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Compare personal loans for people with excellent credit scores

Got an excellent credit score and need a personal loan? Here’s how to find financing that suits your needs.

If you’ve managed your personal finances so well that you boast an excellent credit score, you’ll find it much easier to access a loan than a borrower with a bad credit history. And if you’re searching for a personal loan, you’ll be able to access loans from a much wider range of lenders.

Let’s take a look at how to compare and choose personal loans, and what it takes to acquire and maintain an excellent credit score.

What is an excellent credit score?

The definition of an excellent credit score in Australia varies slightly depending on the credit reporting bureau that provides the score:

Why the difference? Each credit reporting bureau uses its own unique system to calculate your score. While those scores are based on the same financial information, the different algorithms each bureau uses lead to different scores.

How can I use my excellent credit score to get a personal loan?

When you apply for a personal loan, a lender will assess your capacity to repay the money you want to borrow. To do this, one of the main factors they look at is your credit score.

Your credit score is basically an indicator of how reliable a borrower you are. The higher your score, the more likely you are to be able to repay the loan on time and in full, so if you’ve got an excellent credit score, the lender will likely view your application in a positive light.

When you apply for a personal loan from a bank or other traditional lender, having an excellent credit score will increase the chances of your application being approved. While it’s far from the only factor the bank will consider – your income, ongoing expenses, past repayment history and desired loan amount will all be taken into account – your excellent credit score will generally stand you in good stead.

An excellent credit score is also a positive for borrowers who want to apply for a personal loan from a peer-to-peer (P2P) lender. You’ll generally need a good credit history or higher to qualify for a P2P loan, while your excellent credit score will also help you access a lower interest rate.

Personal loans you can consider if you have excellent credit

Rates last updated November 16th, 2018
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
Citi Personal Loan Plus
From 8.99% (variable)
9.96%
$5,000
3 to 5 years
$10
$199
You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.
Harmoney Unsecured Personal Loan
From 6.99% (fixed)
7.69%
$5,000
3 to 5 years
$0
$500 (Upfront fee)
You'll receive a fixed rate between 6.99% p.a. and 26.95% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.
ANZ Fixed Rate Personal Loan
12.45% (fixed)
13.32%
$5,000
1 to 7 years
$10
$150
You'll receive a fixed rate of 12.45% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
RateSetter Unsecured Personal Loan - 3yr Fixed
From 8.95% (fixed)
9.55%
$2,001
0.5 to 5 years
$0
$89
You'll receive a fixed rate from 8.95% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.
HSBC Personal Loan
From 8.5% (fixed)
9.06%
$5,000
1 to 5 years
$5
$150
You'll receive a fixed rate between 8.5% p.a. and 16.99% p.a. based on your risk profile
An unsecured personal loan with a tailored, fixed rate where you can make additional and early repayments without penalty.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.
NAB Personal Loan Unsecured Fixed
Headline rate 13.49% (fixed)
14.36%
$5,000
1 to 7 years
$10
$150
You'll receive a fixed rate between 11.49% p.a. and 18.99% p.a. based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years.
Westpac Unsecured Personal Loan
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$0
You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts. Note: $250 establishment fee waived if you apply before 20 December 2018.
Latitude Low Rate Personal Loan (Unsecured)
10.99% (fixed)
12.21%
$20,000
2 to 7 years
$13
$250
You'll receive a fixed rate of 10.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of $20,000. Benefit from flexible repayments and fast approval.
Pepper Money Unsecured Fixed Rate Personal Loan
From 9.99% (fixed)
9.99%
$5,000
1 to 7 years
$0
$0
You'll receive a fixed rate between 9.99% p.a. and 27.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no monthly or application fees.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.56%
$5,000
1.5 to 7 years
$13
$495 (Based on $10,000)
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$0
You'll receive a fixed rate between 12.99% p.a. and 19.99% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes. Note: $195 establishment fee waived if you apply before 20 December 2018.
ING Personal Loan
8.99% (fixed)
9.13%
$5,000
2 to 5 years
$0
$100
You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.
Australian Military Bank Fixed Rate Personal Loan
From 7.93% (fixed)
8.77%
$1,000
1 to 5 years
$10
from $100 to $500
You'll receive a fixed rate between 7.93% p.a. and 18.87% p.a. based on your risk profile
An unsecured loan with a low minimum borrowing amount and flexible repayment options.
RACQ Bank Unsecured Personal Loan
12.95% (variable)
13.25%
$3,000
5 years
$0
$200
You'll receive a variable rate of 12.95% p.a.
A low minimum borrowing amount of $3,000 that you can use for a range of purposes. Benefit from member discounts and flexible repayments. Only available to QLD residents
CUA Unsecured Fixed Rate Personal Loan
11.99% (fixed)
11.99%
$5,000
1 to 7 years
$0
$0
You'll receive a fixed rate of 11.99% p.a.
An unsecured loan from $5,000 with no monthly or establishment fees and flexible repayments.
CUA Discount Fixed Personal Loan (Loans over $30,000)
10.99% (fixed)
10.99%
$30,000
1 to 7 years
$0
$0
You'll receive a discounted fixed rate of 10.99% p.a.
Receive a discounted rate for borrowing over $30,000 and benefit from features such as no monthly fees and flexible repayments.
ANZ Variable Rate Personal Loan
15.99% (variable)
16.84%
$5,000
1 to 7 years
$10
$150
You'll receive a variable rate of 15.99% p.a.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.
NAB Personal Loan Unsecured Variable Rate
Headline rate 12.69% (variable)
13.56%
$5,000
1 to 7 years
$10
$150
You'll receive a variable rate based on your risk profile. The headline rate is 12.69% p.a.
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility.
CUA Unsecured Variable Personal Loan
11.89% (variable)
11.89%
$5,000
1 to 7 years
$0
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
CUA Discount Variable Personal Loan (Loans over $30,000)
10.89% (variable)
10.89%
$30,000
1 to 7 years
$0
$0
You'll receive a discounted variable rate of 10.89% p.a.
Borrow over $30,000 and receive a discounted interest rate. No monthly fees and a redraw facility also available.
Pepper Money Unsecured Variable Personal Loan
From 9.99% (variable)
9.99%
$5,000
1 to 7 years
$0
$0
You'll receive a variable rate between 9.99% p.a. and 27.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make extra repayments and repay early at any time.
Australian Military Bank Variable Rate Personal Loan
From 7.88% (variable)
8.72%
$1,000
1 to 7 years
$10
from $100 to $500
You'll receive a variable rate between 7.88% p.a. and 18.82% p.a. based on your risk profile
An unsecured loan with flexible repayment options and a low minimum borrowing amount.

