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Compare Personal Loans in Australia for 2022

A better deal on a personal loan means more money in your pocket. Compare your options to find the best loan for you.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Swipe to see more loans
Promoted
6.25%
to 20.99%
interest rate
6.87%
to 23.83%
comparison rate
You'll receive a fixed rate from 6.25% 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 30th of June 2022 to secure a 0.20% p.a. discount for the full term of your loan.
Promoted
8.90%
interest rate
9.18%
comparison rate
You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved.
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

Finder Exclusive: Earn 150,000 Velocity Points when you apply and activate your account within 90 days from approval.
$
Name Product Mobile details underline Interest Rate (p.a.) Comp. Rate (p.a.) Rate Type Application Fee Monthly Fee Monthly Repayment
Citi Personal Loan Plus Variable, 3 - 5 Years, $5,000 - $75,000
Exclusive
Citi Personal Loan Plus
3 - 5 Years, $5,000 - $75,000
8.90%
9.18%
Variable
$199
$0
You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved.
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

Finder Exclusive: Earn 150,000 Velocity Points when you apply and activate your account within 90 days from approval.
OurMoneyMarket Personal Loan Fixed, 1 - 7 Years, $2,001 - $75,000
Exclusive
OurMoneyMarket Personal Loan
1 - 7 Years, $2,001 - $75,000
6.25%
to 20.99%
6.87%
to 23.83%
Fixed
1.50% - 6%
min. $250
$0
You'll receive a fixed rate from 6.25% 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 30th of June 2022 to secure a 0.20% p.a. discount for the full term of your loan.
Wisr Personal Loan Fixed, 3 - 7 Years, $5,000 - $64,000
Wisr Personal Loan
3 - 7 Years, $5,000 - $64,000
6.95%
to 17.95%
7.78%
to 18.37%
Fixed
$595
$0
You'll receive a fixed rate between 6.95% p.a. and 17.95% 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.
NOW Finance No Fee Unsecured Personal Loan Fixed, 18 Months - 7 Years, $5,000 - $50,000
NOW Finance No Fee Unsecured Personal Loan
18 Months - 7 Years, $5,000 - $50,000
5.95%
to 19.95%
5.95%
to 19.95%
Fixed
$0
$0
You'll receive a fixed rate between 5.95% p.a. and 19.95% 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.

Latitude Variable Rate Personal Loan Variable, 2 - 7 Years, $5,000 - $70,000
Latitude Variable Rate Personal Loan
2 - 7 Years, $5,000 - $70,000
5.75%
to 25.99%
6.68%
to 29.20%
Variable
0% - 5%
$13
You'll receive a variable rate between 5.75% p.a. and 25.99% p.a. based on your risk profile
Apply for what you need from $5,000 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.
Great Southern Bank Unsecured Fixed Rate Personal Loan Fixed, 1 - 7 Years, $5,000 - $65,000
Great Southern Bank Unsecured Fixed Rate Personal Loan
1 - 7 Years, $5,000 - $65,000
9.39%
9.64%
Fixed
$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.
Great Southern Bank Unsecured Variable Rate Personal Loan Variable, 1 - 7 Years, $5,000 - $75,000
Great Southern Bank Unsecured Variable Rate Personal Loan
1 - 7 Years, $5,000 - $75,000
11.89%
12.15%
Variable
$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.
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What is a personal loan?

A personal loan is a lump-sum payment or line of credit, generally between $2,000 and $100,000, that you repay over a period of up to 7 years.

Personal loans are used for a variety of things, but generally, people tend to take them out for those one-off more expensive purchases like a car, paying for a wedding, doing renovations, or paying emergency bills. Personal loans can also be used to consolidate multiple other debts, like from credit cards, into one single debt and repayment schedule.

Choosing between all the different personal loans in Australia by yourself is a big task, so we've made it simple through our personal loan tables. Compare and choose to find the best loan for you and your wallet.

