Compare and find the right personal loan from $3,000 to $100,000 to get you to where you want to be
What type of loan are you looking for?
Personal Loan Finder™ is a 100% free and Australian-owned service that lets you find the right financing for you. Sort through your personal loan options from banks and different lenders. You can also read the guide for more information on personal loans.
Citi Personal Loan Plus
Citi Personal Loan Plus
from
11.99 %
p.a.
variable rate
from
12.48 %
p.a.
comparison rate
- Loan amounts from $5,000
- Offers a reusable credit facility
- Repay over 5 years
100% confidential application
Citi Personal Loan Plus
Apply for a Citi Personal Loan Plus and get competitive interest rate offer with a reusable credit facility.
- Interest rate from: 11.99% p.a.
- Comparison rate: 12.48% p.a.
- Interest rate type: Variable
- Application fee: $0
- Minimum loan amount: $5,000
- Maximum loan amount: $75,000
Compare personal loan rates and repayments below
Rates last updated August 22nd, 2017
Disclaimer and warning about borrowing
- No loans offered with repayment in full due in 60 days or less
- Interest rates range between 5.3% p.a. and 9.92% p.a.
- A representative example is expressed in the table above with all fees and charges payable in the Monthly Repayment column with the representative APR expressed in the comparison rate column.
* The personal loan offers compared on this page are chosen from a range of personal loans finder.com.au has access to track details from and is not representative of all the products available for comparison in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing personal loans.
What do you want to learn about?
Finding the right personal loan
Learn about:
- How a personal loan works
- How to choose a personal loan
- What types of personal loans are available
How do personal loans actually work?
A personal loan is a secured or unsecured line of credit up to $100,000 over five or seven years. You can use the money for a range of purposes, such as buying a car, consolidating debt, paying for a wedding or even taking a holiday.
Personal loans are an agreement between you and a lender for you to have a certain amount of money and pay it back over time. Here is how personal loans work:
- Application and approval. You can apply for a personal loan from a bank, credit union or standalone lender online, over the phone or in-branch, depending on what application types the lender offers. The time it takes to be approved depends on the lender, but it can range from anywhere between 60 second to a week or two.
- Loan contract. When you are approved for a loan you will need to agree to a loan contract that sets out certain terms. These terms include long you'll have to repay the loan, what fees you'll need to cover, and the rate of interest you'll be charged on your loan amount.
- Loan terms. Your loan terms will be set out in your loan contract. Generally, loan terms range between one and seven years.
- Loan costs. Lenders agree to lend you money in exchange for interest, which is charged annually. This interest can be fixed or variable. Other loan costs include establishment fees, monthly fees and annual fees. You should also check if you will be charged fees for repaying your loan early or making additional repayments.
- Loan types. There is a wide variety of personal loans available in the market, with each one coming with a set of terms and restrictions. For instance, when you apply for a car loan the lender often requires that the entire loan amount be used for your car purchase. The car is also often required to be used as security in case you default on the loan. An unsecured personal loan, on the other hand, is less restrictive and you can use the loan amount in almost any way you choose.
How do I go about choosing a personal loan?
The types of personal loans that are available to you
There is a wide range of personal loans available in Australia to those who have stellar credit, average credit or bad credit. Find out what loan may work for you with the below options.
- Secured personal loan. This type of loan works by you offering an asset as security in exchange for lower rates and fees. Usually, this loan is used to purchase a car,, but other types of assets can be used as well.
- Car loan. Looking to purchase a new or used car? You can opt for a car loan through a bank, lender or even using dealer finance in order to help you make your purchase.
- Unsecured personal loan. If you don't want to put up an asset as security, or want to finance something unsuited to a secured personal loan, you might want to consider a loan that doesn't require a guarantee.
- Line of credit. You'll get access to a set credit limit, but only pay interest on the funds you've used. You can consolidate debts or even fund a range of purchases with this type of loan.
