Personal Loans Perth

Name: Personal Loans Perth
Creator: Savvy
Published: 2021-03-16T14:43:24+10:30

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Written by , updated on October 4th, 2023

The features and benefits of personal loans for Perth borrowers

Compare rates and save

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

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.

Top tips for comparing personal loans in Perth

Consider the interest rate

Think about fees

Prioritise repayment flexibility

Compare your preferred loan terms

Ensure that you’re eligible

Consider the interest rate

Think about fees

Prioritise repayment flexibility

Compare your preferred loan terms

Ensure that you’re eligible

Frequently asked personal loan questions

Can I choose a lender outside of Perth?

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.

Do I have to purchase items with personal loans in Western Australia?

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.

Am I eligible for a personal loan if I’m self-employed?

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.

How much will I be approved for?

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.

Will my personal loan have a fixed interest rate?

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.

Can I apply for a personal loan with my partner?

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.