Interest rates guide

What you need to know about interest rates to make sure you're getting the best deal.

Updated

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A number of different financial products, such as personal loans, home loans, credit cards and savings accounts, come with interest rates. Some types of interest cost you money and some earn you money. For example, your savings account interest rate will earn you money whereas your credit card interest rate will cost you money. Interest rates can be structured and charged in different ways depending on the bank and the product. It's important to know how interest rates work so you know how to compare products and find the right one for you. This guide will take you through what you need to know.

What are interest rates?

Interest rates are a percentage of a principal sum of money that is lent, borrowed or deposited. If you borrow money, you will usually pay interest on the money that you borrow. For money that is deposited (e.g. into a savings account or term deposit) or lent by you, you will earn interest on the principal sum.

There are two types of interest: simple and compound.

  • Simple interest. This is calculated on the principal sum, or original amount, of a loan or savings/deposit. This form of interest is cheaper if you are paying it down on a loan.
  • Compound interest. This is calculated on the principal and on the accumulated interest (i.e. "interest on interest"). This form of interest is preferable if you have investments or savings that you are being paid interest for.

The total interest either earned or paid depends on the principal sum, the interest rate, whether the interest is simple or compound, the compounding frequency and the length of time over which it is lent, borrowed or deposited.

What does p.a. mean?

You will often see "p.a." after the percentage symbol in an interest rate. It stands for "per annum" and means the rate is an annual rate. With financial products, annual interest is calculated regularly (usually daily) as you make regular repayments to a loan or put more money into your savings account.

Why is the annual interest rate important?

The annual interest rate is important because it gives you a good idea of how much money you are going to earn from your investments (in the case of savings accounts and term deposits) or how much you are going to pay on your finance (in the case of loans and credit cards).

How is interest calculated?

A businessman, standing while holding a briefcase, looks up at a chart on a wall that indicates interest rates are rising.

Interest is calculated differently, depending on whether the interest is simple or compound. The formulas for each are as follows:

  • Simple interest. You can calculate simple interest by multiplying the principal sum by the rate and the term of the loan. So the formula is:I = P x R x T

    To demonstrate, say you have a loan of $30,000 at a rate of 8% p.a. on a loan term of 3 years. The calculation will look as follows:

    30,000 x 0.08 x 3 = 7,200

    Therefore, over the life of the loan, you will pay $7,200 in interest payments.

  • Compound interest. The formula for compound interest is a little more complicated:A = P(1 + r/n) ^ nt

    P, once again, is the principal sum of the amount borrowed. r is the annual interest rate and n is the number of times interest is compounded in a year. The term in years is t, and A is the total sum on money accumulated, including interest, after t years. If we use the same amounts as above and imagine that the total amount of times that interest is compounded in a year (n) is 4, the sum is the following:

    A = 30,000(1 + 0.08/4) ^ (4 x 3)

    A = 30,000 x 1.02 ^ 12

    A = 30,000 x (1.27)

    A = 38,100

    This means that the total amount repaid over 3 years would be $38,100. If we then subtract the principal from this ($30,000), we can calculate that the total interest over this period with a compound interest rate would be $8,100.

Why do you pay interest?

Paying interest on finance, such as credit cards, home, personal, business and car loans, is done for a variety of reasons. Predominantly, it's because lenders are businesses and receiving interest payments for lending money is how they make a profit. Interest rates are also paid for the convenience of acquiring finance that you did not earn or save and for the inconvenience on the part of the borrower of lending it.

Interest rates are also charged in case borrowers default on loans. For example, default rates on personal loans stand at around 3.5%, but if interest is paid on all loans lent, that risk is mitigated and accounted for and lenders will still make money, even with this expected loss.

interest rates

Is it better to have a higher or a lower interest rate?

Whether you need a high or a low interest rate will depend on the type of financial product that you're talking about. If you're looking for a term deposit or savings account, you'll typically want to get the highest interest rate possible, so that your investments make you the most money possible. However, if you're looking for a loan, you'll generally want to aim for lower rates.

Paying a lower interest rate on a loan will usually mean that you pay less money over the life of the loan. However, this is not always the case as some loans may have low rates but high fees attached. Always look at the comparison rate when considering the overall cost of a loan.

You may also want to opt for a loan with greater flexibility or additional features that cost slightly more, but are specifically beneficial to you, such as a redraw facility or repayment flexibility. Therefore, it isn't always necessarily better to have the lowest interest rate on the market.

What is the comparison rate?

