Best Personal Loans*

Rates and Fees verified correct on May 27th, 2016

There's a way you can get the best personal loan* – it's as easy as 1, 2, 3...

You could take out a personal loan for a range of different reasons. While one person might need a personal loan to buy a car, another might take one out for renovating a home or making a consolidating debt. There's a large amount of personal loans available, so, how do you find the best one?

NAB Personal Loan Unsecured Variable Rate

NAB Personal Loan

NAB Personal Loan offer a low interest personal loan with a low ongoing fee. Borrow up to $55,000

  • Interest Rate From: 13.69% p.a.
  • Comparison Rate: 14.56% p.a.
  • Interest Rate Type: Variable
  • Application Fee: $150
  • Minimum Loan Term: 1 year
  • Maximum Loan Term: 7 year
  • Minimum Loan Amount: $5,000
  • Maximum Loan Amount: $55,000

Some of the best* personal loans you could apply for

The three-step process to help you find the best personal loan*best personal loan

  • What do you need?

Why are you applying for this loan? Do you want to buy a car, take a holiday or consolidate debt? Or, do you want to do a combination of these? You also need to work out what you need from your loan – flexibility with your repayments, that is, the ability to repay your loan early or make extra repayments when you need to. Do you want your loan as a lump sum or would you like to be able to draw on it as and when you need? Working all this out now will help you find the right loan in later steps.

  • What is available?

Once you've decided what you need it's time to see what's out there and what's available to you. Compare the types of loan you want to apply for. Personal loans can be secured or unsecured, can be taken out in the form of a line of credit or an overdraft facility, and you can get loans with fixed or variable rates. Given that there are numerous options to choose from, the best personal loan for you will depend entirely on your personal situation. Compare different loan types according to their features and find one that offers you everything you need. Then, check the eligibility criteria to make sure you can apply for it.

  • What does the loan cost?

After you've narrowed down the loan type and found loans that offer you the features you need, you need to find a loan you can afford. Check whether the loan charges a fixed or variable rate, look for upfront and ongoing fees and see how flexible the repayments are. Make sure the ongoing repayments will be affordable on your budget.

Once you've completed the third step, the only thing left to do is apply for the best personal loan that you've found*.

How you can compare the best personal loans* for your budget

When you want to apply for a personal loan you should first compare multiple offerings so you can track down the right product. Pay attention to the following aspects and you could enjoy considerable savings:

  • Do you want a secured or unsecured loan?
    If you get a secured personal loan, you stand to lose the asset you’ve used as a guarantee in the event you have a problem making repayments. An unsecured personal loan, on the other hand, offers no such risk but attracts a higher interest rate.
  • What is the interest and comparison rate?
    Not all personal loans offer the same interest rate, so compare the interest rates of multiple loans before signing on the dotted line.
  • What are the fees and charges you'll be paying?
    Some personal loans attract prepayment penalties, late charges can vary from loan to loan, and some even require you to pay application fees. Comparing these extra costs is important when you’re trying to determine the true cost of the loan.
  • What will the term of your loan be?
    While a lower interest rate might seem promising at first, you should also compare loan terms. This is simply because the shorter the loan’s duration, the less you pay in the form of interest over the life of the loan.

Man comparing loans on laptop

The good and the bad of finding the best personal loans*

The good:

  • Online applications are easy and can offer quick turnaround
    The application process is quick and the majority of lenders allow you to complete the whole process online. Some lender, including some major banks, offer same-day turnaround for personal loans.
  • Range of personal loans available
    You can choose from secured and unsecured personal loans as well as lines of credit, car loans and even peer-to-peer loans.
  • You can get access to a competitive interest rate
    If you compare interest rates of personal loans with credit card interest rates, you’ll see why people prefer personal loans over credit cards.

The bad

  • You may not be approved
    As some personal loans do not require any form of security, you can expect strict eligibility criteria. If you don’t have a good credit rating, your chances of approval are slim.
  • The loan purpose might be restrictive
    Depending on the type of personal loan you choose you may be restricted as to how you can use it.

Finding the best* loan

Many personal loans claim to be"'the best", and that's just what Sam found when she set out trying to find one. She needed to purchase some furniture for her house and also finance a holiday she was planning to take. She wanted to borrow $7,000.

She had good credit and a full-time job, and based on her salary of $50,000 p.a. (and her other expenses) she worked out she could comfortably afford repayments of $250 per month. She decides that an unsecured loan would best meet her needs as she wasn't purchasing an asset to attach it to nor did she own her own home.

As unsecured loans tend to have higher rates, she found one with minimal upfront and ongoing fees to help keep her costs down. She compared her options and found a loan with a comparison rate of 14.26% that she could repay in three years, making her repayments $241 a month. There was also no penalty for early repayment if she found herself able to repay it early.

What should I keep in mind?

While personal loans are helpful in many scenarios, it’s in your best interest to avoid certain traps and pitfalls.