Promoted
⭐ Finder Exclusive: Apply before 30th of June 2022 to secure a 0.20% p.a. discount for the full term of your loan.

Personal loan market update for July 2022

According to the latest figures from the Australian Bureau of Statistics, the value of personal loans rose 5.1% in May 2022. This is at near-record levels, only beaten by one month in 2016.

The increase of personal loans was driven by a 10.2% rise in lending for personal investment as well as a 3.2% rise in lending for the purchase of vehicles. And although it's still much lower than pre-pandemic, lending for travel is also on the rise, with an 11.4% increase.

In light of the latest floods in New South Wales, banks have offered relief for those with personal loans.

Australian Banking Association CEO Anna Bligh recently spoke on ABC Breakfast, explaining that banks have been working with affected families. Relief has included deferring payments, waiving fees and restructuring loans.

Anyone affected by the floods should contact their personal loan provider immediately to see what assistance they can provide.

What types of personal loans are there?

Secured loan

Secured personal loans

Secured loans require you to offer an asset, such as a car, as security in exchange for fewer fees and a lower interest rate. Secured loans are often used by people who are looking to buy a car, but other assets such as property, term deposits or high-value items can be used too. Secured loans can also often be secured against the item you are buying.

unsecured loan

Unsecured personal loans

Unsecured loans don't require you to put up an asset as security. They can be used when you want to borrow money to pay for general purchases, such as a wedding or a holiday, but are unable or unwilling to offer collateral.

Car loan blue

Car loans

A car loan is a secured loan, secured against the vehicle you are purchasing. You can get a car loan through a bank, a private lender or the car dealer you are buying your car from.

Torn credit card with money

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. However, if you are struggling with your finances and your credit history, there are other options to consider before taking out a loan. If you're struggling financially and would like to speak to someone for free financial advice, you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday).

Multiple debts into one

Debt consolidation loans

A debt consolidation loan rolls your debt into a single loan. This makes it easier for you to manage the repayments, and also can be a money saver if the new loan has a lower interest rate or lower fees than the rest of your debt.

Line of credit

Line of Credit

You'll get access to a set credit limit, but you'll only pay interest on the funds you use. This can generally be used for most types of purchases, and even debt consolidation.

Overdraft bank to phone

Overdrafts

An overdraft is a lot like an unsecured loan, but it is usually attached to your everyday bank account. You're given a set amount of credit that you can withdraw from your account once your own funds have been exhausted.

What should I look for when comparing personal loans?

Finding the best interest rate and features is why its important to compare personal loans. You want to make sure you're getting the best deal possible so you can repay your loan with more money left in your pocket by the end of it. To find the best deal, look at our personal loan comparison tables above and keep the following things in mind:

  • Loan amount. What are the minimum and maximum amounts the lender will let you apply for and is it enough?
  • Loan term. What are the minimum and maximum loan terms? Usually, terms of between 1 and 7 years are available, but terms differ between providers.
  • Fees. Check for upfront fees such as establishment or application fees and ongoing fees such as monthly or annual fees. These will need to be incorporated into your loan amount.
  • Interest rate. Is the rate fixed or variable? Is the rate competitive?
  • Affordability. Once you know your loan amount and term, you can use a loan repayment calculator to see if your regular repayments will be affordable on your budget.
  • Repayments. Can you choose between weekly, fortnightly or monthly repayments? Is it possible to make extra repayments without penalty? Can you repay the loan early without penalty?
  • Features. Some features, like a redraw facility, can save you money over your loan term, while others - such as a well made app - can be great quality of life considerations.

The difference between an interest rate of 9% p.a. and 8% p.a. for a $20,000 loan over 7 years is over $800. Compare your personal loans!

What can I use a personal loan for?

Different lenders and loans have different use cases, but there are plenty of general use loans that you can use for any worthwhile purchase. "Worthwhile purchase" can mean a wide range of things, and we have specific guides for what to look out for on the most common loan usages:

How is a personalised interest rate determined?