The comparison rate is a representative rate that includes both the interest rate and fees. It's useful to look at the comparison rate when considering products as it shows you the true cost of the loan, not just the rate or the fees separately.

What is considered a high interest rate?

"High" interest rates will vary depending on the financial product in question. Below, we shall outline typically "high" interest rates for a variety of financial products:

  • Savings account. 1-1.3% p.a.
  • Term deposit. 1-1.3% p.a.
  • Credit card. 20-22% p.a.
  • Personal loan. 16-18% p.a. for standard personal loans. Payday loans, on the other hand, can have an interest rate of up to 35% p.a.
  • Car loan. 15-17% p.a.
  • Home Loan. 4.5-5% p.a.
  • Business loan. 12-13% p.a. However, this will vary largely depending on what type of business finance you are applying for.

What to weigh up: The pros and cons of a low interest rate

  • Potentially lower repayments. In the case of loans, having a lower interest rate can often mean that your repayments are lower.
  • Potentially lower overall cost. Loans will usually end up costing you much less over their lifetime than if you had a higher interest rate.
  • Less yield on investments. If you have a low interest rate on your savings account or term deposit, you will earn less money.
  • May have high fees. Some lenders drive down their interest rates but have very high fees attached, which may cost you more overall.
  • Less flexibility. With loans, you may find that because your interest rate is low, you have less flexibility in what you can do with your loan.

What are the different types of interest rates?

There are two main types of interest rates: fixed and variable.

  • Fixed interest rates. This is a set interest rate that is essentially "locked" for the duration of your loan term. The rate you agree to in your loan contract is guaranteed to remain in place until you close the loan out at the end of the term.
  • Variable interest rates. This is a rate that may change during your loan term. This may be more likely for some products than for others. For example, personal loans can come with variable interest rates but it is unlikely for the rate to change during the loan term while it's much more likely a home loan with a variable rate will change.

How is interest charged on different financial products?

Interest works very differently depending on the type of product you have:

Credit cards

Credit cards come with variable, annual interest rates. The rates vary a lot depending on what features the card offers, but you can generally find a basic, no-frills credit card for between 8-13% p.a. while a rewards or feature-packed card can set you back between 17-22% p.a.

You will find two types of interest rates on a credit card: purchase rate and cash advance rate. The purchase rate is what you're charged to make purchases on the card and the cash advance rate is what you're charged to withdraw cash using the credit card. Credit cards can also offer special interest rates such as introductory 0% rates or balance transfer rates.

Another feature of credit cards is interest-free days. This refers to the period of time between making a purchase and when you will be charged interest on that purchase. If you pay off your credit card balance during this period, you will not be charged interest. Most credit cards offer 55 interest-free days.

Personal loans

Interest rates on personal loans can be fixed or variable and are annual rates. These rates used to very much reflect the market, specifically the cash rate, but lenders have recently been moving towards personalising interest rates based on how risky it is to offer you the loan.

This is why there are now two types of interest rates you will see advertised for personal loans: set rates and risk-based rates. Set rates will be given to everyone who is approved for a personal loan for that lender. Lenders offerings risk-based interest rates will be advertised using a range, for example, 7-18% p.a., and you can be approved for an interest rate between that range. Usually, you can get an estimate of the rate you will receive before you fully apply for a loan and without it affecting your credit score.

Home loans

Home loan interest rates can also be fixed or variable. Fixed interest rates are guaranteed not to change whereas variable rates may fluctuate. With home loans, fixed interest rates usually only apply for the initial stage of a loan, for example five years. Variable home loan interest rates can change quite frequently as they are heavily influenced by factors in the market, especially the RBA Cash Rate. The interest you are charged will generally be calculated daily. Home loans can also either be principal and interest, meaning you're repaying both the interest you're being charged and the original amount you borrowed, or interest-only, so you are only repaying the interest accruing on your debt.

Savings accounts

Savings accounts work differently from credit accounts because the interest rates earn you money rather than cost you money. All savings accounts come with a variable base rate, with most calculated daily on your principal balance and paid into your account monthly. This is referred to as compound interest: the interest repayments you earn then go on to earn interest themselves.

Some savings accounts can also offer you bonus interest on top of the standard base variable rate, which may be for an introductory period, such as for the first three months after opening the account or applied monthly if you meet certain conditions, such as regularly depositing money into the account.

How should you compare interest rates?

