Harmoney Personal Loan Review

Find out all there is to know about Harmoney personal loans and whether they’re the right option for you with Savvy.

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, updated on May 28th, 2024       

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Harmoney is one of Australia's top direct lenders which specialises exclusively in personal finance, servicing borrowers from around the country and across the ditch in New Zealand.

Before you start the application process, though, you should always familiarise yourself with the product on offer and learn about all of its most important features to give you a clear idea of what you’re signing up for.

Fortunately, you can do that right here with Savvy. We’ve broken down Harmoney’s personal loan deal to make it easier for you to compare and you can start the application process directly from this page today.

*Please note that Savvy does not represent Harmoney for their personal loan product.

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The features and benefits of Harmoney personal loans

Rates from just 5.76% p.a.

Harmoney’s personal loan base rate is among the lowest on the market right now in Australia, with their interest starting from just 5.76% p.a. (6.55% p.a. comparison) to help you save.

Borrow up to $70,000

Unlike most other lenders, who cap their loan amounts at $50,000, you’ll be able to borrow up to as much as $70,000 with a Harmoney loan, from as little as just $2,000.

No security required

You won’t have to worry about putting your vehicle up as collateral for your agreement, as all of these loans are unsecured, making them faster and easier to apply for.

Choose your ideal repayment term

Depending on what you’re most comfortable with, you can take up to seven years to pay off your personal loan, giving you the option to space out instalments as much as you need.

Decide on your loan’s repayment frequency

Additionally, you can choose whether to make contributions on a weekly, fortnightly or monthly basis, giving you further choices to customise your loan repayments.

Fixed interest

Because your interest rate is fixed from the beginning of your personal loan, you won’t have to worry about your required repayments fluctuating in cost month-to-month.

The pros and cons of Harmoney personal loans


No ongoing fees

On top of your low interest rate, you won’t be required to pay any added fees with each instalment, which potentially saves you hundreds of dollars over the life of your loan.

Free early repayments

You’ll be able to pay above the minimum required amount each month and not have to worry about incurring any fees for early settlement, giving you another avenue for reducing your loan’s cost.

Funding in as little as under 24 hours

Harmoney’s fast and efficient online application process means that you can apply, be approved and have your funds transferred directly into your account within one day.


Establishment fee of up to $575

If you’re applying for a loan of $5,000 or more, you’ll be required to pay an establishment fee of $575, while loans under $5,000 will cost you $275 via the same fee.

Less flexible repayment terms

Although you can take up to seven years to repay your loan debt, you’ll only have three choices in terms of the length of your loan: three, five or seven-year terms.

No secured loan options

If you had your heart set on a secured personal loan, you’ll have to look elsewhere, as Harmoney doesn’t offer anything other than unsecured finance.

More about Harmoney personal loans

How do I apply for a Harmoney personal loan?

The application process with Harmoney is a fast and simple one. It’s 100% online and you can start it right here, right now. Familiarise yourself with the steps involved in this process before diving in so you know exactly how everything is supposed to work and avoid any potential surprises around the corner on the way to getting your loan.

Compare and click through Savvy’s site

Of course, it’s always important to compare your personal finance options thoroughly before committing to your preferred loan. It’s easy to do that right here with Savvy, as we break down loan offers from around Australia to make your comparisons more comprehensive and informed. You can even use our repayment calculator to give a rough estimate of what different loans might end up costing you. Once you’ve decided Harmoney is the best lender for you, simply click on their loan offer and you’ll be sent straight through to their page.

Make sure you’re eligible

Before you start the formal application, you should ensure you’re eligible to take out the loan itself. There’s little point in applying for a loan if you’re unsure of whether you can actually be approved, so always double-check the qualification points. These will encompass the following:

  • You must be an Australian citizen or permanent resident or a New Zealand citizen
  • You must be over 18 years of age to take out a loan
  • You must be receiving a consistent income from full-time or permanent part-time employment
  • You must have a credit file with no record of bankruptcy, court judgments or defaults

Fill out your application form

Once on their site, you can begin filling out your application form. This lets them know more about you and your current financial situation, as well as the nature of the loan you’re hoping to be approved for, so they can determine whether you’re a suitable applicant. This shouldn’t take you long to complete, after which you can submit it and await their response.

Sign your loan contract and receive funds

If Harmoney is satisfied with your application, you’ll receive an offer outlining the terms of your loan and your interest rate, as well as what your repayments will be across your term. You can accept these and supply some other supporting documentation, which Harmoney will advise you on in terms of what they need, and have your funds advanced directly into your account within just 24 hours.

More common personal loan queries answered

Is it better to have a longer loan term?

It depends on your financial situation – many borrowers prefer longer terms to help them manage their repayments more effectively, ensuring that they don’t eat into their disposable income too much each month. However, the longer your personal loan repayment term, the more you’ll pay in interest. For example, a $30,000 loan at Harmoney’s minimum 5.35% p.a. rate would cost $4,257.61 in interest over five years, but the same loan over seven years would set you back $6,033.36.

How much will I be able to borrow?

The answer to that will be shaped by several individual variables, such as your income, credit score, loan repayment history, current expenses and outstanding debts. Fortunately, you can get an idea of how much you’ll be able to borrow by using Savvy’s borrowing power calculator, which factors some of these into the calculation to spit out a rough estimate of what a lender may be willing to approve you for.

What can I use my personal loan funds on?

There’s very little limit to what you can take out a personal loan for, provided the purpose for doing so is clear and legal. For instance, you could apply for a loan to pay for a cruise, purchase your next bicycle or even cover a cosmetic procedure like a hair transplant. This is by design: the ‘personal’ in personal loans represents their ability to be applied to almost any use in your personal life.

Will I be able to apply with my partner?

Yes – there are plenty of personal loans available in the market which cater to the needs of couples. These are known as joint personal loans, which allow two co-signatories to share the responsibility of repaying a debt. If you’re unsure of whether your lender will be able to approve an application with joint borrowers, it’s worth checking in with them before commencing the application, as taking out a loan with another borrower can boost your chances of approval at a low interest rate.

What’s the difference between fixed and variable interest rates and which is better for me?

Fixed interest is the most common type of rate occurring on personal loans. They’re locked in from the beginning of your loan term, enabling you to approach your repayments with certainty and budget more accurately around them month-to-month. Variable interest rates remain open to fluctuation across your term, increasing and decreasing in line with how your lender changes their interest rates. While you have the potential to save if rates fall, you may end up paying more if you take out your loan just before an increase in rates. The best rate for you depends on what you value.

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