Compare up to 4 providers

What personal loans are available to people with excellent credit?

There are several personal loan options available for borrowers with excellent credit:

  • Secured personal loans. By guaranteeing your personal loan with an asset, you can access large loan amounts and lower interest rates with a secured personal loan.
  • Unsecured personal loans. If you don’t have an asset to provide as collateral, unsecured personal loans offer greater flexibility but tend to have higher interest rates.
  • Car loans. You can get the funds you need to buy a new or used vehicle with a car loan.
  • P2P personal loans. P2P loans allow you to access a personalised interest rate based on your credit score and credit history.

How can I compare personal loans?

Make sure you consider the following features when comparing personal loans:

  • Interest rate. The lower the interest rate, the lower the total cost to repay your loan. Compare rates across loans to find the best value, but remember that both fixed and variable rate loans are available.
  • Fees. Fees can also make a big impact on the total cost of a loan, so check the fine print for any upfront and ongoing fees that apply.
  • Comparison rate. The comparison rate is calculated based on the interest rate and any fees and charges that apply. It represents the true cost of the loan and you should check this figure before applying for a loan.
  • Repayment schedule and flexibility. When will you need to make regular repayments and how much will those repayments be? Also look at whether or not you can make additional repayments and pay the loan off early without attracting any additional fees.
  • Loan term. Next, take a look at how long you will have to repay the loan. While short loan terms mean larger regular repayments, long loan terms mean that borrowing will cost you more in the long run.

Frequently asked questions

Am I guaranteed to be approved because I have excellent credit?

No. While having an excellent credit score will usually improve your chances of approval, it certainly won’t guarantee that the lender will offer you a loan. Each lender has its own lending criteria and will approve or deny your application based on whether or not you meet those requirements.

If I’m rejected for a loan, will my credit score be affected?

Yes. Credit enquiries remain on your credit file for five years and can negatively impact your credit score.

How can I find out what my credit score is?

You can get your credit score for free from finder.com.au.

How can I improve my credit score?

There are several things you can do to improve your credit score, including checking your score regularly, disputing incorrect listings in your credit file and consolidating your debt. Check out our guide to how to improve your credit score for more information.

What do I do if I’m rejected for a personal loan?

There are several steps you can take if your personal loan application is rejected, such as reviewing your credit file, checking to make sure you meet the criteria for any loan you apply for, and staying in stable employment for an extended period.

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Personal Loan Offers

Important Information*
HSBC Personal Loan

You'll receive a fixed rate between 8.5% p.a. and 16.99% p.a. based on your risk profile
An unsecured personal loan with a tailored, fixed rate where you can make additional and early repayments without penalty.

Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

Latitude Personal Loan (Unsecured)

You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.

CUA Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate of 11.99% p.a.
An unsecured loan from $5,000 with no monthly or establishment fees and flexible repayments.

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