Keep the following in mind when comparing interest rates:

  • The actual rate. Look at how competitive the interest rate is when comparing. While the cheapest isn't necessarily the best, a better interest rate can do a lot to save you money in the long run.
  • The comparison rate. The comparison rate includes both the interest rate and any upfront and ongoing fees. It is more representative of the true cost of the loan and can give you a good idea of how competitive it is overall, so it's useful to compare.
  • Like-for-like. While comparing interest rates across products is a good idea, make sure the products you are comparing are similar. For example, you might compare one credit card to another one with a much lower interest rate but it doesn't mean it comes with the same features. See what features and benefits the products offer and ensure you are comparing similarly-featured products.

Compare interest rates across loans, credit cards and savings accounts

Data indicated here is updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Plenti Fixed Rate Personal Loan

From 5.99% (fixed)
6.27%
$2,001
3 to 5 years
From $99 to $499
$0
You'll receive a fixed rate between 5.99% p.a. and 15.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
ANZ Fixed Rate Personal Loan
10.50% (fixed)
11.38%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate of 10.50% p.a. ( comparison rate 11.38% 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. Note: These rates are available until 31 March 2021. Credit, eligibility criteria and terms & conditions apply.
Harmoney Unsecured Personal Loan

From 6.99% (fixed)
7.79%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
OurMoneyMarket Personal Loan

From 6.75% (fixed)
6.96%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 6.75% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.99% (fixed)
6.99%
$5,000
2 to 3 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.99% p.a. and 17.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
SocietyOne Unsecured Personal Loan (5 years)

From 7.99% (fixed)
7.99%
$5,000
5 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 7.99% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Alex Personal Loan

From 6.95% (fixed)
6.95%
$2,100
6 months to 5 years
$0 (waived $295)
$0
You'll receive a fixed interest rate from 6.95% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Benefit from no ongoing fees. Note: Waived $295 establishment fee for all applications submitted before 15 February 2021.
CUA Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.39% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
Latitude Personal Loan (Unsecured)

From 7.99% (fixed)
9.24%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 7.99% p.a. and 22.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly. You can check your interest rate before applying with no impact to your credit score.
NAB Personal Loan Unsecured Fixed

From 9.99% (fixed)
10.88%
$5,000
1 to 7 years
$0 (waived)
$10
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) 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. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above. Application fee of $150 waived off for applications submitted by 31 March 2021.
ANZ Variable Rate Personal Loan
12.99% (variable)
13.86%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate of 12.99% p.a. ( comparison rate 13.86% p.a. )
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility. Note: These rates are available until 31 March 2021. Credit, eligibility criteria and terms & conditions apply.
NOW Finance No Fee Unsecured Personal Loan

From 6.95% (fixed)
6.95%
$5,000
18 months to 7 years
$0
$0
You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan advisor. No security required.
Wisr Personal Loan

From 7.95% (fixed)
8.22%
$5,000
3 to 5 years
$195 (Establishment Fee)
$0
You'll receive a fixed rate between 7.95% p.a. and 19.95% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
Plenti Variable Rate Personal Loan

