Compare and find the right personal loan to get 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.
HSBC Personal Loan Offer
Apply for a HSBC Personal Loan and you'll get access a competitive interest rate offer and a flexible range of repayment options.
- Interest Rate From: 11.99% p.a.
- Comparison Rate: 12.54% p.a.
- Interest Rate Type: Fixed
- Application Fee: $150
- Minimum Loan Term: 1 year
- Maximum Loan Term: 5 year
- Minimum Loan Amount: $5,000
- Maximum Loan Amount: $50,000
How much do you want to borrow? Compare your repayments below
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 9.58% 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.
Personal loan comparisons
Need more information? Check out the details in the table below.
|Personal Loan||Interest Rate||Comparison Rate|
|HSBC Personal Loan||11.99% p.a.||12.54% p.a.|
|13.95% p.a.||14.81% p.a.|
|7.9% p.a.||9.58% p.a.|
|13.99% p.a.||15.2% p.a.|
What is a personal loan?
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.
So, how does a personal loan actually work?
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-brach, 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.
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.
How do I go about choosing a personal loan?
You can use a personal loan for just about anything - within legal reasons and whether you choose secured or unsecured option. There are a wide array of factors that will need to be considered.
Do you have a good credit rating?
Are you buying a car?
Are you making a large purchase such as a holiday?
Are you renovating a property?
Do you have other loans and credit card payments?
Carry on reading and find out all you need to know about personal loans.
These are just some of the questions you need to ask yourself before comparing personal loans. You'll need to assess your financial situation and needs and goals before applying.
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 lother 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.
|You need:||Could a personal loan help?|
|$30,000 - for a new car|
|$12,000 - for a family holiday overseas|
|$26,000 - for your dream wedding|
|$50,000 - for a house deposit|
|$1,400 for car registration|
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 calculator in the comparison tables above and you'll see what monthly repayments will approximately be.
How much can I borrow?
Your financial goals – that car, that holiday, getting out of debt – can be reached. Much like any other form of credit, the amount of money you can borrow with a personal loan will depend on a range of factors. These factors can include, but are not limited to:
- Your income How much you earn is a deciding factor in your borrowing power. While a lot of lenders won't specify minimum income requirements, the consensus is that $20,000 - $30,000 p.a. is required.
- The value of your assets Having equity in your home or owning a car can work in your favour when applying for a personal loan. Whether you use the asset as security or not, the asset value can show the stability of your financial position.
- Where your money is invested This could refer to money you have invested in shares, term deposits or even peer-to-peer lending.
- The length of employment The longer you have been employed the more of a positive signal this sends to a lender.
- What kind of expenditures you have If you already have a personal loan with another bank or a credit card balance that you are paying each month, this may hinder the amount you can borrow.
- Any other loan repayments If you have a car loan, personal loan or even a payday loan, the commitments you have to these each month may affect how much you can borrow.
- The number of dependants you have If you have children then you know that they cost you money every month, but so do the banks. Lenders want to know how much you need to spend to factor this into their calculations when you apply.
The bank or financial institution will look at your figures and assess your debt serviceability based on the details you provide. Each lender is different and has different serviceability ratios and may lend you different amounts of money. This is only a guide and not indicative of how much a lender will actually lend you.
Who is actually eligible for a personal loan?
Eligibility for personal loans depends on a few different things:
- How much you earn. 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.
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. Skip ahead to the application criteria if you already know this information → 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 an secured or unsecured loan. If you already own as asset or are looking to buy one, then an 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 personal loan you want to apply for, simply click 'Go to Site' to apply.
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
- Driver's licence/proof of age card
- Medicare card
- Utility bill showing your address
Proof of income
- Three payslips
- Bank statements
- Two years tax returns (if self-employed)
- Statements from other loan accounts/credit cards
If you're applying for a car loan
- 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.