Find the best* personal loan for you

Rates and fees last updated on

There's a way you can get the best personal loan* – it's as easy as 1, 2, 3...

You could take out a personal loan for a range of different reasons. While one person might need a personal loan to buy a car, another might take one out for renovating a home or making a consolidating debt. There's a large amount of personal loans available, so, how do you find the best one for you?

The best personal loan for you will depend on your own needs and circumstances. The best solution for someone else may not be the best solution for you. You should think about why you need the loan and over what term. Remember that the best loan for you is one that you can afford, is flexible enough to adapt to any change in your circumstances and one that doesn't have any nasty terms or conditions. Fees, charges and the interest rate are all important aspects for you to consider. Make your own decision, but if you need help, get professional advice rather than committing to a loan that's not suitable for your needs.

Citi Personal Loan Plus

Citi Personal Loan Plus


11.99 % p.a.

variable rate


12.77 % p.a.

comparison rate

  • Loan amounts from $5,000
  • Offers a reusable credit facility
  • Repay over 5 years
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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: 12.77% p.a.
  • Interest rate type: Variable
  • Application fee: $199
  • Minimum loan amount: $5,000
  • Maximum loan amount: $75,000
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Compare a range of personal loans

Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment Product Description
Citi Personal Loan Plus
From 11.99% (variable)
3 to 5 years
$199 (monthly fees waived in the first year)
Borrow up to $75,000. All approved applicants will receive the advertised variable rate of 11.99% p.a.
CUA Discount Fixed Personal Loan (Loans over $30,000)
From 10.99% (fixed)
1 to 7 years
Take advantage of a competitive fixed rate and no monthly fees when you borrow over $30,000
NOW FINANCE Personal Loans
From 8.95% (fixed)
1.5 to 7 years
$395 (Based on $10,000)
Get rewarded with a low interest rate for your good credit history.
MyState Unsecured Personal Loan
From 12.99% (variable)
1 to 7 years
Apply for up to $50,000 and make additional repayments without penalty.
Latitude Personal Loans (Unsecured)
From 13.99% (fixed)
2 to 7 years
$250 (Loans under $4000 - $140)
An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your count in as little as 24 hours.
QT Mutual Bank Personal Loan
From 12.95% (variable)
5 years
$395 (establishment fee)
You can use this personal loan to buy just about anything: a new boat, home renovations, a holiday or even to consolidate existing debt. Only available to Queenslanders
SocietyOne Unsecured Personal Loan
From 7.88% (fixed)
2 to 5 years
3% (of loan amount)
Interest rates for a 3 year loan range from 7.88% p.a. to 25.49% p.a. Comparison rate from 9.9% p.a. to 26.74% p.a. for good credit scores A and AA
CUA Discount Variable Personal Loan (Loans over $30,000)
From 10.89% (variable)
1 to 7 years
Apply for a loan over $30,000 and enjoy a discounted interest rate
St.George Get Set Loan Personal Loan
From 17% (variable)
A revolving line of credit that lets you access your funds as and when you need to.

Compare up to 4 providers

  1. No loans offered with repayment in full due in 60 days or less
  2. Interest rates range between 5.3% p.a. and 9.9% p.a.
  3. 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 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.

Some of 2017's best* personal loans comparisons

Compare the features of some of the best* personal loans

Personal LoanInterest RateComparison Rate
HSBC Personal Loan9.5% p.a.10.06% p.a.
13.95% p.a.14.81% p.a.
10.99% p.a.10.99% p.a.
7.88% p.a.9.9% p.a.

The three-step process to help you find the best personal loan*best personal loan

  • What do you need?

Decide why you're taking out the loan and what you need from it. For example, you might need the loan to buy furniture as well as a car and you want to be able to make additional repayments.

  • What is available?

Compare the types of loan you want to apply for. Personal loans can be secured or unsecured, can be taken out in the form of a line of credit or an overdraft facility, and you can get loans with fixed or variable rates. Compare different loan types according to their features and find one that offers you everything you need. Then, check the eligibility criteria to make sure you can apply for it.

  • What does the loan cost?

You need to find a loan you can afford. Check whether the loan charges a fixed or variable rate, look for upfront and ongoing fees and see how flexible the repayments are. Make sure the ongoing repayments will be affordable on your budget.

Once you've completed the third step, the only thing left to do is apply for the best personal loan that you've found*.

How you can compare the best personal loans* for your budget

When you want to apply for a personal loan you should first compare multiple offerings so you can track down the right product. Pay attention to the following aspects and you could enjoy considerable savings:

  • Do you want a secured or unsecured loan?
    If you get a secured personal loan, you stand to lose the asset you’ve used as a guarantee in the event you have a problem making repayments. An unsecured personal loan, on the other hand, offers no such risk but attracts a higher interest rate.
  • What is the interest and comparison rate?
    Not all personal loans offer the same interest rate, so compare the interest rates of multiple loans before signing on the dotted line.
  • What are the fees and charges you'll be paying?
    Some personal loans attract prepayment penalties, late charges can vary from loan to loan, and some even require you to pay application fees. Comparing these extra costs is important when you’re trying to determine the true cost of the loan.
  • What will the term of your loan be?
    While a lower interest rate might seem promising at first, you should also compare loan terms. This is simply because the shorter the loan’s duration, the less you pay in the form of interest over the life of the loan.