  • Read the fine print.
    Scrutinise all your options carefully right from the start and remember to look for ongoing account-keeping fees,  early repayment fees and late payment fees. Read the terms and conditions document from start to finish.
  • Check the lender is licenced. 
    There are a number of credit brokers and providers in Australia who operate illegally. If you wish to safeguard your interests it is best that you do your research to avoid these lenders.
  • Don't take on a loan you can't afford. 
    When borrowing money it is always important to use a calculator to find out what your repayments will be. If you can comfortably afford a loan don't feel tempted to consider borrowing more in the even that you can't afford it.

What to do when you apply for the best personal loans*

Before you apply for a personal loan, establish how much you want to borrow and your monthly repayment ability. You should find out how long it might take for you to pay the loan off completely, remembering that you can usually choose between making weekly, fortnightly or monthly payments.

If you’re buying an asset such as a car you can apply for a secured loan, where the car acts as collateral, and you then have to choose between a fixed or a variable rate. You can use to compare interest rates, fees, charges and term periods of different personal loans. Once you find a loan you wish to apply for, proceed to the lender’s website by clicking "Go to Site".

Remember that lenders will want to ensure your ability to repay a loan before they lend you any money. As a result, they might want to take a look at your credit file and may also ask for copies of your payslips, details of other loans you have, credit card bills and bank account statements.

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Related Posts

This page was last modified on 25 April 2016 at 10:18.

HSBC Personal Loan
HSBC Personal Loan

A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000

NAB Personal Loan Unsecured Variable Rate
NAB Personal Loan Unsecured Variable Rate

A low interest rate loan with redraw facility to access money you've paid in advance.

Latitude Personal Loan (Secured)
Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

CUA Variable Rate Personal Loan
CUA Variable Rate Personal Loan

Enjoy a competitive interest rate, flexible repayment options and no monthly fees.

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30 Responses to Best Personal Loans*

  1. Default Gravatar
    Keziah | April 14, 2016

    Hi there, I need to borrow about $8000-$9500 for a car and bond for a house. I work full time but I get paid in cash for the time being. I have payslips from the time I started working here which was 11 months ago. I’m new to this and need a lot of help. Before tax I get $850 weekly after tax I get roughly $720. I have no expenses as I’m living with parents only board which is $130 weekly. Any advice or recommendation would be muchly appreciated thank you.

    • Staff
      Elizabeth | April 15, 2016

      Hi Keziah,

      Thanks for your question.

      Lenders have different requirements in terms of eligibility and how they can approve your for a loan – you will usually need to provide documents to prove your income, so payslips will suffice, but you may also need bank statements as well as 100 points of ID and various information about your financial situation, such as your income, employment details, assets, etc.

      You can find out what is required for each lender by clicking through the review page on (clicking on the name of the lender) and you can confirm this when you go to apply.

      As you’re looking to buy a car and to borrow funds for bond, you may want to consider an unsecured personal loan.

      Hope this information has helped,


  2. Default Gravatar
    Zhenyufan | April 12, 2016

    I need help for a short team loans. But all my income noarmly was going though my gf acc or by cash , how I can proof my I got full time job? Need loans asap.thx for help me

    • Staff
      Elizabeth | April 12, 2016

      Hi Zhenyufan,

      The majority of lenders will need to see three months of banking history where your income was going into in order to verify it. You can click through to the lenders on this page and find out what documentation is required to be approved. You may also have more luck applying at a lender that has a physical branch, so you can bring in your payslips and verify your income that way.

      Hope this has helped,


  3. Default Gravatar
    Sarah | April 11, 2016

    I’m looking at getting out a personal loan to pay for cosmetic procedures & to pay off the rest of my credit card.

    I’m looking at loaning $25,000 and my credit card has $3,000 remaining.
    I’d like to make monthly payments of $1,000.

    I’m very unsure about ‘variable’ and ‘fixed’ rates (this is all very new to me!)

    Any advice would be appreciated :)
    Thank you

    • Staff
      Elizabeth | April 12, 2016

      Hi Sarah,

      Thanks for your question.

      A fixed interest rate is locked into your personal loan at the beginning of your loan term and won’t change, while a variable rate may change over the course of the loan. Fixed rate personal loans tend to come with terms of between one and five years while variable rates can extend up to seven. You may also find more flexibility with a variable rate loan, for instance you may be able to repay your loan early or make extra repayments, but you may be charged a fee for doing do with a fixed rate loan.

      You can compare fixed rate personal loans on this page and variable rate personal loans on this page.

      To work out your repayments, simply enter your desired loan amount ($28,000) at the top of the comparison tables on either of those pages and you’ll be able to see your ongoing repayments for each of the options listed. To find out more information for any of the lenders you can click on the name of the lender, or to head to the lender’s website or apply, click “Go to Site”.