From 5.59% (variable)
6.25%
$2,001
1 to 3 years
From $99 to $499
$0
You'll receive a variable rate from 5.59% p.a and 12.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
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Data indicated here is updated regularly
Name Product Purchase rate Balance transfer rate Annual fee
St.George Vertigo Classic
13.99% p.a.
0% p.a. for 24 months
$0 annual fee for the first year ($55 p.a. thereafter)
0% Balance Transfer Offer & $0 First-Year Annual Fee
Get 0% p.a. promotional balance transfer rate, with no balance transfer fee. Plus, save with a first-year annual fee waiver.
Citi Rewards Card
21.49% p.a.
0% p.a. for 30 months
$49 annual fee for the first year ($149 p.a. thereafter)
30-Month Balance Transfer & Annual Fee Discount
Save on interest with 0% p.a. on balance transfers for 30 months with no balance transfer fee. Plus, a $49 first-year annual fee.
Qantas Premier Platinum
19.99% p.a.
0% p.a. for 18 months with 1% balance transfer fee
$199 annual fee for the first year ($299 p.a. thereafter)
Balance Transfer Offer & 100,000 Bonus Points
Get 100,000 bonus Qantas Points, 75 bonus Status Credits and a 0% p.a. balance transfer rate for 18 months (with a one-time 1% BT fee).
Coles No Annual Fee Mastercard
0% p.a. for 12 months, reverts to 19.99% p.a.
0% p.a. for 12 months
$0
0% Purchase & Balance Transfer Offers
Save on new and existing interest charges with 0% p.a. on balance transfers and purchases for 12 months. Ends 31 January 2021.
Qantas American Express Ultimate Card
20.74% p.a.
$450
100,000 bonus Qantas Points & $200 Statement Credit
Receive 100,000 bonus Qantas Points and $200 back on your card when you spend $3,000 within the first 3 months. Ends 2 Feb 2021.
ANZ Low Rate
12.49% p.a.
0% p.a. for 25 months with 1.5% balance transfer fee
$0 annual fee for the first year ($58 p.a. thereafter)
0% Balance Transfer Offer & $0 First Year Annual Fee
Save with 0% p.a. on balance transfers for 25 months (with a 1.5% BT fee) and $0 first-year annual fee. Plus a 12.49% p.a. purchase interest rate.
Westpac Low Rate Card
13.74% p.a.
0% p.a. for 24 months with 1% balance transfer fee
$59
Long-Term Balance Transfer Offer & $200 Cashback
A low rate card offering 0% p.a. interest on balance transfers for the first 24 months and a $200 cashback offer.
NAB Qantas Rewards Signature Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$295 annual fee for the first year ($395 p.a. thereafter)
Up to 130,000 bonus Qantas Points & First-Year Annual Fee Discount
Up to 130,000 bonus Qantas Points (100k when you spend $3,000 in the first 60 days and 30k after 12 months). Plus, a reduced first year annual fee.
Bendigo Bank Low Rate Credit Card
0% p.a. for 15 months, reverts to 11.99% p.a.
13.99% p.a.
$45
0% Interest Rate & $150 Woolworths Gift Card Offer
Get 0% p.a. on purchases for 15 months and a $150 Woolworths Supermarket gift card when you spend $1,000 in the first 90 days. Ends 31 Jan 2021.
Bankwest Breeze Classic Mastercard
10.99% p.a.
0% p.a. for 26 months with 2% balance transfer fee
$0 annual fee for the first year ($49 p.a. thereafter)
0% Balance Transfer Offer & $0 First-Year Annual Fee
Save with 0% p.a. on balance transfers for 26 months (with a 2% BT fee) and $0 first-year annual fee. Plus, a 10.99% p.a. purchase interest rate.
ANZ Frequent Flyer Black
20.24% p.a.
20.24% p.a.
$425
120,000 Bonus Points & $200 back
Collect 120,000 bonus Qantas Points and $200 back when you spend $3,000 in the first 3 months. Plus, complimentary lounge passes.
HSBC Platinum Credit Card - Balance Transfer Offer
19.99% p.a.
0% p.a. for 26 months with 1% balance transfer fee
$0 annual fee for the first year ($129 p.a. thereafter)
0% Balance Transfer Offer & $0 First-Year Annual Fee
Enjoy a 26-month balance transfer offer, a first-year annual fee waiver and complimentary travel insurance.
Westpac Altitude Platinum Qantas – Existing Customer Offer
20.49% p.a.
6.99% p.a. for 12 months
$50 annual fee for the first year ($200 p.a. thereafter)
$50 First Year Annual Fee & 75,000 Bonus Points
Westpac customers only: Get 75,000 bonus Qantas Points when you spend $3,000 within 90 days. Plus, $50 first-year annual fee.
Westpac Altitude Platinum Credit Card - Existing Customer Offer
20.49% p.a.
6.99% p.a. for 12 months
$0 annual fee for the first year ($150 p.a. thereafter)
100,000 Bonus Points & $0 first year annual fee
Westpac customers only: Earn 100,000 bonus Altitude Points when you spend $3,000 within 90 days. Plus, a first-year annual fee waiver.
Citi Simplicity Card
0% p.a. for 6 months, reverts to 21.49% p.a.
0% p.a. for 6 months
$0
No Annual Fee & 0% Balance Transfer Offer
Get 0% p.a. interest for up to 6 months on purchases and balance transfers. Plus, a $0 annual fee for life.
Coles Rewards Mastercard
19.99% p.a.
0% p.a. for 18 months with 1.5% balance transfer fee
$0 annual fee for the first year ($99 p.a. thereafter)
$100 off a Coles Supermarket Shop & $0 First-Year Annual Fee
Enjoy $100 off a Coles Supermarket, a $0 first-year annual fee and a 0% p.a. on balance transfers for 18 months (1.5% fee applies). Ends 31 Jan 2021.
