Compare variable rate personal loans

When it comes to personal loans, you may be aware of the two types of interest: fixed rate and variable rate. While the former locks your interest in at the beginning of your loan, variable interest is left open to market fluctuation, putting you in the ideal position to benefit from any decreases in rate.

This type of loan is different to fixed rate personal loans, which maintain a consistent interest rate during their term. Variable rate personal loans may come as either secured or unsecured loans, meaning that it may or may not be connected to a piece of collateral such as a car or caravan. 

Compare some of the top variable rate offers from Savvy’s lending partners here and get your application started as soon as today.

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

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
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More details

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

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
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More details

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

The interest and comparison rates displayed above are based on $30,000, five-year unsecured personal loans, which assume applicants have an excellent credit history.

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 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 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 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.

Comparison rates are only representative of a loan’s primary fees, such as establishment and ongoing fees, and do not include other costs which can apply depending on the lender and applicant. Different comparison rates can apply to loans of different lengths and those which carry additional or differing fees and features.

The features and benefits of variable rate personal loans

Interest starting at 5.75% p.a. (6.47% p.a. comparison)

With competitive low rates available on personal loans, you can secure a great personalised rate for yourself through one of our lending partners.

Borrow up to $50,000

With loan amounts ranging from as little as $2,000 all the way up to $50,000, you can borrow what you need to cover a range of expenses.

Flexible usage

Whether you need financing to buy a car, pay for your wedding and honeymoon or even to cover your pet’s medical expenses, you can do it with a personal loan.

Repay your loan over one to seven years

Borrowers have the flexibility to choose the period over which they repay their personal loan, with long- and short-term options available for varying income situations.

No security obligation

Unlike some other finance types, there’s no need for you to provide a valuable asset to serve as collateral for your loan; most are unsecured in nature.

60-second outcomes

Once you’ve landed on your lender’s application page, you can receive a response within 60 seconds and, if approved, money in your account in 24 hours.

Why you should compare variable rate loans with Savvy

How to minimise your personal loan’s variable interest

Further variable rate personal loan questions answered

What other costs will I need to budget for on my personal loan?

There are fees that you’ll likely need to account for as part of your personal loan in addition to your interest costs, including:

  • Ongoing fees from $0 to $10
  • Application fees from $0 to $595
  • Late fees from $15 to $35
  • Early repayment fee dependant on time left on the loan (but is often not charged)
When is fixed interest better than variable?

There are several reasons why someone might want to pick a fixed interest rate ahead of a variable one. Firstly, because fixed rates remain the same, budgeting into the future is much more accurate as you have a greater degree of certainty regarding what you’ll be paying each month towards your loan. This can’t be said for variable rates, which are prone to change frequently. Also, if rates are on an upward trend or are at a very low level when you take out your loan, locking it in will protect you from any upwards movement.

What can I use a personal loan for?

Personal loans provide financial relief for a purpose specific to you. They are broad in nature, hence the word “personal”, and that is by design in order to remain versatile across a variety of uses. Personal loans are most often used to supplement or pay for holidays, help complete household renovations or purchase a vehicle, but its uses are certainly not limited to these examples. You’ll be able to find out more information regarding what loan is right for you reading further on and speaking to potential lenders about their individual policies.

Are variable rates available to anyone?

No – bad credit borrowers are unlikely to be approved for a variable rate personal loan. This is because the specialist lenders who work with bad credit borrowers will primarily offer fixed rates, giving you few to no variable options. If you do have bad credit, though, a fixed rate can be beneficial for helping your budgeting (as outlined above) rather than not knowing whether you’ll be paying more or less each month.

How do I qualify for a variable rate personal loan?

There are several key criteria that borrowers must meet in order to be considered eligible to apply for a personal loan. The primary qualification points are:

  • Be 18 years or older
  • Earn at least $26,000 p.a. from consistent income source/s
  • Hold stable employment
  • Have no history of defaults or bankruptcies
Am I able to work out the cost of my variable rate personal loan before applying?

Yes – you can use Savvy’s personal loan repayment calculator to work out the estimated cost of financing. Because the calculator doesn’t include fees, running it with its comparison rate instead of variable rate helps give you a clearer picture of what you’ll be paying each month and overall. If you don’t have your personalised rate yet, you can add 2% to the minimum rate shown above to represent an average interest cost on your loan.

Can I switch to a fixed rate midway through my loan?

Yes – this is called refinancing your personal loan. What this means is that you’re taking out a new loan with a different lender (whether to take advantage of a lower rate, extend your borrowing term or another reason) and paying off your current loan with those funds. This is a tactic often employed by borrowers who are looking to maximise their overall savings, as they can switch to loans with lower rates and fees, and those whose credit score has improved over the loan and now have access to a good rate.