- Debt consolidation loan. Existing debt can be managed by taking out a debt consolidation loan. Consolidate separate loan accounts into one easy-to-manage loan with a potentially lower rate and with fewer fees.
- Overdrafts. An overdraft is a lot like an unsecured loan but it is generally attached to your everyday bank account. You are given a set amount that you can withdraw from your account, once your own funds have been exhausted.
- Bad credit loans. If you have bad credit but are in need of a loan, there are still options available to you. Either apply with a lender who doesn't perform a credit check, or who accepts applicants with negative listings on their file.
Comparing features and costs
Learn about:
- What makes a personal loan competitive
- The interest rate and fees to expect
- Working out your borrowing power
Features of personal loans: What makes a loan competitive?
When comparing your personal loan options, it's helpful to keep in mind the range of features that are available with these loans. When comparing, here are some of the questions you'll need to ask.
- Does the loan have a competitive interest rate? Rates on personal loans will be either fixed or variable. Compare rates across similar loan products to ensure you're getting the best deal.
- What are the fees and charges? You'll need to consider both ongoing fees and fees charged at the onset of the loan. Common fees include an application fee or loan set-up fee, while monthly fees and annual fees are common ongoing fees. You may also be charged to use additional features of the loan.
- Is there repayment flexibility? How often are you able to make repayments? Are you able to make additional repayments or pay off the loan early without penalty?
- Do the loan terms match your needs? Personal loans are usually offered for terms of between one and seven years, with other loans on offer for shorter time periods. Some lenders are more restrictive than others when it comes to how long you have to repay your loan – for instance, only offering terms of one, three or five years. Make sure the loan terms on offer are what you need. Long term loans over seven years often see lower repayments but a greater amount of interest paid.
The interest rates and fees to expect.
The interest rate and fees you are charged depend on the loan you apply with (you can compare these on the table above), but each loan type comes with similar costs, and understanding these can help you compare your options.
The interest rate
Your interest rate will either be fixed or variable. Car loans tend to come with fixed rates while unsecured loans offer both, but you will find a mix of variable and fixed rates within each loan type. Variable rate loans mean the loan is more flexible and comes with longer loan terms, but fixed rate loans usually come with restrictions, such as not allowing you to make extra repayments. Fixed rate loans also come with shorter terms, usually up to five years.
The fees
There are three types of fees you should expect: Upfront fees (establishment fees, application fees), ongoing fees (monthly, annual or direct debit fees) and fees that are charged if you default on the loan or miss a repayment.
What will my monthly repayments be on my new personal loan?
To get an estimate of your borrowing power, input your loan amounts into the personal loan calculator in the comparison tables above and you'll see what monthly repayments will approximately be.
Your borrowing power
Applying and being approved for a personal loan
Learn about:
- Who is eligible for a personal loan?
- Documents you need for your application
- How to improve your chances of being approved
- The application process
Who is actually eligible for a personal loan?
Eligibility for personal loans depends on a few different things:
- If you have a low income. Applicants with low incomes can still be approved for personal loans. It's always a good idea to check the borrowing requirements and check your repayments with a calculator.
- If you receive Centrelink payments. If you're receiving the pension, Centrelink payments or other benefits, you can still be eligible. It's important to make sure you can meet the repayments before applying.
- If you have bad credit. You're still able to apply for certain personal loans if you have negative marks on your credit file. Bad credit loans are still possible. You might end up paying a higher interest rate on these loans, so it's important to compare a range of offers before applying.
- If you have existing credit card or personal loan debt. You may still be approved for a new personal loan if this is the case, but you should calculate your repayments and your debt levels before continuing.
- If you don't meet the minimum requirements. You still might be able to apply with a guarantor. This is where someone, usually a family member such as a parent, agrees to 'guarantee' your personal loan should you fail to meet your obligations.
But I'm a temporary resident on a 457 visa - can I still get a loan?
Did you know that you could still get your personal loan approved if you hold a visa but many of the big banks wont lend to you. If you are researching institutions that might lend to you on your temporary resident 457 visa, then it's best practice to go in armed with as much knowledge as possible. Find out what banks could offer you a loan, what the criteria is and how you can maximise your chance of being approved. What documents will I need when applying for a personal loan?
