Personal Loans Hobart

Compare from a range of lenders across Australia here to find the best personal loan for your needs with Savvy.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on October 4th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Personal Loans Banner

The benefits of personal loans in Hobart

Compare rates and save

Depending on your personal loan type, you can compare and access finance deals as low as the rate above and save a significant amount of money overall.

Have a say in your repayments

You’re given ample choice when it comes to setting your loan terms, with periods of one to seven years available and monthly, fortnightly and weekly schedules offered.

Get approved for anything up to $75,000

Personal loans are highly malleable to fit your needs and can be applied for from as little as $2,000 to $75,000, or as much as $100,000 if you opt for a secured loan.

Optional security requirements

You’re not required to put up a valuable asset like your car or boat as collateral for your loan if you don’t want to. We compare both secured and unsecured personal loans.

Pay out your loan early

You’ll be able to compare lenders who don’t charge you any fees for making additional repayments or paying out your loan ahead of schedule, saving you money in the process.

Easy online loan application

Once you’ve selected the lender to go with, your application will only take a matter of minutes to fill out before you send it off with your documents, receiving an instant outcome.

Types of personal loan

Why compare personal loans through Savvy?

A checklist to apply for your personal loan

Common Hobart personal loan questions

How quickly can I receive my funds?

Once you submit your application, you can receive an instant outcome in just 60 seconds. If this outcome indicates your application was successful, you can sign your final loan documents and have the money transferred directly into your account in as little as 24 hours after your initial application. From there, you’re free to use your funds how you like.

Does my purchase have to be a local one in Tasmania?

No – you can use a personal loan for just about anything you like; you’re not solely restricted to purchases or expenses based in Tasmania. You might wish to utilise your funds to help pay for an interstate wedding, cover travel costs abroad or even to help you fund your move across the country. Alternatively, you can make a purchase from overseas to be imported into Australia. There are essentially no restrictions on how you can use your loan.

What can I do to reduce the cost of my personal loan?

As mentioned above, making additional repayments towards your loan can make a big difference in the long run when it comes to saving you on interest and fees. For the same reason, choosing a shorter loan term will also minimise the added costs you’ll need to pay overall. Alternatively, if your credit score isn’t perfect, you can improve it by paying any outstanding debts and lowering the limit on your credit cards.

Can I still be approved for financing if I’m a temporary resident in Hobart?

Yes – while there are fewer options to choose from, you can be approved for a personal loan as a temporary resident. The most important factor to consider here is whether you’re eligible to do so based on the type of visa you’re living on. For example, student, bridging and visitor visas generally aren’t accepted. Also, you’ll need to ensure that your loan term ends at least a few months prior to the conclusion of your visa.

Can I apply for a personal loan on Centrelink?

Yes – we’re partnered with several lenders who can include your Centrelink payments in your overall income on your personal loan. This is essentially limited to stable, permanent payments that aren’t prone to change with your personal circumstances, such as disability, carers’, veterans’, aged and single parent payments. You won’t be able to include benefits such as Youth Allowance, Austudy or ABSTUDY, as these can end once you find a job or complete your studies. JobSeeker can be used as a low-income supplement or in conjunction with family tax benefits, but not on its own for the same reason.

Do I get to choose the type of interest rate on my loan?

Yes – at Savvy, we compare offers from lenders who offer fixed and variable rates on their personal loans. Fixed interest is the most frequent type of rate for personal loans, which remains the same across your term and enables you to budget more accurately around your repayments. However, variable interest is prone to fluctuation, meaning that you could benefit from a fall in rates if you opted for this type.

What about if I have a bad credit score?

Yes – we also count lenders amongst our panel who can approve borrowers with bad credit scores for loans up to around $12,000. Terms are restricted to a maximum of two to three years, with interest rates being higher for this type of finance. However, they can be used in the same way as any other personal loan and can be obtained just as quickly.

Helpful personal loan guides

Still looking for the right personal loan?

Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.