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Personal Loans Perth
Living in Perth? Find the best personal loans available to you by comparing offers right here with Savvy.
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The features and benefits of personal loans for Perth borrowers
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With our lenders offering some of the best personal loan rates in Perth from the outset, you can secure a good deal and potentially save across your loan.
Borrow up to $75,000
Personal loans can be useful for financial commitments of any shape or size, with potential amounts ranging from $2,000 all the way up to $75,000.
Repay over one to seven years
You’re also afforded the freedom to choose the period over which you’ll repay your loan, with the ability to tailor it to your own income requirements.
Choose your schedule
Not only are you able to select whether to contribute instalments monthly, fortnightly or weekly, but you can pay above and beyond the minimum free of charge with many lenders.
No-fee options
We can connect you to lenders who offer low- or no-fee personal loans, which will help you save a considerable amount on your finance deal overall.
No upfront payment
There’s no requirement for you to make a deposit or pay any significant fees upfront on your personal loan; all of these are built into your regular repayments, with no deposit necessary.
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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Reputable lending partners
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Top tips for comparing personal loans in Perth
Consider the interest rate
Interest will play a large role in determining how much your personal loan costs. You should always have this factor front of mind when comparing loans, looking to take advantage of low rates wherever possible. Even small discrepancies of 1% p.a. can help you secure a cheap loan overall in Perth.
Think about fees
It’s not just interest rates, though. Personal loan fees can also set you back hundreds of dollars in some cases, whether that be through establishment (up to $600) or monthly fees (up to $10 per month). Like interest rates, opting for a loan with low or no fees can help you save a significant amount overall.
Prioritise repayment flexibility
One area that you should always think about when comparing personal loans is your ability to make additional payments on top of the minimum. Opting for a lender who doesn’t charge anything for extra repayments or early settlements gives you the freedom to pay it off more quickly when you’re able to, saving money in the process.
Compare your preferred loan terms
You should also be aware of the fact that not all lenders will offer identical minimum and maximum loan terms, meaning that you should keep an eye out for lenders offering terms that you can manage on your loan. Choosing the right term is important, so you should prioritise a length that allows you to comfortably repay your loan.
Ensure that you’re eligible
Above all else, though, you should make sure that you meet your lender’s qualification criteria. Different lenders will have different specifics, such as some working with bad credit and Centrelink income while others don’t. You should also guarantee that you meet the minimum income requirement, which can range from around $20,000 to $26,000 annually.
Frequently asked personal loan questions
Yes – all of our partnered lenders are accessible online, meaning you can find a loan for whatever you need in Albany, Geraldton, Mandurah or even further out in Coolgardie or Laverton. As long as you have access to the internet, you can be sure that you’ll be able to find a personal loan to suit your profile, no matter where you live.
No – once you’re approved for a personal loan, you’re free to make use of the money however you like; you’re not limited to making purchases within WA. The beauty of personal loans is that you aren’t restricted in the way that you can utilise your approved funds: consolidate debts, pay for home improvements, fund your next holiday or just about anything else. Because your loan is unsecured, you won’t need to dedicate the funds towards the purchase of the secured asset.
Yes – self-employed workers are eligible to take out a personal loan in the same way that any other PAYG worker would be. As they can’t provide payslips, you’ll be required to submit the last two years’ worth of tax returns in their place. If you can do this, you’ll be able to proceed with your application as normal and take out a personal loan from a competitive rate. If not, you may need to turn to a low doc personal loan.
The amount you’re ultimately approved for will be dependant on a variety of different factors specific to your profile as a borrower. Your credit score, employment and income stability and any past record repaying personal loans will be considered when lenders determine your interest rate and borrowing power. Above all else, your lender wants to see in your application that you’re comfortably able to service the loan on top of your other expenses.
In most cases, yes – fixed rates are the most common type of interest available when it comes to personal loans, which lock your rate in at the beginning and hold it in place throughout your loan term. One of the key advantages to this is the more accurate budgeting that can take place around your repayments.
However, we also compare lenders who offer variable rates, which leave your interest open to fluctuation across your loan. These rates start from higher base rates initially and can leave you vulnerable to rate rises, but borrowers are well-placed to take advantages of drops in equal measure.
Yes – submitting a joint personal loan application is a great way to maximise your borrowing power and lower your interest rate if you’re looking to take on shared financial responsibility together. This can also be beneficial if one or both of you have had less experience borrowing in the past but are still capable of comfortably taking on and repaying a loan, as this generally draws a steeper rate.
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.