      Hope this has helped,


  4. Default Gravatar
    Kerry | March 28, 2016

    Is it possible to get a personal loan to payout 6 credit cards. 2 cards are now charging interest all the rest are interest free for a bit longer. I’m keeping up with all the payments but it’s getting too much to have so many to deal with. I want a loan that I can pay off early with no penalty fees. I also want one that I can pay as much as I can afford each fortnight.

    • Staff
      Elizabeth | March 29, 2016

      Hi Kerry,

      This is possible with an unsecured personal loan, as the way you use your loan amount is generally up to you. You may want to consider opting for a variable rate personal loan as these generally have more flexibility when it comes to repaying early without penalty or to make additional ongoing repayments. Comparing lenders will help you find the right one for your needs and situation, and once you’ve found a lender you can click “Go to Site” to submit your application.

      Hope this has helped.


  5. Default Gravatar
    leslie | January 29, 2016

    Will I be able to get the loan

    • Staff
      Elizabeth | February 1, 2016

      Hi Leslie,

      Your eligibility depends on the loan you’re applying for. It would be best to check the eligibility criteria set by the lender before applying, which you can find by clicking through to the review pages. and to determine your ability to afford the loan.

      I hope this has helped.



  6. Default Gravatar
    troy | December 1, 2015

    I am trying to get a small unsecured loan.I have bad credit a ex bankrupt from years ago.I just need a second chance to get on with life.I know personally i can afford a loan just need that someone so i can prove myself

    • Staff
      Elizabeth | December 2, 2015

      Hi Troy,

      Thanks for your question.

      I’m unable to recommend a specific lender to you but you can review your loan options for current and discharged bankrupts on this page.

      I hope this will help.



  7. Default Gravatar
    Kathryn | May 21, 2015

    I would like to and need to borrow $8000_$10000. I am not employed on a pension. I get child support. My monthly income is $2800…
    My expenses including $100 towards the credit card are $2300.
    I want to clear my debt from a credit card $5000 and a personal overdraft of $1000 each from the ANZ.
    I would like $1500 as an emergency fund for a flight to the UK for my mother who is 83.
    I also need major dental work.I also want to start my budget with 0 overheads.
    I have 1 dependent my 17 y/o daughter.
    I have recently taken an advance from centrelink of $600 to cover some expenses that all needed to be covered immediately.
    I have worked out a comprehensive budget using an app on the computer. This was worked out after closely tracking my expenses and working on a monthly cycle. It can also be viewed.
    I will manage my finances from a level playing field or no debt.
    My question is will anybody loan me money as I am not employed and have a poor credit history (I think). I can explain how the situation arose if needed.

    • Staff
      Elizabeth | May 25, 2015

      Hi Kathryn,

      Thanks for your question.

      I’m not in a position to give you personal financial advice, and I also can’t recommend a specific lender to you. However, I can provide you with some general information which may be of use. You might want to have a read of this page that details loan options for those receiving the pension, and also some no interest loan options that you might want to consider.

      This page might also be useful to read, as it outlines some bad credit debt consolidation strategies. As you aren’t sure what state your credit is in, it would be useful to order a copy of your credit file, which you can do for free via this link.

      There is a free financial counselling hotline number which you can also call and who might be able to help you go over the budget you’ve organised – their number is 1800 007 007.

      I hope this information will be of use.



  8. Default Gravatar
    M | April 24, 2015

    Hi, I have a question regarding a load for a container home.
    These homes cost around $40,000 approximately $300,000 less than a standard home. With out the land so to lease land is the option.

    To get a loan for this who would be best to contact?
    Regards MC

    • Staff
      Elizabeth | April 28, 2015

      Hi M,

      Thanks for your question.

      Unfortunately I’m unable to recommend a specific lender to you, but I can provide you with some general information. If you’re looking at taking out a personal loan for this type of purchase, some lenders may be willing to let you use the container home as a guarantee for a secured personal loan. You could also secure the loan to an asset you already hold, such as equity in your home or a vehicle. If you’re unable to find a lender willing to your container home as an asset, you can also consider an unsecured loan.

      I hope this information has helped.



  9. Default Gravatar
    Mr | March 22, 2015

    Where is bank of Melbourne or HSBC.

    • Staff
      Shirley | March 23, 2015

      Hi Mr Franks,

      Thanks for your question.

      There are a number of HSBC and BoM branches all around Melbourne. Was there a specific one you were looking for?


  10. Default Gravatar
    Renee | March 21, 2015

    Hi I am wanting to know if I have an income of $20000, per year, am I eligible for a loan of $30000 over 5 – 7 years, no other debts, or financial outgoings come out of my wage, i am also perm p/t, thank you

    • Staff
      Shirley | March 23, 2015

      Hi Renee,

      Thanks for your question.

      Please note that is an online comparison and information service and is not a product issuer. Therefore, we can’t comment on eligibility.

      If you would like to discuss your eligibility or options regarding your loan amount, please get in touch with a lender featured on this page.


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