Personal Loans Canberra

Name: Personal Loans Canberra
Creator: Savvy
Published: 2021-10-20T15:29:24+10:30

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It won't affect your credit score.

Written by , updated on October 4th, 2023

The features and benefits of Canberra personal loans

Save with competitive rates

You’ll be able to compare competitive rates regardless of whether you opt for a secured or unsecured loan from a range of trusted Australian lenders.

Customisable borrowing amounts

You'll be able to borrow anything from as little as $2,000 up to a maximum of $75,000 with a personal loan, making them suitable for needs big or small.

One- to seven-year terms

You’re also afforded the flexibility to repay your personal loan over either a short term as low as one year or a longer term up to seven, enabling you to custom-fit your instalments.

Rapid funding

On top of all of that, you can be instantly approved within 60 seconds of submitting your application and have your funds transferred directly into your account in just 24 hours.

Flexible loan repayments

Not only can you choose to make monthly, fortnightly or weekly contributions, but you can pay above the minimum and complete your loan early with no costs attached.

All costs laid out before you sign on

You won’t encounter any nasty surprises midway through your repayment period, as any and all fees and charges will be disclosed prior to signing your loan contract.

Types of personal loan

Unsecured personal loans

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

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 rate personal loans

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 rate personal loans

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.

Debt consolidation loans

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.

Travel loans

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.

Wedding loans

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.

Renovation loans

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.

Self-employed loans

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.

Student & education loans

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.

Green loans

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.

Why compare personal loans through Savvy?

100% free

There's no need to worry about forking out to compare offers. Our service is free, so you can come back whenever you like.

Paperless applications

You won't need to worry about sifting through documents and visiting the post office, as they can all be submitted online.

Reputable lending partners

We've partnered with personal loan companies you can trust to ensure your comparison is a high-quality one.

The documents you’ll need for your personal loan application

Frequently asked personal loan questions from ACT residents

What will my personal loan interest rate be?

The interest rates offered to borrowers vary widely based on a variety of factors, most notably credit score, job stability and income. The more comfortable you are in each of these areas, the more likely you are to receive a low rate. The type of rate you choose will also influence how much you’ll pay in interest overall. Fixed interest keeps your rate the same across your loan, while variable interest leaves it open to change between each instalment. Generally, fixed interest is offered at a lower base.

How do I work out my repayments?

Your repayments will be determined by your loan amount, repayment period, instalment frequency and any fees that may apply to your loan. However, you won’t need to crunch all of the numbers yourself, as we’ve constructed a personal loan repayment calculator for your finance deal in Australia to make life simpler for you. You’ll be able to play around with each of the different cost factors to see what they’ll end up costing you per instalment and overall. This can be highly useful for helping you work out how to save on your loan.

Is it better to just use my credit card?

Not always – credit cards are handy for quick and simple purchases in your day-to-day life that you can make and then repay within the month. However, it’s important that these purchases are able to be paid back within your interest-free period, as credit cards come with steep interest rates that can mount up if you have any outstanding balance. As such, personal loans in Australia are better for costs that you don’t believe you can have covered within the month and instead would rather keep to repayments over a year or more.

What can I use as security for my loan?

If you opt for a secured personal loan, there are several options you can look to for asset security. Perhaps the most common is your car, as almost everyone owns a set of wheels. However, you might wish to utilise your motorbike as collateral for the loan instead, or even your caravan or camper trailer if you own one. Finally, if you have a boat in your possession, this too can serve as loan security.

It’s important to note that your loan amount must correlate to the value of your asset, so the more valuable your car or boat, the more you’ll be able to borrow.

What other fees will my loan come with?

At Savvy, we’re partnered with lenders who don’t charge any fees on their personal loans, but you may find that you’re required to pay for these in some instances. These costs can include:

Ongoing fees from $0 to $10 monthly
Establishment fee from $0 to $595
Early repayment fee from $0 to $600+ (depending on time left on loan)
Late repayment fee from $15 to $35

Who’s eligible to apply for a personal loan?

Before you commence your personal loan application, you should first ensure that you tick all the boxes when it comes to your lender’s eligibility criteria. Although the specifics may differ slightly between different financiers, the general points you’ll be required to meet are:

Must be employed and earning at least $20,000 to $26,000 annually
Must be at least 18 years of age
Must be an Australian citizen or permanent resident
Mustn’t have any history of bankruptcy or defaults

Am I able to use my personal loan for purposes outside Canberra?

Yes – personal loans in Australiaare versatile by design, so you’re able to use them for any purpose, home or away. You might need a loan to help pay for home improvements, for instance, while someone else may be looking for a leg up to help pay for their next family holiday outside of the ACT. Alternatively, you may have an investment property interstate or even overseas that needs some maintenance, which you can take out a personal loan to help you pay for also.