Sometimes though, the maximum you are approved to borrow is more than you would be comfortable with repaying. Use the calculator below to work out how much you could realistically afford to borrow with how much it would cost to repay.
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What determines how much you can borrow with a personal loan?
Lenders consider several key pieces of information when approving your loan amount:
Your loan purpose. If you're applying for a loan to borrow a car, the loan amount will be tied to the car's value. If you're applying for a personal loan to consolidate debt, this will also be tied to how much debt you have. Lenders will also consider how risky the loan purpose is. For example, taking out a loan to go on holiday is riskier than buying a car.
Your income and financials. Your ability to afford the repayments is determined by how much you earn and your current outgoings, such as expenses and other debt commitments. You will need to provide information about these, as well as financial statements. The lender will also check your credit report.
Debt-to-income ratio. If you already have a significant amount of debt, a lender may see you as a liability and will be less likely to lend money to you. Try paying down your existing debts before taking out another loan if you think this might be an issue.
How can I get the loan amount I need?
When you need to borrow a large amount, there are no guarantees that you’ll get the funds you’re looking for. However, following some of these tips may help you score the loan amount you need.
Improve your credit score. Putting yourself in a better credit position and proving yourself as a reliable borrower may help convince lenders to approve you for a higher loan amount.
Reduce your debt. Paying down your existing debts will lower your expenses and show that you can afford to take out a new loan.
Consider offering security. A secured personal loan, where you secure the loan with a car or asset such as a term deposit, can help improve your chances of being approved for the loan amount you need.
How much does a personal loan cost?
The average Australian borrower could pay from $135 per month in personal loan repayments.
The average personal loan balance in Australia is $7,003, according to Finder's consumer sentiment tracker.
Lowest unsecured personal loan rate is 5.76% and the lowest secured rate is 5.67%.
Average unsecured personal loan rate in Finder's database is 10.32%.
Assuming you had a balance of $7,003 and you were paying the lowest rate available your repayments would be $135 per month over 5 years.
If we were to assume you were paying the average rate in Finder's database your repayments would be $150 per month over 5 years.
Data is correct as of 1 April 2026. This savings example is a hypothetical estimate only. Interest rates will depend on your personal circumstances and the lender's borrowing assessment, so the rate used may not reflect your own costs.
Market update by Rebecca Pike – Finder's editor, money
What's the difference between secured vs unsecured personal loans?
It's likely that you'll be able to borrow more money by taking out a secured personal. That's when you use existing property (like your car or your house) as collateral against your loan. If you can't make your repayments, the lender will take the property and sell it to recoup the costs.
You'll see a difference in the interest rates depending on whether the loan is secured or unsecured, because the lender will charge a higher rate if there's a higher risk of them losing money.
The average unsecured rate on the market at the moment is 10.49% and the average secured rate is 9.62%.
On a $10,000 personal loan the unsecured rate would cost $215 a month for a 5 year term. The same loan with the lower secured rate would cost you $211 a month.
But very often the difference can be much bigger, so be sure to get a quote and then calculate your repayments when working out what you can borrow.
How to compare lenders beyond the maximum loan amount offered
When comparing personal loans, it's important not to just focus on the maximum amount that you are able to apply for. There’s a lot more to a loan. Keep these factors in mind when comparing your options:
Eligibility criteria. Do you meet the loan's eligibility criteria? Does your credit score meet the lender's requirements for the maximum? Can you offer loan security? If these aren't the case, then you probably won't be able to qualify for the maximum loan amount, so ensure these before applying.
Interest rate. Check if the personal loan rate is fixed or variable and make sure it is competitive when you compare it with other similar loans.
Fees and other charges. Look for upfront fees such as establishment or application fees, as well as ongoing fees like monthly or annual fees. The personal loan comparison rates will give you an idea of the true cost of the loan, as it incorporates the interest rate and the mandatory fees you will be charged. Don't forget to also check out default and late payment fees, to ensure that they're not excessive, if you ever do miss a payment.
Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)
Rates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest.
Cash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, rennovating your home or heck just ready to let loose with the spending - we got you.
Frequently asked questions about how much you can borrow with a personal loan
You have the option of taking that personal loan and using the funds anyway or rejecting the loan offer. Keep in mind the credit enquiry will be listed on your credit report and will affect your next loan application. Excessive credit enquiries in a short space of time can negatively impact your credit score.
In many cases, yes. However, many lenders are now offering risk-based interest rates which means that your interest rate is personalised and will only be given to you when you apply. If your lender offers this, you can usually get a rate estimate without it affecting your credit score. Find out more about how risk-based interest rates work here.
Yes. The lender will have a section in the application where it will ask this. You will either need to select from a dropdown list of loan purposes or note down what you will be using the loan for. This will form part of the lender's decision.
Elizabeth Barry is an experienced journalist with over 10 years of expertise in personal finance, contributing to outlets like the ABC, Sydney Morning Herald, and 7News. She holds a Master of Arts in Creative Writing and a Bachelor of Arts in Communication from the University of Technology Sydney, and has earned multiple award nominations, including a Highly Commended recognition at the 2017 Lizzies. Elizabeth began her career at Finder in 2013, progressing through roles to become Lead Editor, where she oversaw a wide range of personal finance coverage until 2024.
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With a high Finder Score of 9.2, Pepper Money Unsecured Fixed Rate Personal Loan ranks among the top 13% in our database. Its competitive minimum interest rate from 5.95% is in the top 10% of the lowest rates available.
Temporary Australian residents may be eligible to apply for personal loans, depending on the visa they hold.
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Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)
Rates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest. 
Cash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, rennovating your home or heck just ready to let loose with the spending - we got you.