Personal Loans Sydney
Find the best personal loan rates and deals for you in Sydney by comparing your options here with Savvy.
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The features and benefits of Sydney personal loans
Compare rates and save
You can compare offers starting at low rates for both secured and unsecured personal loans through us today, helping you save on your finance deal.
Flexible borrowing amounts
Depending on the type of loan you’re after, you can be approved for amounts as low as $2,000 and as large as $75,000 (depending on your borrowing power).
Choose your preferred loan length
Customise your loan to be as manageable for you as possible, with short terms from one year and long terms up to seven available to suit your personal situation.
Instant approval and funds in 24 hours
You can be approved inside a minute of applying for your loan, with funds able to be transferred directly into your account in as little as 24 hours thereafter.
Select your repayment frequency
In addition to selecting your loan term, you can also decide whether to contribute to your debt on a weekly, fortnightly or monthly schedule.
Renovate your home
One of the many reasons you may wish to take out a personal loan is to help cover the cost of home improvements, allowing for you to pay for them at your own speed.
Types of personal 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.
How to maximise your borrowing power
Securing your personal loan with an asset as collateral is a highly effective way of increasing your borrowing power.
By attaching your car, boat or another vehicle to your loan, you can immediately increase the maximum amount you’re eligible to borrow to as much as $100,000.
Of course, you’ll only be approved for an amount close to this if you can afford it. Security will also reduce your interest rate, saving you further money in the process.
Another way to immediately increase your potential borrowing power is to boast a high credit score.
Having a strong history of taking on and repaying debts, whether they be other loans or simply household bills, will instil confidence in your lender that you’re a safe and reliable borrower.
If you don’t have an excellent score, you can improve it in the leadup to applying for your loan by paying off your outstanding debts and lowering credit card limits.
Your job will also play a major role in determining how much you’re eligible to borrow. Lenders want to know for certain that your income stream won’t suddenly dry up midway through your repayment term and leave you unable to fulfil your loan obligations.
As such, full-time and permanent part-time employment is best for greater loan sums (particularly outside of a probationary period). Self-employed workers who have been trading for two years or more and casual employees in the same job with stable hours for at least six months can also qualify.
A potential by-product of stable employment is a comfortable, consistent income. It makes sense that the more you earn, the more you’re likely to be approved for, as you’ll have a greater monthly disposable income in most cases.
Lenders will require a minimum annual income of at least $20,000 (although some will set this at a higher minimum), but if you’re looking to borrow an amount on the higher end of the scale, you’ll probably have to be earning comfortably above this mark.
Earning more money isn’t the only way to increase your disposable income. By being money-smart, you can reduce your expenses each month and help yourself qualify for an amount closer to the maximum.
This could be anything from cutting any unused subscriptions loose to downgrading existing entertainment plans, to even being more vigilant shopping for cheaper items at the supermarket.
By showing your lender you have more money to work with, you can potentially increase the amount you’re eligible to borrow by thousands of dollars.
Common personal loan queries from Sydney borrowers
How to get approved for your personal loan in Sydney
How do personal loans in Sydney work?
When assessing how personal loans work, they function very similarly to any other type of finance: you’ll apply to your lender (either in Sydney or anywhere else in Australia) and be given a lump sum at the beginning of the agreement. From there, you’re required to pay it back over weekly, fortnightly or monthly instalments across a set period of years (in this case between one and seven) with interest and fees. Interest is calculated as a percentage of your outstanding loan principal daily, meaning you can benefit from making more frequent repayments. As you continue to make repayments, the proportion of your instalment which comes out of your loan principal will increase and the amount of interest you pay each month will gradually fall.
However, the biggest difference lies in how you’re able to use the loan. Because personal loans are designed to be flexible, you can essentially dedicate your funds to any purpose you may need in your private life. For instance, you might wish to install a swimming pool in your backyard, use the funds to pay for training to advance your career or something as simple as helping cover some of your household expenses for the next few months.
How should I compare personal loans in Sydney?
There are many ways you can go about assessing personal loans to find the most suitable offer for your needs, which is why it’s important to consider your options with Savvy. We take the hard work out of comparing loans by presenting you with all the key information you need to make a call on which deal is right for you. You should consider the following key factors when comparing different finance offers and lenders:
- Am I eligible? Before you submit your application, always double-check to ensure you meet your lender’s criteria. These will primarily pertain to things such as your age (at least 18), residential status (permanent resident or holding an applicable visa), income (at least $20,000 but sometimes more), employment (stable, consistent work capable of supporting your payments) and credit history (relatively clean with no defaults or bankruptcies).
- What are the interest and fees? These will form the two most substantial factors in determining the cost of your loan. Even small differences in interest rates of 0.5% to 1% can lead to savings of hundreds of dollars, so it’s especially important to compare these. Many lenders also don’t charge establishment and ongoing fees, which can cost up to $595 and $10 per month each, so there are significant savings to be had by taking the time to compare these factors.
- How long can I take to repay my loan? Different lenders will have different limits when it comes to how much time they can allow borrowers to repay their loans. While the general range is from one to seven years, many lenders cap their loans at a maximum of five years or a minimum of three. It’s very relevant to consider if you find yourself looking to take out either a particularly short or large loan.
- How much am I able to borrow? In the same way, some lenders will be more willing to approve loans for larger amounts than others. The maximum of $75,000 doesn’t apply across the board, with many financiers limiting their unsecured finance deals to $50,000. Others will require you to borrow more than the common minimum of $2,000, enforcing stricter minimum requirements of up to $5,000 instead. Look out for a lender who can approve you for the amount you need when comparing offers.
- Can I offer security? While most personal loans are unsecured, some lenders also offer secured finance as a slight alternative. This allows you to potentially borrow as much as $100,000 and be approved at a lower rate and with fewer fees by putting up an asset you own, such as your vehicle, as collateral for the finance agreement. If you’re in a position to offer security, you can narrow down your options to those who offer the product you’re after.
- Can I repay at my own speed? Most personal loans come without any fees associated with paying them off ahead of schedule, but this isn’t always the case, making it especially important to compare if you want the freedom to do so. By making extra repayments on your loan, you can save hundreds, if not more, on your loan and shorten its term by months, clearing your debts sooner. If you find yourself in a position to pay more than what’s required, it can be highly beneficial to do so.
How can I speed up my personal loan application process in Sydney?
If you’re wanting to ensure that you gain access to the funds you need fast, there are several things you can do to help speed up the process from your end. These include:
- Have all your documents ready to go: documentation is one of the most common reasons for finance applications being held up. Not having the right documents or missing some key pieces of information can stretch out the process. Check your lender’s site in advance and prepare all the pieces you need to apply.
- Apply within your means: lenders are able to tell almost straight away when they receive an application from someone who’s asking for more than they can afford. You should only apply for a loan with repayment conditions you know you can comfortably manage. Use Savvy’s borrowing power calculator to estimate what you might be approved for based on your income and expenses.
- Apply early in the day and week: getting your application in the queue early gives you the best chance at having it seen and processed by your lender promptly. Applying closer to the end of the day or on a Friday runs the risk of having your application bleed over into several days, delaying the time it takes to get to you.
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.