Each bank and institution have their own criteria that you will have to meet to finalise your loan application.
Proof of identification
You will usually need any of the following to prove your identity:
- Driver's licence/proof of age card
- Passport
- Medicare card
- Utility bill showing your address
Proof of income
You will need to verify your income, with the actual verifaction required differing between lenders. Common requirements are as follows:
- Three payslips
- Bank statements
- Two years tax returns (if self-employed)
Other documents
You may also need any of the following documents:
- Statements from other loan accounts/credit cards
If you're applying for a car loan
Applying for a car loan requires various documents to have the car verified:
- VIN or chassis number, engine number and registration plate details
- The car dealers contact information or the sellers contact details if a private sale
- Tax invoice and receipt for the car or purchase price if a private sale
- Your CTP insurance and comprehensive insurance details.
How can I improve my chances of the loan being approved?
There is no way to guarantee you're approved for a personal loan, but giving yourself the best chance at being approved starts with meeting the eligibility criteria set by the lender. To further your chances of being approved, keep the following in mind:
- Establish your borrowing capacity. What repayments can you afford? Lenders will use a variety of criteria to decide how much you're eligible to borrow, but you need to know how much you can afford to repay.
- Building good banking history. Keep your account in good standing to build a positive relationship with your bank, even if you don't plan on borrowing from them.
- Keep your credit rating in good standing. Make sure you keep track of all your payments, from credit cards to utility bills, because any arrears, debts, or missed payments will affect your ability to access credit.
- Keep track of your saving goals. If you manage to contribute to your savings regularly, it shows lenders that you are likely to manage ongoing loan repayments.
How to apply for a personal loan
- Get ready to make your purchase. Make sure you know how much you want to borrow and have worked out that you can meet the repayments.
- Choose a secured or unsecured loan. If you already own as asset or are looking to buy one, then a secured loan may be an option. If not, you may want to consider your unsecured personal loan options.
- Decide between a fixed or variable rate. A fixed rate loan means your repayments are set for the life of the loan and can't fluctuate, whereas a variable rate loan can increase or decrease your repayments over the life of the loan.
- Choose your terms. A calculator can help you work out your repayments.
- Start your personal loan research and comparison. This is an important step to finding the best loan option for you.
- Click through and apply. Once you find the loan you want to apply for, simply click 'Go to Site' to apply.
Why is there an interest rate and a comparison rate?
Due to Australian laws and regulations companies must display an interest rate and a rate that is inclusive of fees and charges. This is called a comparison rate and is a crucial tool when comparing loans. For example, if a personal loan has the interest rate of 12.45% p.a but a comparison rate of 14.52% p.a. it would indicate there is a range of fees included in the loan. If the loan has an interest rate of 10.13% p.a and the exact same comparison rate, then this indicates that there are no fees included in the loan. For a detailed view, read our guide to personal loan comparison rates.The questions we've been asked about personal loans
How quickly can I get the money from my personal loan?
Different lenders can have your loan amount transferred to you within different amounts of time. Some banks are able to offer existing customers same-day personal loans, and some payday lenders can have loan amounts transferred to new customers within an hour of approval. If you are in need of the cash as soon as possible it is advisable to check to see how long it will take to receive your loan amount before you apply.
What is the average interest rate on a personal loan?
At the time of writing the average rate is 12% p.a. It's important to keep in mind interest rates can fluctuate from 5.9% p.a up to 30% p.a. (or more depending on your credit score). The rate will depend on whether the loan is a fixed or variable rate, or secured or unsecured.
What can the lender do if you fail to repay a secured personal loan?
Secured loans, as the name suggests, means that you offer something of value as security on the loan. If you don't pay you may find the bank will repossess your car and sell it.
What's the best personal loan?
