How much can I borrow with a personal loan?
How much you can borrow depends on the lender, your income, credit score and the type of loan you need.
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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.
Compare loan amounts from different lenders
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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
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Personal Loan OffersImportant Information*
You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.
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Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
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