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Last updated on May 2nd, 2022 at 05:24 pm by Thomas Perrotta

Compare low interest personal loans

Finding a low interest personal loan is a great way to save money across your term, with even a small rate drop potentially saving you hundreds of dollars overall. Savvy is partnered with a range of trusted lenders across Australia to help you compare the lowest rates available to you.


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site-logos OurMoneyMarket Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
site-logos 5.45%
fixed up to 20.99% p.a.
fixed up to 23.83% p.a. based on $30,000 over 5 years
1 to 7
$2,000 to
over 60 months
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Apply for an unsecured personal loan between $2001 to $75,000 for a variety of loan purposes. Get a personalised rate estimate in minutes without impact your credit score.

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site-logos Harmoney Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
site-logos 5.35%
fixed up to 19.09% p.a.
fixed up to 19.99% p.a. based on $30,000 over 5 years
3 to 7
$2,000 to
over 60 months
Go to site

Borrow up to $70,000 with personalised rates and repay over 3,5 or 7 years loan terms.

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site-logos Now Finance No Fee Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
site-logos 5.95%
fixed up to 17.95% p.a.
fixed up to 17.95% p.a. based on $30,000 over 5 years
1.5 to 7
$5,000 to
over 60 months
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Borrow up to $50,000 with no fees, now and forever. Minimum requirement to earn $22,100 p.a. and have good to excellent credit.

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site-logos Plenti Unsecured Personal Loan (Excellent Credit)
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
site-logos 6.39%
fixed up to 7.89% p.a.
fixed up to 8.49% p.a. based on $30,000 over 5 years
3 to 5
$5,000 to
over 60 months
Go to site

Apply for an unsecured personal loan and enjoy low rates for excellent credit. With no early repayment or exit fees, there’s a lot to love about this loan.

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Disclaimer: A comparison rate indicates the true cost of a loan. The comparison rate displayed for this advertiser is calculated based on a loan amount of $30,000 over 5 years and represents the effective rate on the loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

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 $75,000

You can take out a loan for a variety of different purposes, from as little as $2,000 all the way up to $75,000 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.

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.

Can I still get a low interest personal loan if I’m self-employed?

Yes – lenders assess self-employed borrowers in the same way as other applicants. You’ll be required to submit different documents in place of payslips, such as tax returns and bank statements, to prove your income, but if you can prove to your lender that your income is stable and your business is running smoothly, there’s no reason why you can’t be approved for a loan with a low interest rate.

More about low interest personal loans explained

What types of personal loans have the lowest interest rates?

In most cases, secured personal loans come with the lowest interest rates. However, there are three main personal finance types to consider when comparing your options, so it’s important to understand the differences between them and how they can affect your interest rate. Fortunately, you can compare offers right here with Savvy and see first-hand which finance types best suit your needs and personal situation. The loans to consider are:

Secured personal loans

Secured personal loans involve putting up an asset as collateral for your finance agreement, which is commonly a vehicle such as a car or another valuable asset. As mentioned, these loans are typically the cheapest in terms of interest rate, so opting for secured finance will often result in the least expensive overall deal.

Attaching your car, another vehicle or your savings as collateral could also substantially increase your borrowing power up to as much as $100,000, with unsecured loans capping out at $75,000. However, because of the need to ensure your asset is suitable to cover the cost of your loan in the event you become unable to pay it off, lenders will often run stringent checks which may eliminate your asset and elongate the approval process.

Unsecured personal loans

Unsecured personal loans are the most common type of personal finance available on the market, with a wider range of lenders (big and small) offering them as part of their suite of products. These can range from as little as $2,000 up to $75,000 and are often able to be approved and funded very quickly, sometimes on the same day you apply.

However, it’s important to understand that these loans can’t usually compete with secured finance. The wider availability and fewer application requirements serve as somewhat of a trade-off in this respect. However, this doesn’t mean you can’t get an unsecured personal loan at a low interest rate. Many lenders offer this product at highly affordable rates to the right customers, so they may end up being the best option for you.

Personal lines of credit

A line of credit is a different type of personal finance from the standard loan structure. While the other loan types involve you taking on a lump sum and paying it off over a pre-determined period, lines of credit act similarly to a credit card. You’re approved for a set limit and can withdraw funds up to that cap whenever you wish instead of managing a large sum all at once.

These are often revolving, meaning they’re able to stay open indefinitely as long as it remains viable for them to do so. Another key benefit is that you’ll only pay interest on the amount you’ve used, rather than the full limit. However, because of the convenience and flexibility that these products offer, you’ll often be required to pay more in interest and fees than either of the other two loan types.

Is the loan with the lowest rate always the cheapest?

No – there are several additional costs which may also be charged as part of your personal loan, so it’s important to keep an eye on these when comparing offers on the market. The two most prominent of these are establishment and ongoing fees. The former is a one-off charge for setting up your loan agreement which can cost up to around $600 in some cases, while the latter is included in your instalments each month and generally cost between $5 and $10. However, many lenders don’t charge either one or both of these fees, which makes them especially crucial to compare.

Some lenders also charge early repayment fees if you pay out your loan ahead of schedule (which vary depending on the size of your loan and the time left to run on your agreement), while all will enforce late payment fees of between $15 and $35. If you wish to compare loans based both on interest and fees, which is always recommended, you should consider a loan’s comparison rate. This is a figure which incorporates both interest and fees to give you a more representative indication of the cost of the loan. However, it only includes regular fees like establishment and ongoing rather than the other conditional charges which may not apply.

How else should I compare personal loans?

It isn’t just interest rates you should look to when comparing different finance offers. There are many other areas that should be factored into your decision making which can improve your chances of securing the right loan for your needs. Fortunately, Savvy makes it simple to compare loan offers from lenders across Australia by bringing all the most important comparison information to you, taking the legwork out of researching different deals. The factors to think about when picking out your ideal loan are:

Borrowing power

Not all loans are made equal in terms of the amount you’ll be able to borrow. While unsecured loans can vary from as little as $2,000 up to $75,000 (as mentioned earlier), many lenders will restrict your ability to borrow larger amounts by capping their loans at $50,000. Others will implement minimums of $5,000. It’s for these reasons that you should always ensure the lenders you’re considering can accommodate the size of loan you’re looking for.

Available loan terms

Similarly, although loans can range from as short as one year to as many as seven, different lenders will require you to adhere to a slimmer range of potential terms. There are many personal loans which are capped at five years, which may provide some difficulties for borrowers who are looking to take advantage of the full seven years to make their instalments more comfortable. Others may force you to take two to three years to pay out a smaller loan, which would cost you more overall than if you planned to pay it off in 12 months.

Payment flexibility

You should always try to give yourself as much flexibility as possible when it comes to how you can repay your debt. Having the freedom to pay above the minimum required amount is one such way to open the door to you saving money on your loan, so you should look for lenders who won’t charge you to do so. For instance, a $30,000 loan at 8.5% p.a. over five years would cost you almost $7,000 in interest but contributing an extra $100 each month would save you over $1,200 and trim ten months off your loan.

Other additional features

If you enjoy the flexibility which extra repayments bring to your loan, you may also enjoy having a redraw facility attached as part of your agreement. These enable you to withdraw funds from the reserve of extra repayments made across your term, providing access to money without requiring you to apply for another loan. However, taking funds away from your principal can result in your loan costing more and taking longer to pay off in the long term. You should also look for loans which accommodate your need for either monthly, fortnightly or weekly repayments.