A personalised interest rate, also known as a risk-based interest rate, is an interest rate that is determined by your history with paying bills and debts. Lenders will consider a variety of things when coming up with your interest rate, such as:

Money bag

The amount you borrow

Calendar

How long you need to pay the loan back

Credit dashboard

Your credit score and credit history

Collection of financial tools

Your financial history

What is a good rate on a personal loan?

A good rate on a personal loan will depend on your credit score and financial circumstances, but there is also more to getting a good deal than just finding a low rate. These are the questions to ask yourself when comparing Australian personal loans:

Does it have a competitive interest rate?

A competitive personal loan interest rate is around 6-9% p.a. if you have a good credit score. It's important to note that this range is just a guideline and this range could be different depending on your needs and financial situation.

What are the fees and charges?

You'll need to consider both ongoing fees and the fees that are charged when your loan starts. Common fees include an application fee, exit fee or loan set-up fee, while monthly fees and annual fees are common ongoing fees. You might also be charged to use additional features of the loan so check out those too or ask the lender before you go ahead. A great idea is to keep an eye out to see if you're eligible for cost savings such as fee waivers that can help reduce the cost of the loan.

Is the loan flexible?

How often are you able to make repayments? Are you able to make additional repayments or pay off the loan early without penalty? Is there a redraw facility if you do make early repayments? Some loans are inflexible in their terms and how repayments are made, so if you need that flex, check whether it's possible with the loan you are interested in.

Is the repayment time realistic?

Personal loans are usually offered for terms of between 1 and 7 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 1, 3 or 5 years. Make sure the loan terms on offer are what you need. Long term loans over 7 years might offer lower repayments, but you'll be paying more interest over that period of time.

What features does it have?

Features can also set one loan apart from another. For example, if a flexible cashflow is important to you, then having a redraw facility means you can make extra payments to your loan, lowering the interest you pay, and have the option to withdraw those extra payments should you need the money again. Features can also include having physical branches you can visit, or having an easy-to-use app for repaying and keeping track of your loan.

What will my monthly repayments be on my new personal loan?

To get an estimate of your borrowing power, you can put your loan amounts into the personal loan calculator in the comparison tables above and you'll see what your monthly repayments will approximately be.

Tip: This also can be a good time to see how the repayments will fit into your budget plus help you determine if you can afford to make extra repayments to pay off the debt faster.

What are the biggest mistakes people make when choosing a personal loan?

Image of financial expert Anna Serio
Anna Serio is a trusted lending expert and certified commercial loan officer who has published more than 1,000 articles on Finder to help our readers strengthen their financial literacy.

"One of the biggest mistakes people make is assuming the lowest available rates are the rates they will get. In many cases, the lowest rates are only available on specific loan amounts and terms. That's why it's helpful to prequalify with a few lenders to get an idea of the kinds of rates and terms you're eligible for."

Who is 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 low-income personal loans. It's always a good idea to check the borrowing requirements and check your repayments with a calculator.
  • If you're a pensioner. Applicants who are currently receiving pension payments have the option of getting a personal loan for pensioners.
  • If you receive Centrelink payments. If you're receiving Centrelink payments or other benefits, you may still be eligible for a loan for people on Centrelink payments. However, 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. You might end up paying a higher interest rate on these loans, so it's important to compare a range of bad credit personal loan 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, agrees to guarantee your personal loan should you fail to meet your obligations.

Frequently Asked Questions about comparing personal loans

Still have questions? We've done our best to answer the most common questions people have when comparing personal loans.

