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Last updated on April 8th, 2022 at 02:40 pm by Thomas Perrotta

Compare personal loans for refinancing

Just because you’re content with your personal loan doesn’t mean you won’t be able to find a better deal. Savvy is partnered with a range of online lenders from around the country to give you the tools you need to compare some of the best loans on the market right now.

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site-logos Wisr Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
Repayments
 
site-logos 8.20%
fixed up to 17.95% p.a.
9.04% 
fixed up to 18.87% p.a. based on $30,000 over 5 years
3 to 7
Years
$5,000 to
$64,000
$611.17
over 60 months
Go to site

Borrow between $5,000 and $64,000 with great low rates for excellent credit. Get a personalised rate estimate in 2 minutes that won't impact your credit score.

More details
site-logos Plenti Unsecured Personal Loan (Excellent Credit)
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
Repayments
 
site-logos 7.39%
fixed up to 8.79% p.a.
7.39% 
fixed up to 9.91% p.a. based on $10,000 over 3 years
3 to 5
Years
$5,000 to
$50,000
$599.57
over 60 months
Go to site

Apply for an unsecured personal loan and enjoy low rates for excellent credit. With no early repayment or exit fees, there’s a lot to love about this loan.

More details
site-logos OurMoneyMarket Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
Repayments
 
site-logos 5.85%
fixed up to 20.99% p.a.
6.48% 
fixed up to 23.83% p.a. based on $30,000 over 5 years
1 to 7
Years
$2,000 to
$75,000
$577.89
over 60 months
Go to site

Apply for an unsecured personal loan between $2001 to $75,000 for a variety of loan purposes. Get a personalised rate estimate in minutes without impact your credit score.

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site-logos Harmoney Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
Repayments
 
site-logos 5.35%
fixed up to 19.09% p.a.
6.14% 
fixed up to 19.99% p.a. based on $30,000 over 5 years
3 to 7
Years
$2,000 to
$70,000
$570.96
over 60 months
Go to site

Borrow up to $70,000 with personalised rates and repay over 3,5 or 7 years loan terms.

More details

Disclaimer: A comparison rate indicates the true cost of a loan. The comparison rate displayed for this advertiser is calculated based on a loan amount of $30,000 over 5 years and represents the effective rate on the loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

The personal loan features to consider with Savvy

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 $75,000

If you’re looking to add more money to your loan agreement, you can take out more on top of your initial loan from $2,000 up to a maximum of $75,000.

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.