How much can I borrow with a personal loan?

The maximum personal loan amount you can borrow will depend on whether you need a secured or unsecured loan. You can borrow between $1-2 million with a secured personal loan while the maximum loan amount for an unsecured personal loan is currently $80,000.

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Name	Product	Interest Rate (p.a.)	Comparison Rate (p.a.)	Max. Loan Amount	Loan Term	Application Fee	Monthly Service Fee	Monthly Repayment
OurMoneyMarket Personal Loan Exclusive		From 5.45% (fixed)	6.07%	$75,000	1 to 7 years	From $250	$0		You'll receive a fixed rate from 5.45% 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. ⭐ Finder Exclusive: Apply before 31 January 2022 to secure a discounted rate of 5.45% p.a. (comparison rate: 6.07% p.a.) for the first 12 months on loans over $35,000. T&Cs apply.	Go to site More Info	Compare	loading Fetching your data...
Harmoney Unsecured Personal Loan		From 5.35% (fixed)	6.14%	$70,000	3 to 5 years	$575 ($275 for loans of below $5,000)	$0		You'll receive a fixed rate between 5.35% p.a. and 19.09% 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.	Go to site More Info	Compare	loading Fetching your data...
Symple Loans Personal Loan		From 5.75% (variable)	6.47%	$50,000	1 to 7 years	from 0% to 5% of the loan amount	$10		You'll receive a variable rate from 5.75% p.a. to 25.99% p.a. Borrow up to $50,000 and earn 1 Qantas Point for every $1 borrowed. ⭐Special Offer: Earn up to 50,000 Qantas Points with a personal loan from Symple.	Go to site More Info	Compare	loading Fetching your data...
Wisr Personal Loan ($5,000 to $30,000)		From 6.49% (fixed)	6.49%	$30,000	3 to 7 years	$0 - Waived Establishment Fee	$0		You'll receive a fixed rate between 6.49% p.a. and 20.95% 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. ⭐Special Offer:The $595 establishment will be waived for unsecured personal loans between $5,000 and $30,000. Offer ends 31 January 2022. T&Cs apply.	Go to site More Info	Compare	loading Fetching your data...
Wisr Personal Loan ($30,001 to $64,000)		From 6.49% (fixed)	7.11%	$64,000	3 to 7 years	$595	$0		You'll receive a fixed rate between 6.49% p.a. and 20.95% p.a. based on your risk profile A loan from $30,001 that charges no fees for extra or early repayments. Keep in mind security is required in some cases. ⭐Special Offer:The $595 establishment will be waived for unsecured personal loans between $30,001 and $64,000. Offer ends 31 January 2022. T&Cs apply.	Go to site More Info	Compare	loading Fetching your data...
NOW Finance No Fee Unsecured Personal Loan		From 5.95% (fixed)	5.95%	$50,000	18 months to 7 years	No Establishment Fee	$0		You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.	Go to site More Info	Compare	loading Fetching your data...
ANZ Fixed Rate Personal Loan		8.99% (fixed)	9.88%	$50,000	1 to 7 years	$150	$10		You'll receive a guaranteed rate of 8.99% p.a. with a comparison rate of 9.88% p.a. if you're approved. Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants. ⭐Special Offer: A $500 cashback offer available for loans of $10,000 or more that been applied for before 28 February 2022. Loans approved and drawn down by this date are also eligible for the reduced rate of 8.99% p.a.	Go to site More Info	Compare	loading Fetching your data...
NAB Personal Loan Unsecured Fixed		From 6.99% (fixed)	7.91%	$55,000	1 to 7 years	$150	$10		You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. (7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.	Go to site More Info	Compare	loading Fetching your data...
Great Southern Bank Unsecured Fixed Rate Personal Loan		9.39% (fixed)	9.64%	$50,000	1 to 7 years	$175	$0		You'll receive a guaranteed rate of 9.39% p.a. with a comparison rate of 9.64% p.a. if you're approved. An unsecured loan from $5,000 with flexible repayments and no monthly fee.	Go to site More Info	Compare	loading Fetching your data...
SocietyOne Unsecured Personal Loan		From 6.45% (fixed)	6.45%	$50,000	2 to 5 years	from $0 to $595	$0		You'll receive a fixed rate between 6.45% 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.	Go to site More Info	Compare	loading Fetching your data...
Latitude Personal Loan (Unsecured)		From 7.99% (fixed)	9.24%	$70,000	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.	Go to site More Info	Compare	loading Fetching your data...
MoneyMe Personal Loans		From 6.25% (fixed)	7.64%	$50,000	1 to 5 years	from $295 to $495	$10		You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile Borrow up to $50,000 with no hidden fees or costs. Application process usually takes 5 minutes to complete and is done fully online.	Go to site More Info	Compare	loading Fetching your data...
ANZ Variable Rate Personal Loan		10.50% (variable)	11.38%	$50,000	1 to 7 years	$150	$10		You'll receive a guaranteed rate of 10.50% p.a. with a comparison rate of 11.38% p.a. if you're approved. Note: This rate may vary during the loan term. A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility. ⭐Special Offer: A $500 cashback offer available for loans of $10,000 or more that been applied for before 28 February 2022. Loans approved and drawn down by this date are also eligible for the reduced rate of 10.50% p.a.	Go to site More Info	Compare	loading Fetching your data...
NAB Personal Loan Unsecured Variable Rate		From 6.99% (variable)	7.91%	$55,000	1 to 7 years	$150	$10		You'll receive a variable rate between 6.99% p.a. and 18.99% p.a. (7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.	Go to site More Info	Compare	loading Fetching your data...
Great Southern Bank Unsecured Variable Rate Personal Loan		11.89% (variable)	12.15%	$60,000	1 to 7 years	$175	$0		You'll receive a guaranteed rate of 11.89% p.a. with a comparison rate of 12.15% p.a. if you're approved. Note: This rate may vary during the loan term. Borrow from $5,000 with the option for flexible repayments and no monthly fees.	Go to site More Info	Compare	loading Fetching your data...

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What lenders consider when determining 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 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.
• Loan terms. You'll generally find loan terms of between one and seven years for variable rate personal loans and one and five years for fixed rate personal loans. You can use a personal loan repayment calculator to ensure the loan terms you select will leave you with repayments you can afford.

Frequently asked questions about how much you can borrow with a personal loan

• I didn't get approved for the amount I needed. What do I do?

  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.

• Will I know my interest rate before I apply?

  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.

• Do I have to tell the lender what I need the personal loan for?

  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.