Low interest personal loans

Finding a low interest personal loan is a great way to save money across your term, with a minute rate drop potentially saving you hundreds of dollars. However, low interest doesn’t always mean the cheapest, which is why Savvy is such a useful resource for you in the comparison process.

With our lending partners, you can compare and access loans at rates as low as 5.35% p.a. interest (6.14% p.a. comparison rate) for loans up to $50,000. They also offer various other features that can cut down on the cost of your loan like affordable fees and flexible loan terms and repayment options.

Start comparing your low interest options today with Savvy and save money on your personal loan.

Compare low interest personal loans

Get approved for your low interest personal loan and funded within 24 hours. Compare and Save with Savvy.

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site-logos Harmoney Unsecured Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.35%
fixed
6.14% 
fixed
$570.96
over 60 months
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Borrow up to $50,000 with personalised rates and repay over 3 or 5 years loan terms.

site-logos Symple Loans Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.75%
variable
6.47% 
fixed
$576.50
over 60 months
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More details

Earn up to 50,000 Qantas Points with a more rewarding personal loan from Symple

site-logos SocietyOne Unsecured Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.95%
fixed up to 19.99% p.a.
5.95% 
fixed up to 20.93% p.a. based on $30,000 over 5 years
$579.29
over 60 months
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More details

Borrow up to $50,000 with rates between 5.95% p.a. and 14.99% p.a. based on your credit rating.

The interest and comparison rates displayed above are based on $30,000, five-year unsecured personal loans, which assume applicants have an excellent credit history.

Harmoney customers applying for loans of this amount and length can receive an interest rate between 5.35% p.a. and 19.09% p.a. (6.14% p.a. and 19.99% p.a. comparison rates). Loan terms are offered for lengths of three or five years. A $30,000 personal loan repaid over five years at the minimum 6.14% p.a. comparison rate will cost an estimated $34,916.34, inclusive of all interest and most fees, with monthly repayments of $581.94.

Symple customers applying for loans of this amount and length can receive an interest rate between 5.75% p.a. and 25.99% p.a. (6.47% p.a. and 29.20% p.a. comparison rates). Loan terms are offered for lengths of one to seven years. A $30,000 personal loan repaid over five years at the minimum 6.47% p.a. comparison rate will cost an estimated $35,193.78, inclusive of all interest and most fees, with monthly repayments of $586.56.

SocietyOne customers applying for loans of this amount and length can receive an interest rate between 5.95% p.a. and 19.99% p.a. (5.95% p.a. and 21.70% p.a. comparison rates). Loan terms are offered for lengths of two, three or five years. A $30,000 personal loan repaid over five years at the minimum 5.95% p.a. comparison rate will cost an estimated $34,757.21, inclusive of all interest and most fees, with monthly repayments of $579.29.

Comparison rates are only representative of a loan’s primary fees, such as establishment and ongoing fees, and do not include other costs which can apply depending on the lender and applicant. Different comparison rates can apply to loans of different lengths and those which carry additional or differing fees and features.

The features and benefits of low interest personal loans

Highly competitive rates

Our suite of lenders gives you more options to choose from in the comparison process, with more competition leading to more competitive rates.

Borrowing up to $50,000

You can take out a loan for a variety of different purposes, from as little as $2,000 all the way up to $50,000 with a low interest rate.

Repayment periods up to seven years

As part of your personal loan, you also have a say over the size of your low-interest repayments by selecting a term of between one and seven years.

Fix your rate or keep it variable

You’ll be able to choose between fixing your already low rate and leaving it variable to potentially experience even lower rates in time.

Free additional repayments

With free extra contributions to your loan, you can take advantage of your low rate and save yourself hundreds, if not $1,000 or more, in interest.

Customisable instalment structure

Tailor your repayments to your needs by selecting between weekly, fortnightly or monthly instalments for your low-rate personal loan.

Personalised rates

Interest rates are different for every applicant, so your lender will set you a rate that reflects you as a borrower and your financial situation.

Low interest, quick loans

You’ll receive an instant response within 60 seconds after submitting your initial application, with funds sent to you in as little as one day.

Why Savvy can help you find the lowest personal loan interest rates

How to save on interest on your personal loan

Frequently asked questions about low rate personal loans

What can I use a personal loan for?

Low interest personal loans can be used to pay for personal expenses like medical bills, holidaysweddings, renovations, school fees, or any other big purchase you’re looking to make. They can also be used to consolidate debt, which basically means refinancing debts and credit cards under the one low interest rate loan. Consolidating debt makes the overall management easier and takes advantage of a lower interest rate, which means cheaper repayments.

Are the personal loans with the lowest interest rates always the cheapest?

No – while interest plays a major role in determining the cost of your loan, it isn’t the sole factor. You’re also likely to face fees at some point throughout your repayments.

The two most common fees to encounter are ongoing service costs and a one-off establishment fee, which can cost up to $10 and $575 respectively. However, you can also compare lenders who don’t charge one or both of these fees.

If you’re unsure of the fees you’re likely to pay on your loan, you can look at the comparison rate (interest and main fees inclusive) to determine what the overall cost of your loan will be more accurately.

Should I opt for unsecured or secured personal loan?

When searching for the right low interest personal loan, you’ll need to consider whether a secured or unsecured loan is the best option.

Secured personal loans are backed by an asset, used for collateral or security. This means that if you are unable to repay the debt for whatever reason, the lender takes the asset that was used as security — usually a car, house, boat, or another valuable asset — and sells it to recoup the money they lent out.

Unsecured personal loans are not secured by an asset, which simply means you don’t have to offer an asset as collateral. This may be a desirable aspect for you if you don’t have any significant assets to offer as security.

How else should I compare personal loans?

There are a number of other factors to consider when comparing personal loans. As mentioned, you can choose between lenders who enable you to make free additional repayments and pay off your loan without any extra cost, while you can also look for other features such as maximum and minimum loan amounts and terms and flexible repayment schedules. Fortunately, you can do all of this here with Savvy.

Will applying with a co-borrower improve my interest rate?

Yes – adding a second income to your loan agreement instils a greater sense of confidence in your lender that your financing will be comfortably repaid. This is known as a joint personal loan and is most commonly sought by partners, as they tend to share expenses if they’re living together.

Shifting the reliance onto two income streams instead of one is particularly useful if one borrower receives Centrelink income or is newly self-employed, as these situations will ordinarily raise interest rates.

Should I get a guarantor on my personal loan?

A guarantor is another way to cut down on potential interest costs on your personal loan. This involves a close relation such as a parent or partner agreeing to repay the loan if, for whatever reason, you become unable to do so.

Guarantors are generally in better positions when it comes to their finances and credit scores, so lenders will view the loan with far less risk, thus offering lower interest. 

Can I use a low-rate personal loan to boost my credit score?

Yes – many borrowers who are looking to increase their credit ratings look to personal loans for the sole purpose of adding further positive credit reporting to their file. This will also increase your chances of approval for similar loans in the future, as it’s proof that you can handle loan payments.

Does my choice of lender affect how low my interest rate is?

Yes – every lender is different when it comes to the interest rates they charge on their personal loans, which is especially the case when looking at different types of lenders.

For example, personal loans from the big banks are unlikely to come with the lowest rates on the market, as banks naturally will charge more in interest than smaller online lenders and even credit unions.