are ongoing monthly costs and an establishment fee.

While service fees are only likely to cost you a small amount each instalment, they can end up costing you a significant amount. $10 monthly fees on a five-year loan paid to term would end up costing you $600 on its own. Some of our lenders don’t offer any ongoing fees on their loans.

Similarly, establishment fees vary between lenders. Your fee may be charged as a set lump sum of up to $575, while other lenders may express this as a percentage of your loan amount. As a general rule, though, you won’t have to pay more than $600 and it can also be waived by your lender (as it is by some of our partners).

Additionally, early repayment fees aren’t usually charged, affording you the freedom to repay your loan as quickly as you wish. When these fees do apply, their cost will vary depending on the size of your loan and how long is left to run on your term. Late repayment fees can’t be avoided, however, as you’ll incur a fee of between $20 and $35.

Comparison rates

While it’s important to compare rates and fees on their own, you should always refer to the comparison rate on your personal loan as an indication of its true cost. This is because it serves as a combined figure representing both the interest rate on your loan and its primary fees (namely establishment and service).

You can utilise the comparison rate when calculating your repayments in place of interest to determine what you’re actually likely to be paying each instalment. This rate doesn’t include all fees, however: more conditional fees such as early and late repayment charges, which are commonly avoided, aren’t factored into this calculation.

Loan terms

It’s important to approach the application process knowing what your ideal repayment period is, as this will also help inform your decision on which lender to go with. Not all lenders will be able to offer the same term lengths, as some will limit their minimum terms to three years and others will cap their offered periods at five years, as opposed to the full one- to seven-year range which some lenders can provide you.

Loan amounts

Similarly, the amount you’ll be able to borrow will differ between financiers. While you can borrow between a minimum of $2,000 and maximum of $75,000, many lenders cap their unrestricted borrowing range to $50,000 or enforce a minimum loan size of $5,000. If you find yourself borrowing on either end of this scale, it’s especially important to give some thought to which financier is the best option for you to go with.

Extra features

In addition to these, it’s crucial to understand the importance and usefulness of extra features on your personal loan. For one, free additional repayments can help you save a significant amount in interest and fees over your loan. For instance, paying an extra $100 each month towards a five-year, $30,000 loan at 7.5% p.a. would save you over $1,000 in interest and shave ten months off your term.

You may also find a redraw facility to be useful for your loan repayments. These enable you to withdraw from previous additional repayments made to use as you see fit, which adds greater flexibility to your overall loan experience. We work with lenders who can arrange both of these features on for your personal loan.

What types of personal loans can I compare?

There are several different types of personal loan which you can choose from, so it’s important to understand the differences between each of them before you apply. Some of the main types of loans include:

Unsecured personal loans

Unsecured personal loans are the most common personal finance type. These don’t require the borrower to attach an asset that they own, such as a car or other valuable vehicle, as collateral for their personal loan, which speeds up the overall process and makes it more accessible for a wider range of borrowers. As a result of this, though, you’re likely to have to pay more in interest and fees on this type of loan.

Secured personal loans

Secured loans, on the other hand, do require an asset to be used as collateral. The primary benefit of security on a personal loan is that it typically decreases your interest rate and can expand your borrowing power up to as much as $100,000. However, your asset must carry enough resale value to recoup any funds lost should you become unable to fulfil your loan obligations, so it’ll shape your borrowing power. Unlike car and home loans, though, there isn’t likely to be a requirement to use the funds for the purpose of buying the secured asset.

Lines of credit

Unlike standard personal loans, personal lines of credit offer you the ability to withdraw your approved funds whenever you need them from an account. This involves you being approved up to a set limit and having the freedom to access funds up to that limit at a pace which suits you, only paying interest on the funds you use. These typically come without set end dates because they can be kept open indefinitely, provided they remain sustainable and useful. Interest rates and fees can often be higher on these loans, however.

It’s also worth considering the type of interest rate you may be charged on your personal loan. This can be one of two types: fixed interest or variable interest.

Fixed interest rates

Fixed rates are the most frequently occurring on personal loans, setting your interest at the beginning of the agreement and maintaining it at that level across the course of the loan. What this does for you is provide added certainty to your monthly repayments, enabling more accurate budgeting around them over your loan’s full term, and protect you from any increases in your lender’s rate throughout your repayment period. However, if rates fall soon after you take out your loan, you’ll be forced to pay more or pay your way out of your agreement early.

