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Personal Loans Hobart
Compare from a range of lenders across Australia here to find the best personal loan for your needs with Savvy.
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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
With an unsecured personal loan, you can potentially borrow as much as $75,000 without the need to attach any valuable assets, such as your car, as security. These loans are the most widely available and often the quickest, with same-day approval possible.
Secured personal loans, on the other hand, make use of collateral. This lowers your risk profile in the eyes of a lender, potentially lowering your interest rate and expanding your borrowing power beyond what you may be able to get through an unsecured loan.
Variable interest rates remain open to fluctuation during your term. This means you can benefit from decreasing rates and save on your loan if the market heads in that direction, although you’ll also pay more if rates start rising.
Fixed interest rates are locked at the beginning of your loan and remain constant throughout your repayments. This acts as a valuable protection against interest rate increases, as your loan will be unaffected, but you’ll miss out on potential drops as well.
If you’re paying off multiple debts at the moment, particularly those with high interest (such as credit card debts), consolidating them into one payment can not only make them more convenient to manage but also potentially save you money overall.
Looking to take off on a holiday with your family but want to pay it off at your own speed? Travelling can be expensive, so you can distribute the cost of your next trip over a period you’re more comfortable with by taking out a personal loan to pay for it.
There are so many costs that go into making your dream wedding a reality, from venue hire to catering to dresses and suits and so much more. By taking out a personal loan, you can start planning the big day you want, even if you can’t pay for it upfront.
Home improvements are desirable for a range of homeowners to help keep their living space fresh and interesting, not to mention increase its value. You can get past the financial hit of renovations with a personal loan paid in instalments.
Personal loans aren’t limited to PAYG employees, though. If you’re running your own business, you can still be approved for financing by submitting tax returns and other alternative documents instead of payslips and utilise your funds however you wish.
There’s a variety of expenses which come with being a student, ranging from the cost of your courses, textbooks and computer to your accommodation. Taking out a personal loan can make these costs more manageable by spacing them out.
Some lenders offer green personal loans, which are designed to be used for energy-efficient appliances and products such as solar panel and air conditioning installation in your home. You can qualify for lower interest rates and fees with this loan.
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A checklist to apply for your personal loan
Review your credit report
It’s important to understand who you are as a borrower and the way that you come across to your lender, which can be ascertained by looking into your credit report.
This is especially the case if you’ve had issues in the past with making debt payments on time or haven’t really borrowed anything, as your credit score will inform the size and terms of your loan. The higher your score, the higher your chances of approval for the loan you want (and the lower your interest rate).
Work out what you can afford to borrow
It’s perhaps most important to calculate the amount you’re capable of repaying for your personal loan before you submit your application. Lenders focus on your ability to repay the loan you’re asking for, as they want to be as sure as possible that you’ll be comfortably able to do so.
What your individual borrowing power is will be largely dictated by your income and expenses, as your repayments will be taken out of your disposable income. Your lender will want to see clear daylight between your monthly disposable income total and the cost of your loan.
Compare personal loans with Savvy
From there, you can begin the comparison process and start to inform yourself of the best loan offers for your situation. There are many areas in which you can compare personal loans, so it’s important to prioritise some (or all) of the following:
- Interest rates and fees
- Repayment flexibility
- Minimum and maximum loan terms
- Minimum and maximum loan amounts
Ensure you’re eligible
Of course, there’s little point applying for a series of personal loans when you don’t actually meet their respective eligibility criteria. It’s a very avoidable issue which can be circumvented by checking each lender’s site in the comparison process and determining which ones you’re eligible to apply to. Some of the main qualification points you’ll need to meet include:
- Must be earning a minimum of around $22,000 annually
- Must be a citizen or permanent resident
- Must be 18 years of age or older
- Mustn’t have a history of bankruptcy or defaults
Prepare the required documentation
One way to help speed up the application process and minimise the back and forth between you and your lender is to have all of your required documents on hand when commencing your application. While these may differ slightly, you’ll likely need to provide the following:
- Your last two payslips
- Your driver’s licence or passport
- Information on your assets and liabilities
- Your online bank account details
- 90 days of bank statements may be requested
Common Hobart personal loan questions
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.
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.
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.
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.
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.
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.
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.