Personal loan refinance comparison

If you’re in the middle of paying off a personal loan, it’s crucial to not rest on your laurels. That’s why Savvy is here to help you transition from your current loan to a newer and better one with personal loan refinancing. This process essentially means you’re taking out a new loan to pay off your existing one, enabling you to service your remaining debt on more favourable terms.

With Savvy, you can choose from the most affordable loan products on the market, with cheap interest rates and flexible repayment options at your disposal. You can get a start on your new personal loan as soon as tomorrow with rapid financing in as little as one day. Whether you’re looking to consolidate your debts or simply take advantage of great rates, compare your options with us now and start saving.

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site-logos Harmoney Unsecured Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.35%
fixed
6.14% 
fixed
$570.96
over 60 months
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More details

Borrow up to $50,000 with personalised rates and repay over 3 or 5 years loan terms.

site-logos OurMoneyMarket Unsecured Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.45%
fixed up to 20.99% p.a.
6.04% 
fixed up to 23.83% p.a. based on $30,000 over 5 years
$572.34
over 60 months
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More details

Apply for an unsecured personal loan up to $75,000 and receive a special rate of 5.45% p.a. for first 12 months for loan amounts over $35,000.

site-logos Symple Loans Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.75%
variable
6.47% 
fixed
$576.50
over 60 months
Go to site
More details

Earn up to 50,000 Qantas Points with a more rewarding personal loan from Symple

site-logos Now Finance No Fee Unsecured Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.95%
fixed up to 17.95% p.a.
5.95% 
fixed up to 17.95% p.a. based on $30,000 over 5 years
$579.29
over 60 months
Go to site
More details

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.

site-logos SocietyOne Unsecured Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.95%
fixed up to 19.99% p.a.
5.95% 
fixed up to 20.93% p.a. based on $30,000 over 5 years
$579.29
over 60 months
Go to site
More details

Borrow up to $50,000 with rates between 5.95% p.a. and 14.99% p.a. based on your credit rating.

Harmoney customers applying for loans of this amount and length can receive an interest rate between 5.35% p.a. and 19.09% p.a. (6.14% p.a. and 19.99% p.a. comparison rates). Loan terms are offered for lengths of three or five years. A $30,000 personal loan repaid monthly over five years at the minimum 6.14% p.a. comparison rate will cost an estimated $34,916.34, inclusive of all interest and most fees, with monthly repayments of $581.94.

Symple customers applying for loans of this amount and length can receive an interest rate between 5.75% p.a. and 25.99% p.a. (6.47% p.a. and 29.20% p.a. comparison rates). Loan terms are offered for lengths of one to seven years. A $30,000 personal loan repaid monthly over five years at the minimum 6.47% p.a. comparison rate will cost an estimated $35,193.78, inclusive of all interest and most fees, with monthly repayments of $586.56.

SocietyOne customers applying for loans of this amount and length can receive an interest rate between 5.95% p.a. and 19.99% p.a. (5.95% p.a. and 21.70% p.a. comparison rates). Loan terms are offered for lengths of two, three or five years. A $30,000 personal loan repaid monthly over five years at the minimum 5.95% p.a. comparison rate will cost an estimated $34,757.21, inclusive of all interest and most fees, with monthly repayments of $579.29.

Now Finance customers applying for loans of this amount and length can receive an interest rate between 5.95% p.a. and 17.95% p.a. (5.95% p.a. and 17.95% p.a. comparison rates). Loan terms are offered for lengths of 18 months to seven years. A $30,000 personal loan repaid monthly over five years at the minimum 5.95% p.a. comparison rate will cost an estimated $34,757.21, inclusive of all interest, with monthly repayments of $579.29.

OurMoneyMarket customers applying for loans of this amount and length can receive an interest rate between 5.45% p.a. and 20.99% p.a. (6.04% p.a. and 23.83% p.a. comparison rates). Loan terms are offered for lengths of one to seven years. A $30,000 personal loan repaid monthly over five years at the minimum 6.04% p.a. comparison rate will cost an estimated $34,855.67, inclusive of all interest and most fees, with monthly repayments of $580.93.

Our personal loan features

Interest rates starting from 5.35% p.a. (6.14% p.a. comparison)

You can cut down on the cost of your current personal loan by opting for one which offers a lower interest rate and potentially save hundreds.

Compare lower fees

Similarly, look out for lenders with cheaper added charges, with ongoing service fees, establishment fees and early payment fees all able to be waived.

Borrow up to $50,000

If you’re looking to add more money to your loan agreement, you can take out more on top of your initial loan from $5,000 up to a maximum of $50,000.

Repay over up to seven years

For borrowers looking to make their repayments more manageable, you’ll be able to choose terms up to seven years in length (or as short as one if you become able to contribute more).

Customisable repayment schedules

You’re also able to alter the frequency of your repayments, with our lenders offering instalments on a weekly, fortnightly or monthly basis.

Free additional repayments

On top of these, you’ll be able to enjoy flexibility in your repayments to contribute over and above the minimum requirements to cut down on the term of your loan.

Fixed or variable interest

If you’re wanting to switch to a different interest rate on your personal loan, our lenders can offer both fixed and variable rates as part of their financing agreements.

Money sent in as few as 24 hours

Importantly, you can enjoy a quick turnaround time and move to a newer and better loan within one day of your initial application.

Why Australians choose Savvy for their personal loans

Why should I refinance my personal loan?

Frequently asked questions about refinancing personal loans

Can I refinance my personal loan with the same lender?

No – you won’t be able to refinance for a better rate or to consolidate your debt if you’re already with the same lender. When it comes to personal loans, refinancing can only be completed when switching from a loan with one lender to a different loan with another.

What are the fees associated with refinancing a personal loan?

The primary fees to consider when refinancing your personal loan are establishment or application fees and early repayment fees. The former is a one-off payment of up to $575 that is split up throughout your loan, while the latter can cost up to $600 to $900 depending on how much of your loan term was left to run. However, we compare lenders who are willing to waive either or both of these at the outset of your refinanced loan.

Should I refinance my personal loan if my employment situation has changed?

You can – but only if the change is a positive one. It’s often a good idea to look for a new loan to replace your current one if your employment has become more stable since the start of the agreement, or if you’ve received a promotion, as you’ll likely qualify for a better rate.

For example, if you had only just started your new job at the time of your loan or moved from a casual or part-time position to a full-time job, you’re likely to be eligible for lower rates and greater borrowing sums. Additionally, if you’re self-employed and have spent more time running your business successfully, you have a greater chance of being rewarded in the same way.

Is it better to have a fixed or variable interest rate?

Both have advantages when it comes to personal loans. Fixed rates are the most common and enable you to maintain a degree of financial stability in knowing how much your repayments will be each month, in addition to protecting you from rate rises. Variable rates fluctuate over your loan term, placing you in an ideal position should interest rates fall during your term and opening you up to saving money.

Will refinancing to consolidate debt hurt my credit score?

No – in fact, it’s very likely to leave a positive impression on your report even before you start repaying on time. This is because it leads to fewer open credit lines, which are more likely to hurt your score if left in position.

Are funds deposited into my account when refinancing?

In most cases, yes – your lender will transfer the funds to your account and you’ll be tasked with closing out your existing personal loan. In some circumstances, though, your lender may be able to arrange this for you by paying out your existing lender directly.