Read more on this topic

Personal Loan Offers

Important Information*
Logo for Citi Personal Loan Plus
Citi Personal Loan Plus

You'll receive a variable rate of 8.9% p.a. with a comparison rate of 9.18% p.a. if you're approved.
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

Logo for OurMoneyMarket Personal Loan
OurMoneyMarket Personal Loan

You'll receive a fixed rate from 6.25% 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.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a guaranteed rate of6.49% p.a. with a comparison rate of 7.41% 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.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

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 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

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92 Responses

  1. Default Gravatar
    GuoFebruary 28, 2019

    I am currently in the divorce process and about to start the parenting order and property settlement on court. However, my wife controlled all our property including money, car, house and businesses, and she made up a story to successfully applied an interventional order against me, kicked me out of home and refused to provide anything even just for basic living requirements.

    The total assets need settlement worth about $2 million dollars, my lawyer Mr Byron Leong from Lander & Rogers Lawyers estimated that my legal cost would be around $40k, Mr Leong was also very confident that in the least favorable scenario I will get 30%, which is about $600k in the settlement. However, I was prevented to access any funding by my wife, and therefore I wanted to apply for a loan to cover my legal cost and living expenses during the legal process, roughly $50k, which is way less than the amount that I can get from the property settlement.

    In order to make my application competitive, my lawyer can provide his professional opinion on my case, his senior background and the firm’s outstanding reputation is persuasive, along with my agreement to repay the loan before I can get any money after the settlement. Moreover, my first concern is the custody of my daughter rather than property, therefore I can accept relatively high interest and any other reasonable cost, any of your help will be very appreciated.

    • Default Gravatar
      NikkiMarch 1, 2019

      Hi Guo,

      Thanks for getting touch! I’m sorry to hear about your situation. I understand that you are in a difficult place right now. It’s helpful to know that Finder doesn’t make assessments and only the providers on the page (when contacted) can proceed with your application. Please see above the available providers listed. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Best,
      Nikki

  2. Default Gravatar
    ShelleyJanuary 7, 2019

    My husband and I are in our late 50’s we want to borrow $30k to consolidate some loans and to get some work done to our car and house. Do you think our age will prevent us from getting a loan? We don’t intend to retire for another 5 years.

    • Avatarfinder Customer Care
      JohnJanuary 7, 2019Staff

      Hi Shelley,

      Thank you for reaching out to finder.

      There is no maximum age for taking out a personal loan. But you may want to consider how to improve your chances of the loan being approved.

      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 a 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.

      Hope this helps!

      Cheers,
      Reggie

  3. Default Gravatar
    ElikaOctober 2, 2018

    Help me get cash fast??

    • Avatarfinder Customer Care
      JohnOctober 2, 2018Staff

      Hi Elika,

      Thank you for leaving a question.

      I understand your situation in needing cash fast. You are on the correct page to make a selection on where you could apply for a personal loan. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!

      Cheers,
      Reggie

  4. Default Gravatar
    MartinSeptember 1, 2018

    If I apply for a personal loan and it is declined does this affect my credit rating?

    • Avatarfinder Customer Care
      JeniSeptember 1, 2018Staff

      Hi Martin,

      Thank you for getting in touch with Finder.

      Declined application will not affect your credit rating. However, every time you make an application for credit it’s listed on your credit file as a “credit enquiry”. It will be listed regardless of whether the application is approved or not.

      You can learn more about credit enquiries. On the page, you’d learn how long do credit enquiries remain on your credit file, how do credit enquiries look like on your credit report and other related pages on credit file/report.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  5. Default Gravatar
    MarieJune 12, 2018

    please a friend of mine introduced me to this lender jacksonbenloanfirm@outlook .com and i tried them and got a loan of 45,000$ but i still need more for a project am working on i don’t know if it right to ask them for more?

    • Default Gravatar
      NikkiJune 12, 2018

      Hi Marie,

      Thanks for leaving a question on our page.

      Please know that we’re a product comparison website and we don’t stand as a representation to any individual or any company featured on our site.
      You can browse through the personal loan options we have above.

      If you need to increase your loan amount, all you need to do is ask them to give you an increase in your loan amount. Goodluck!

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Cheers,
      Nikki

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