Variable interest rates

Variable rates, on the other hand, remain subject to fluctuation throughout your loan term. This means that you’re well-positioned to take advantage of any falls in your lender’s interest rate and save money on your loan. In equal measure, though, you aren’t as protected as you would be with a fixed rate if your rate rises. They’re also not as effective when it comes to budgeting, as you can’t be as certain about what they might cost months down the track.

How much will I be able to borrow?

While personal loans range from $2,000 to $75,000 in most cases, how much you can actually be approved for is another question entirely. Lenders assess borrowing power from applicants based on a variety of factors, including the following:

Your income and employment

It’s fairly obvious to say that the more you earn, the more you’ll be eligible to borrow and subsequently repay. With more money going into your account each week, fortnight or month, you’ll generally be able to take on a greater commitment. However, your employment will also affect this. If you’re in a stable job (such as full-time or permanent part-time) and have been for an extended period, it’s less likely for your income stream to dry up compared to a casual employee or someone who’s just started their own business, so lenders will feel more comfortable approving larger sums.

Your expenses

It’s not just your income which is important, though: what your commitments are when it comes to your living and other recurring expenses will also play a major role in determining what you’re eligible to borrow. A high income won’t count for much if you’re burdened with other costly expenses and liabilities like home, car and other personal loans. Lenders will use the cost of your regular expenses to determine what you’re capable of borrowing and take note of what each of them are to ensure you don’t find yourself struggling to repay them down the track.

Your credit score

Your credit score provides your lender with a clear indication of your reliability as a borrower when it comes to managing your debts. This includes things such as other loans, utility bills and lines of credit like a credit card or store credit. The higher your score, the more confident your lender will be in your ability to repay the personal loan you’re applying for.

Your history repaying personal or car loans

Although this relates to your credit file also, financiers look for borrowers with a proven track record when it comes to paying off other loans of a similar nature. For instance, if you were applying for a $20,000 personal loan and your lender could see that you successfully repaid a $15,000 loan 12 months ago without any trouble, you’d be more likely to be approved for a larger sum and a lower interest rate.

Your loan security (or lack thereof)

As mentioned previously, adding security to your loan will have a direct impact on your borrowing power. This is because it can not only extend the potential range beyond $75,000 up to $100,000 but the amount you’re ultimately approved for will rely on the value of the asset you’ve utilised as collateral for the loan. For instance, if your car was worth $60,000, you’re likely to be approved for $60,000 and not much more. If unsecured, though, all of the above factors will have a greater emphasis.

How do I maximise the effectiveness of my personal loan comparison?

There are several ways you can go about completing the process of comparing your personal loan options quickly and efficiently. Some of the ways to help you ensure you conduct a high-quality comparison and give yourself the best chance of selecting the most suitable loan for your needs are:

Figure out how much you can afford to borrow

Before diving into the personal loan comparison process, it’s important to review your financial situation. If you don’t already have one, draw up a budget with your current income and expenses to see how much room you have for repayments. Play around with different figures using our personal loan calculator. You’ll see how different loan amounts, repayment terms, and interest rates will affect your current budget. Being realistic about what you can afford now can keep you out of financial stress down the line and increase your chances of nailing your personal loan choice.

Know your profile

Having a clear understanding of your profile as a borrower will give you greater clarity on the type of loan and lender which is best for you. Financiers differ when it comes to their eligibility criteria, so if you know you haven’t been working in your new job for long or have a credit score which is only considered average, there’ll be lenders which may not be able to work with you or offer less favourable deals. By entering your comparison with an idea of your risk profile, you can narrow down your finance options to those which can provide you with the finance you need at a reasonable price.

Compare with Savvy

Conducting your personal loan comparison with Savvy is a great way to help you quickly and easily find out the key information you need to decide on which finance offer is right for you. We’ve made personal loan comparison easy with our quick side-by-side comparison tool. You’ll be able to review personal loans from Australia’s most trusted lenders all in one place to help you find the best loan for your individual needs. Once you’ve chosen your lender, you can click straight through to their site and start the application process straight away.

How do personal loans compare to credit cards?

Credit cards are different to personal loans in that you can access funding up to a set limit whenever you need without a set repayment term (in much the same way as a line of credit). Much higher interest rates apply to credit cards than personal loans, which is one of the most substantial differences to be aware of. 

You may think that a credit card is the best option for you when it comes to accessing financing for a range of purchases, but this may not always be the case. If you’re making smaller purchases which can be repaid within one month, you can take advantage of your credit card’s interest-free period and pay little extra. However, if you’re accessing an amount you’re not confident you can repay in that time and could risk being hit with rates as high as 20% p.a. or more, a personal loan may be better for you.