Unfortunately, there's no easy answer to this question. The best loan for you will depend on what you need and also what loans you're eligible for. You can use the comparison tables available on finder.com.au to compare similar loans and select the most competitive loan option that offers the features you want. If you are eligible, then you can apply.
Can I pay back my personal loan early?
You may be able to pay back your personal loan early depending on the conditions of your loan. Most variable rate personal loans allow for additional repayments or paying back the loan ahead of time without penalty. Fixed rate personal loans usually come with exit fees and early repayment fees or limitations on how much you can repay ahead of schedule. You will need to check if there are fees involved before paying extra on your loan. While you may save on interest repayments, you may not come out ahead if you have to pay the early payout fees. You can calculate how much you could potentially save with this calculator. You can find out if you can repay your car loan early on this page.
I'm having trouble repaying my loan – what do I do?
If you are having trouble repaying your loan you'll need to get in contact with your lender. They may be able to organise a payment plan with you, or be able to offer you some sort of option to help you manage your repayments. You also have the option of getting in touch with a free financial counsellor on 1800 007 007 to help you organise a budget.
Can my personal loan be funded on the same day?
Same day personal loans are a relatively new feature, and requires a you meet the criteria set out by the bank. Some require you to be an existing customer or apply by a certain time of day, and are approved, you'll get access to your funds on the same day. Find out what lenders offer this feature.
Can I be approved for a loan if I work part-time or casually.
Yes. Many lenders will consider you for a personal loan if you work part-time or casually. Check if you meet the criteria here.
Do I have to tell the lender what I'm using the money for?
The answer to this question depends on what type of loan you are getting. If you are getting a secured car loan then all details of the car and finance agreement and registration must be given to the bank or lender before you receive the money. If, however you are getting an unsecured personal loan, then you only need to give a general idea of the loan purpose to the bank. If you are consolidating debts then you'll have to give details of your other loans and credits to the institution.
Can I buy a car with a personal loan?
You can consider an unsecured personal loan or a secured personal loan if you're Personal loans can be used for purchasing a car especially if you want to buy an older model or a car that does not fit in with a lenders criteria. An unsecured personal loan could be used for a car. It is important to keep in mind that these unsecured personal loans come with a higher interest rate than a loan secured to a vehicle.
Can I take out a personal loan to cover a valuation shortage or to pay LMI?
If you've been approved for a home loan that falls short of your chosen property's valuation you may be considering if it's worth it to apply for a personal loan. Personal loans might also be on the table to cover LMI. While this is an option, you need to consider if you will be approved for your personal loan (consider the home loan you've been approved for) and whether you can afford the repayments on top of what you'll be paying towards your mortgage.
What's the difference between a credit union personal loan and a bank personal loan?
Credit unions are different to banks in that they operate in a not-for-profit business model. Typically you will find there are not as many fees or charges with a credit union loan which means the interest rate could be lower. Credit Unions are governed by the same regulations as banks so it's just as safe to apply for a credit union personal loan.
Why has the interest rate on my personal loan changed?
If you have a variable rate personal loan, then you may notice that your interest rate may go up or down. This could happen due to a range of factors but it mainly based on what the Reserve Bank of Australia dictates the official cash rate is. If you've found you rates have gone up, it may be a good time to consider refinancing your personal loan.
Should I take out a personal loan or a credit card?
Credit cards can give you convenient access to a line of credit, and you have the choice between a personal loan or credit card for a variety of purchasing needs. To work out which option is best for you think about how you need to make the purchase (if it's in cash you'll be charged a cash advance rate for a credit card), how you like to repay your loan (you can choose to just repay the minimum amount with a credit card) and what you're purchasing with your funds.
Is it safe to get a personal loan from Gumtree?
If you have bad credit and are worried that you may not get a loan from a bank or credit union, you may see ads for personal loans on Gumtree and want to apply. As with any form of finance you should always do your due diligence before applying. You should always check for a Australian Credit Licence and research the lender thoroughly. Alternatively, you could consider a no credit check personal loan lender.
What's the difference between short term loans and personal loans?
