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Guide to personal loan comparison rates

Find out the real cost of your loan with the personal loan comparison rate.

Comparing loans by their interest rates can give you an idea of which will be the more affordable option, but it won't give you as good an idea as the comparison rate will. This rate includes both the interest rate and the fees, giving you a better idea of the overall cost of the loan. This guide will take you through what you need to know about comparison rates and how to use them to compare loans.

What is a comparison rate?

The comparison rate is how you can understand the true cost of a loan. Expressed as a percentage, it includes both the interest rate and the fees that come with the loan. That's why it will usually be higher than the interest rate charged on the loan.

Comparison rates may be calculated differently depending on the loan. However, if they are provided, it needs to be disclosed how they are calculated. For example, it may be calculated on a personal loan of $30,000 over 5 years.

Start comparing personal loan rates

How do I find out the comparison rate?

A comparison rate will be displayed alongside the interest rate. On Finder comparison tables, you will be able to see a column labelled "comparison rate" for each loan. By scrolling over this rate you will be able to see how it's calculated.

Should I still check the interest rate?

Yes! Checking the interest rate is an important part of comparing your personal loan options. Your outstanding balance will be charged interest which will be calculated using the interest rate, not the comparison rate. It's important to know what this rate is and whether it is competitive. Comparison rates are just there to give you a comprehensive view of the loan, but the interest rate is important as you are charged that rate during your term.

What else should I consider when comparing personal loans?

  • Type of interest rate. As well as checking how much interest you will be charged, you should also check what type of interest rate the loan comes with. That is, is it fixed or variable.
  • Loan term and flexibility. This is how long you have to repay your loan. As well as checking how long of a loan term you're able to select, you should also check whether you are able to repay the loan ahead of schedule.
  • Fees. The comparison rate will give you an idea of the cost of the loan but you should still know the precise fees you will be charged. Look for upfront fees such as establishment and application fees as well as monthly and annual fees.
  • Repayment flexibility. Find out if you can make extra repayments without penalty and if you're able to repay your loan early without incurring a fee. You should also check if you can choose between weekly, fortnightly or monthly repayments to suit your budget.

Interest rates and comparison rates are crucial when comparing and selecting a personal loan as they help you understand the true cost of the loan. Start comparing rates today to help find the best personal loan for you.

Harmoney Unsecured Personal Loan

Harmoney Unsecured Personal Loan

From

6.99 % p.a.

fixed rate

From

7.69 % p.a.

comparison rate

  • Borrow up to $70,000
  • 3 and 5 years terms
  • No hidden fees
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100% confidential application

Harmoney Unsecured Personal Loan

An unsecured personal loan up to $70,000. You'll receive a tailored interest rate between 6.99% p.a. and 28.21% p.a. based on your risk profile.

  • Interest rate from: 6.99% p.a.
  • Comparison rate: 7.69% p.a.
  • Interest rate type: Fixed
  • Application fee: $500 (Upfront fee)
  • Minimum loan amount: $5,000
  • Maximum loan amount: $70,000
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Compare personal loan comparison rates today

Use the table below to compare a range of personal loans. You can sort by interest rate or the comparison rate to aid in your comparisons.

Rates last updated October 23rd, 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
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.
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.
RateSetter 3-Years Personal Loan
From 8.69% (fixed)
11.24%
$2,001
0.5 to 5 years
$0
$220
You'll receive a fixed rate from 8.69% 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.
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.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$0
3% (of loan amount)
You'll receive a fixed rate between 7.5% 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.
HSBC Personal Loan
From 9.5% (fixed)
10.06%
$5,000
1 to 5 years
$5
$150
You'll receive a fixed rate between 9.5% p.a. and 15.99% 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.
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.
Westpac Unsecured Personal Loan
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$250
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.
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.
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. Note: Get your loan approved and settled before 31 October 2018 and receive a $200 Coles gift card.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$195
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.
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.
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

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Personal Loan Offers

Important Information*
HSBC Personal Loan

You'll receive a fixed rate between 9.5% p.a. and 15.99% 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.

Westpac Unsecured Personal Loan

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.

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2 Responses

  1. Default Gravatar
    FionaJuly 26, 2018

    Im on Centrelink benefits is there any lenders that do personal loans for $3000 if so how long should it take to pay back & how do I work out the fortnightly repayments

    • finder Customer Care
      JoelJuly 27, 2018Staff

      Hi Fiona,

      Thanks for leaving a question on finder.

      You still may be eligible for a loan if you receive Centrelink payments as part or even all of your income. These include loans from short-term lenders, banks and credit unions. Government and community financial assistance schemes are also available.

      Please click HERE for the guide and comparison.

      Cheers,
      Joel

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