Compare personal loans
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*WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 5 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.
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Personal Loan Comparison
Finding the best personal loan requires some shopping around. We share our personal loan comparison tips on how to choose the right loan for your budget and situation.
Plus, our simple loan comparison tool makes it even easier to find the best interest rate and personal loan from a wide range of trusted Australian lenders.
Comparing different types of personal loans
Personal loans can be used to consolidate debts, buy new furniture, pay for medical expenses, take a holiday, get your car repaired, fund university fees, or any other major expense.
The first step in personal loan comparison is understanding the different types of personal loans available. This will help you choose the type of loan right for your situation.
What are the different types of personal loans?
The interest rate of a fixed-rate loan is “locked in” and stays the same throughout the loan. This means a fluctuation in market interest rates won’t affect your repayment amount.
A fixed-rate personal loan could be right for you if:
- You want the security of knowing your repayments are the same each month. This makes budgeting easier.
- You don’t plan to pay the loan off early.
- You don’t want to worry about fluctuating interest rates.
Your loan repayment is the same each month.
You might not be able to make additional payments / pay off the loan early without a fee.
Less flexible or no redraw options (ie – accessing extra principal repayments) you’ve made on your loan.
The interest rate of a variable rate personal loan can go up or down during the course of the loan. Your loan interest fluctuates with the market so your monthly repayments can vary.
A variable personal loan could be right for you if:
- You’re planning to pay the loan off early.
- You want the option to redraw if needed.
- Your budget can handle fluctuating repayment amounts.
Loan repayments decrease when the market goes down.
Loan repayments increase when the market goes up.
The monthly repayment amount changes making it harder to budget.
A secured loan means there is an asset that the lender uses as security against the loan. For example, you might use your car as the asset to secure the loan. Secured loans are usually for higher amounts.
A fixed-rate secured loan means you have an asset to secure the loan and the interest rate is the same for the loan duration.
A secured personal loan could be right for you if:
- You want to borrow a larger sum ($10,000 or more)
- You have a low credit score.
- You want to get a competitive interest rate.
Borrow larger amounts.
Risk losing your assets.
An unsecured personal loan simply means there is no security against the loan. Interest rates are usually higher because there is more risk for the lender.
An unsecured personal loan could be right for you if:
- You have a very good credit score.
- You are borrowing less than $10,000.
- You don’t want to put your assets at risk.
You don’t risk losing your asset.
Higher credit score requirements.
Common questions about personal loans
Find out answers to some of the common questions about personal loans here.
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Personal loan comparison tips
Tips to help you understand the loan process and make the best decision for your budget.
How to compare personal loans between lenders
Once you’ve decided what type of loan is right for you, it’s time to do a personal loan comparison between lenders. This can save you hundreds or thousands of dollars in repayments.
Compare at least four different lenders and take note of the following:
- Interest rate
- Fees in addition to interest – for example, administration fees.
- Are there restrictions / fees on repaying the loan early?
- What are the redraw options?
- Does the repayment amount work for your budget?
- Can you choose your payment frequency – fortnightly, weekly or monthly?
Figure out how much you can afford to borrow
Before diving into personal loan comparison take an honest look at 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.
For example, you may be able to comfortably afford the repayments of a $5,000 personal loan over 2 years but an $8,000 loan on the same repayment terms would be a stretch.
Being realistic about what you can afford now can keep you out of financial stress down the line.
Loan amounts can range from $1000 up to $50,000. Unlike a mortgage, personal loans are usually “short term” and have to be repaid in a few years. Some may have longer terms (5 – 8 years) depending on the amount you’ve borrowed.
Use a personal loan comparison tool
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 to find the right loan.
Make sure you meet the general eligibility criteria
To meet the general eligibility criteria for a loan from most lenders you need to:
- Be at least 18 years old
- Be an Australian citizen or permanent resident
- Have a good credit score (more on that below)
- Receive a regular income / be employed
- Not be in the process of bankruptcy
- Live in Australia
Understand how your personal credit score will affect your loan eligibility
Having a good credit score will increase your chances of getting a loan at a competitive interest rate.
|Below average||Average||Good||Very good||Excellent|
Your credit score is a number from 0 – 1200. Scores are categorised as follows:
With a “very good” or “excellent” score, chances are you’ll get access to the cheapest interest rates.
Lenders may reject your application if you have a below average or average score, overdue payments or debt collectors have been assigned to outstanding debts.