Whilst a short term loan, also known as a payday loan is a type of personal loan, there are a range of differences that make this type of lending completely different. Personal loans are generally taken out over one to seven years, whereas a payday is between 16 days and one year. Payday loans are also for smaller amounts – between $100 and $5,000 – and are available to those with bad credit.
How much should I borrow?
Personal loans can vary greatly in size from $1,000 and upwards of $80,000. If you're purchasing an asset such as a car keep in mind you may need funds to cover insurance. Many banks and lenders will consider up to $20,000 and $30,000 to be a medium sized loan. If you are only going to borrow between $10,000 and $20,000 then a small personal loan may suit your needs better.
What is loan protection insurance and do I need it?
Many lenders offer loan protection insurance as an add-on to your personal loan. This insurance can pay the minimum repayments on your personal loan if you lose your job, or cannot work because of illness or injury. You usually apply for the insurance when you are approved for the loan but you may be able to get the insurance further into the loan term.
Can I get a personal loan for my solar panels?
There is increasing demand for loans from people like you who want to protect mother earth. Banks such as Bendigo Bank offer loans for solar hot water, solar panels and even grey water treatment facilities.
How much do you have to earn to get a personal loan?
Most lenders will have a minimum income that you need to earn to be eligible, but others will only require that you are employed or have the means to repay the loan. Minimum incomes can range from $14,000 p.a. to $50,000 p.a. but there are low income personal loans available.
How do I repay a personal loan?
Once you've actually successfully applied and received your funds, it's important to keep your loan up to date. If you've applied for a loan with the bank your everyday account is with, then you will probably have automatic direct debit setup. If your loan is with a separate institution then it is a good idea to set up an automatic transfer via internet banking a few days before your due date to allow for processing times. You'll be able to check your balance, interest rate, repayment dates and schedules. You should login to your loan account regularly to check notifications and payments details. If you want to make additional payments then you could do this by internet transfers, BPAY or if your bank allows it – over the counter deposits. If you miss a payment due to insufficient funds then it is important to call the bank and attempt to rectify the situation as soon as possible
Can I use a personal loan for equipment finance and small business needs?
Yes, personal loans can help with your business needs too. You can access personal financing to help cover business needs — everything from trucks to equipments can be purchased or even leased with a personal loan. The same is true even if you have bad credit. Business vehicles including company cars, trucks or vans can all be financed with a personal loan. If your business requires specific equipment to purchase or lease, such as forklifts, earthmoving equipment, workshop machinery, or even office equipment, you can take out a personal loan to help cover the costs. You won't have to hurt your business' cash flow to make the purchase.
How can I calculate repayments on my bank personal loan?
If you want to get a personal loan from Fox Symes, Gateway CU or GE Money you can learn how their calculators work. Or, maybe you want to compare loans from Citibank, Commbank or Bendigo Bank you can get more information here. You can also compare loans and learn how you use the calculators from ANZ, Aussie or Bankwest. If you are comparing loans from NAB, NRMA and RACV then learn how to navigate their calculators. You may also want to compare personal loans from Australian credit unions - Bankstown, Berrima and Big Sky let you calculate your borrowing amounts. If you are looking at loans from smaller lenders such as 360 Finance, ADCU and Arab Bank, find out how to use their calculators too.
I need a personal loan of$26,000 lm on a carers pension and I am 65years old and I have very good credit how much a month would l have to pay and I be able to get the loan and who would be good to get the loan from.
Hi Liz,
Thanks for your question.
Please note that we are a financial comparison and information service. We are unable to make recommendations to our users.
If you are on a pension, the lenders on this page may consider you for a loan. Once you have selected a particular lender, please click on its name to view its review page. From there, you can check the loan products that are available to you including their feature and eligibility criteria to apply.
The monthly repayment will depend on your interest rate and loan term.
Cheers,
Anndy
$16,000 unsecured loan.
