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
* 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.
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.
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.
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.
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.
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?
If you'd like to find out more, head over and read our guide here.
Are you buying a car?
If you're in the market for some wheels, head over to our guide here.
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.
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.
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.
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.
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|
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.
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.
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.
What are the minimum requirements for a personal loan application?
According to most banks and lenders, you'll need to meet these minimum requirements when applying.
- Be 18 years of age
- Have a steady income of full time or part time employment
- Be a an Australian citizen or permanent resident
- Earn more than $20,000 p.a.
Proof of identification
You will usually need any of the following to prove your identity:
- Driver's licence/proof of age card
- 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)
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.
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.
Information you might find useful
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.
Questions you might have had about personal loans but never asked
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 in 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 is the best personal loan for me?
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 get my funds 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.
Are personal loans from Credit Unions just as safe as a bank?
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.
Why has my interest rate 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.
Can I pay back my personal loan early?
There is no reason why you can't pay back your loan early, but it is important to keep in mind that you may be charged extra fees by your lender. You will need to check if there are fees involved before paying extra on your loan. Whilst you may save money and 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.
It is important to factor in any early repayment fees that might come with your loan. These can vary based on how much you've borrowed, how long is left on your loan term, whether you took an unsecured or secured loan and if you have a fixed rate of interest or variable.
When comparing loans you could take into account how much you will save in interest as opposed to how much you will pay in excess fees and charges.
What happens if I can't afford the repayments for a month?
It is highly important that you contact your lender immediately if you know you know you will have insufficient funds to pay you loan for that month. If you are facing financial hardship then you could potentially miss that month of payment, and have any interest you accrued recapitalised back into the loan. If you then have any extra payments you can make, you can avoid paying extra interest further down the track.
I'm having trouble repaying my loan – what can 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 to help you organise a budget.
How much do I have to earn to get a personal loan?
Generally speaking, there is no set minimum income you need to apply for a loan. However, the majority of lenders like to see an annual salary of at least $35,000 before they will consider your loan application.
I've heard credit cards may be cheaper – is this true?
If you already have a credit card with a substantial credit limit - should you put your new purchase on your credit card or apply for a new personal loan? The answer will come down to your individual needs, how much interest you want to pay and how you intend to pay it back.
Can I buy a car with a personal loan?
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.
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.
Are payday loans the same as personal loans?
Whilst 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 1-7 years, whereas a payday is between 16 and 52 days. If you need money in a hurry, and don't want to deal with a big institution, a payday loan may fill the gap.
How much should I actually borrow?
Personal loans can vary greatly in size from $1,000 and upwards of $80,000. Deciding how much you should borrow will play a vital factor in your personal loan application. Once you know what you are going to buy, the loan amount is crucial. Many banks and lenders will consider up to $20,000 and $30,000 to be a medium sized loan - this amount could be just what you need to get started. If you are only going to borrow between $10,000 and $20,000 then a small personal loan may suit your needs better.
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.
Do I have the tell the lender what I am 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.
How long does it take to apply for a personal loan?
The whole application process should not take more than 15-25 minutes depending on what institution you apply with. If you have your all the required documents and information ready your application can be completed 100% online.
How much money do you need to earn to get a loan?
The criteria for each loan is displayed on their respective review pages across finder.com.au - which you can find by using the comparison tables at the top of the page. Each bank and lender have their own requirements for minimum income, residency, repayments and other internal factors. As a rough guide the majority of banks set their minimum income at $30,000 per year depending on how much you want to borrow and over how long. The calculator above will give you an approximation of your borrowing power.