Latitude Gem Visa
24.99% p.a.
$99
Enjoy 0% p.a. interest on purchases over $250 for 6 months, optional shopper's protection insurance and the convenience of Samsung Pay.
Coles Low Rate Mastercard
12.99% p.a.
0% p.a. for 6 months
$58
$100 off a Coles Supermarket Shop & Balance Transfer
Enjoy $100 off a Coles Supermarket shop and a 0% balance transfer for 6 months. Plus, earn Flybuys points as you spend. Ends 31 January 2021.
Bankwest Breeze Platinum Mastercard
10.99% p.a.
0% p.a. for 26 months with 2% balance transfer fee
$0 annual fee for the first year ($69 p.a. thereafter)
0% Balance Transfer Offer & $0 First-Year Annual Fee
Get 0% interest on balance transfers for 26 months, a $0 first-year annual fee, complimentary travel insurance and no foreign transaction fees.
Citi Clear Card
0.9% p.a. for 15 months, reverts to 14.99% p.a.
0.9% p.a. for 15 months
$99
0.9% Purchase & Balance Transfer Offers
Save with 0.9% p.a. for 15 months on purchases and balance transfers. Plus, complimentary purchase insurance cover.
Defence Bank Foundation Credit Card
3.99% p.a. for 6 months, reverts to 8.99% p.a.
3.99% p.a. for 6 months
$45
3.99% Balance Transfer Offer
Offers 3.99% interest for 6 months on purchases, balance transfers and cash advances.
NAB Low Rate Credit Card
12.99% p.a.
0% p.a. for 20 months with 2% balance transfer fee
$59
0% Balance Transfer Offer
Get a 0% p.a. interest rate for 20 months on balance transfers, Visa Offers + Perks and a competitive $59 ongoing annual fee.
St.George Vertigo Platinum - Cashback Offer
12.99% p.a.
6.99% p.a. for 12 months
$99
$300 Cashback Offer
Get $300 cashback when you spend at least $900 in the first 90 days. Plus, platinum perks and a low variable interest rate on purchases.
Qantas American Express Premium Card
20.74% p.a.
$249
80,000 Bonus Points and $200 Statement Credit
Enjoy 80,000 bonus Qantas Points, $200 back and 2 complimentary Qantas Club lounge invitations per year. Ends 2 Feb 2021.
Bank of Melbourne Vertigo Classic
13.99% p.a.
0% p.a. for 24 months
$0 annual fee for the first year ($55 p.a. thereafter)
0% Balance Transfer Offer & $0 First-Year Annual Fee
Save with a 0% p.a. interest for 24 months on balance transfers, with no balance transfer fee. Plus, a $0 first-year annual fee.
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Data indicated here is updated regularly
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Interest Earned
Westpac Life (18-29 year olds only)
3%
0.2%
2.8%
$0
If you’re between 18-29, you can earn a 3% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000.
Westpac Life (18-29 year olds only)
0.55%
0.2%
0.35%
$0
If you’re between 18-29, you can earn a 0.55% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000.
MyState Bank Bonus Saver Account
1.2%
0.1%
1.1%
$0
Ongoing, variable 1.2% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.
MyState Bank Bonus Saver Account
0.1%
0.1%
0%
$0
Ongoing, variable 0.1% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $25,000,000.
HSBC Flexi Saver Account
0.85%
0.05%
0.8%
$0
Ongoing, variable 0.85% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000.
HSBC Flexi Saver Account
0%
0%
$0
Ongoing, variable 0% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000,000.
Citibank Online Saver
1.1%
0.35%
0.75%
$0
Introductory rate of 1.1% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
Citibank Online Saver
0.35%
0.35%
0%
$0
Introductory rate of 0.35% p.a. for months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
HSBC Serious Saver
0.9%
0.05%
0.85%
$0
Receive a maximum variable rate of 0.9% p.a. for 4 months, reverting to an ongoing rate of 0.05% p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.
HSBC Serious Saver
0%
0%
$0
Receive a maximum variable rate of 0% p.a. for months, reverting to an ongoing rate of 0% p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.
Bankwest Hero Saver
0.8%
0.01%
0.79%
$0
Ongoing, variable 0.8% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
Bankwest Hero Saver
0.01%
0.01%
0%
$0
Ongoing, variable 0.01% p.a. rate when you deposit at least $0 each month and make no withdrawals. Available on balances up to $250,000.
Westpac Life
0.4%
0.2%
0.2%
$0
Ongoing, variable 0.4% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
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Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

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ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 10.5% 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. Note: These rates are available until 2 February 2021. Credit, eligibility criteria and terms & conditions apply.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) 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. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above. Application fee of $150 waived off for applications submitted by 31 March 2021.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

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