Is there a cooling off period or 1 – 2 days?
hi Julie,
This depends on the lender you apply with. Lenders usually do not offer cooling off periods but you can find some lenders, for example car lenders, that offer a 30-day back guarantee with your loan. For example, RACQ offers a 21-day guarantee on its loans.
You’ll need to confirm with the lender you’re applying with to see if such an agreement exists.
Hope this helps,
Elizabeth
I own a house divided into 2 flats with an income from one of $330 per week . can I get a line of credit and if so how much.
Thank you
Hi Rene,
Thanks for your comment. Each lender will set out their criteria separately and it’s always important to make sure you meet the eligibility before apply.
You can check out a comparison of line of credit loans here.
I hope this has helped.
Cheers
Matt
I’m from Papua New Guinea and I like to get a loan to start my business. Will it be possible to loan me the money? I will repay you back as in time using my Visa debit card.
Hi Silas,
Unfortunately as an Australian financial comparison service the lenders on this page can only consider you for a loan if you’re currently residing in Australia. You’ll need to find a lender in Papua New Guinea to find a business loan.
Sorry I couldn’t be of more assistance,
Elizabeth
When using a motor vehicle for a secure loan, who and how decide on the value?
I paid $25k for it 2yrs brand new and spent another $12k on modified improvements. It’s got very low km’s for it age too. Is all that considered?
Hi Toby,
Thanks for your question.
The lender determines this value based on the market value of the vehicle – the lender needs to be sure it can get its money back should it need to sell the vehicle if you default on the loan. This valuation comes down to the lenders discretion and could be a mix of factors, it’s up to the lender’s discretion. The vehicle’s age and kilometres travelled, however, are likely to be considered as these contribute to the value of the car.
Hope this has helped.
Elizabeth
hi i want to borrow $80,000 but i have been rejected by the bank as i have a default on my credit so where else would it be possible for me.
Hi Vicki,
Unfortunately I can’t suggest any specific lenders to you. We don’t currently have any bad credit lenders available for comparison offering loans for this amount. One option you have is to wait for the default to be removed from your file. As the credit enquiries you have recently made will also be listed you may want to wait to apply with any lenders as this can be a red flag. Applying with your current bank is also an option if you have a good relationship with them.
Hope this information will be of use,
Elizabeth
want to borrow $195,000.–
Hi Baden,
The maximum you can borrow through an unsecured personal loan is generally about $55,000. If you wanted to take out a car loan you may be able to borrow more depending on the cost of your car and your eligibility. However, I’m unaware of any lenders that offer personal loans of that amount.
Sorry I couldn’t be of more assistance.
Thanks,
Elizabeth
i want to ask im apply aloan on 4th of dicember until now id’nt get my approval why its take so long?
Hi Andisiwe,
Thanks for your question.
Different lenders take different amounts of time to process loans. Some lenders can process them on the same day while others can take a week or two because the information and documents you provide are processed manually. If you apply online lenders usually give you a tracking number so you can track the progress of your application, you usually also have the option of calling up and seeing how your application is coming along as well.
If you have further questions about your personal loan account you can get in touch with the lender you applied with.
Thanks,
Elizabeth
Hi,
I am looking to get a personal loan of up to $5000 ASAP. I have a good credit history but my bank wont give me the loan because I have only been employed for 2 weeks.
Can I get a loan from other sources? Please help.
Hi Kimsi,
Thanks for your question.
Most banks and mainstream lenders will require a minimum of three payslips to approve you for a loan – this is to validate the stability of your employment. You may be able to be approved for a loan from an alternative lender as they can use other means to check that you can repay the loan. They will check that you are employed, see what your credit history is like, find out what income you are on, etc. Each lender will have different criteria so it is best to review this before you apply.
I hope this information will be of use.
Thanks,
Elizabeth
I already apply for a personal loan bt I didn’t get a unswer so I’m still waiting
Hi Nombuso,
Thanks for your enquiry. You’ve come through to finder.com.au, as a financial comparison service we can’t track your application. You’ll need to get in contact with the lender you applied with.
Thanks,
Elizabeth