Man comparing loans on laptop

The good and the bad of personal loans

  • Online applications are easy and can offer quick turnaround
    The application process is quick and the majority of lenders allow you to complete the whole process online. Some lender, including some major banks, offer same-day turnaround for personal loans.
  • Range of personal loans available
    You can choose from secured and unsecured personal loans as well as lines of credit, car loans and even peer-to-peer loans.
  • You can get access to a competitive interest rate
    If you compare interest rates of personal loans with credit card interest rates, you’ll see why people prefer personal loans over credit cards.
  • You may not be approved
    As some personal loans do not require any form of security, you can expect strict eligibility criteria. If you don’t have a good credit rating, your chances of approval are slim.
  • The loan purpose might be restrictive
    Depending on the type of personal loan you choose you may be restricted as to how you can use it.

Finding the best* loan

Many personal loans claim to be "the best", and that's just what Sam found when she set out trying to find one. She needed to purchase some furniture for her house and also finance a holiday she was planning to take. She wanted to borrow $7,000.

She had good credit and a full-time job and based on her salary of $50,000 p.a. (and her other expenses) she worked out she could comfortably afford repayments of $250 per month. She decides that an unsecured loan would best meet her needs as she wasn't purchasing an asset to attach it to nor did she own her own home.

As unsecured loans tend to have higher rates, she found one with minimal upfront and ongoing fees to help keep her costs down. She compared her options and found a loan with a comparison rate of 14.26% that she could repay in three years, making her repayments $241 a month. There was also no penalty for early repayment if she found herself able to repay it early.

What should I keep in mind?

While personal loans are helpful in many scenarios, it’s in your best interest to avoid certain traps and pitfalls.

  • Read the fine print.
    Scrutinise all your options carefully right from the start and remember to look for ongoing account-keeping fees, early repayment fees and late payment fees. Read the terms and conditions document from start to finish.
  • Check the lender is licenced. 
    There are a number of credit brokers and providers in Australia who operate illegally. If you wish to safeguard your interests it is best that you do your research to avoid these lenders.
  • Don't take on a loan you can't afford. 
    When borrowing money it is always important to use a calculator to find out what your repayments will be. If you can comfortably afford a loan don't feel tempted to consider borrowing more in the even that you can't afford it.

What to do when you apply for the best personal loans*

Before you apply for a personal loan, establish how much you want to borrow and your monthly repayment ability. You should find out how long it might take for you to pay the loan off completely, remembering that you can usually choose between making weekly, fortnightly or monthly payments.

If you’re buying an asset such as a car you can apply for a secured loan, where the car acts as collateral, and you then have to choose between a fixed or a variable rate. You can use to compare interest rates, fees, charges and term periods of different personal loans. Once you find a loan you wish to apply for, proceed to the lender’s website by clicking "Go to Site".

Remember that lenders will want to ensure your ability to repay a loan before they lend you any money. As a result, they might want to take a look at your credit file and may also ask for copies of your payslips, details of other loans you have, credit card bills and bank account statements.

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This page was last modified on 26 May 2017 at 8:28am.

Citi Personal Loan Plus

Borrow up to $75,000. All approved applicants will receive the advertised variable rate of 11.99% p.a.

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

CUA Discount Variable Personal Loan (Loans over $30,000)

Apply for a loan over $30,000 and enjoy a discounted interest rate

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43 Responses to Find the best* personal loan for you

  1. Default Gravatar
    Phil | May 21, 2017

    I currently have 2 credit cards, 1 of $2000 and 1 of $8000.
    I’m currently paying $400 per month to these cards but the interest just eats most of it so im not really getting anywhere with them and i want them gone. I was considering applying for an interest free credit card to consolidate them and paying as much as i can for the interest free period, then getting an unsecured personal loan at the end of the interest free period at the lower then credit card interest rate. I’m part time for 20 hours per week and work a minimum of 32 hours, I net approx 700-800 per week. Does this sound like a good idea or am I going to give myself a headache and bad credit because from what I’ve heard interest free credit cards have a negative impact of your credit rating.

    • Staff
      Anndy | May 21, 2017

      Hi Phil,

      Thanks for your question.

      Balance transfer is a good option for you if you are looking to save on interest payment on your credit card debt, and you can ensure that you’ll be able to repay all your debts within the promo period. Kindly note that after the balance transfer promo period, any remaining balance on your debt will attract a high rate of interest.

      In regards to your income, balance transfer credit cards have different income requirements. If you are looking for a credit card with low income requirement, you can compare your options here.

      Balance transfer may leave a positive effect on your credit rating. For more information, you can visit this page.

  2. Default Gravatar
    Brenda | February 26, 2017


    I have a bad credit from Origin Energy Electricity Ltd which I paid in full on the 6/12/16 of $330- ..paying extra to Origin to have it remove from my credit rating.
    Iam on DSP looking for a car loan $14700-00 found the car just need a LOAN pls..

    • Staff
      Anndy | February 27, 2017

      Hi Brenda,

      Thanks for reaching out.

      If you are receiving Centrelink payments, the banks and short-term lenders on this page may consider you for a loan.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision whether the product is right for you.


  3. Default Gravatar
    | January 13, 2017

    I am in need of a fast cash loan but have bad credit. I won’t get paid till next week. I need about 600 dollars. Can anyone find something?

    • Staff
      Jason | January 14, 2017

      Hi John,

      Thank you for your enquiry.

      Please check out this link for lenders who offers bad credit payday loans options. Alternatively, you can check out the lenders in this link for payday loan options with no credit check.

      I hope this helps.

      Kind regards,

  4. Staff
    Elizabeth | October 25, 2016

    Hi Gary,

    You can compare interest rates for used car loans on this page. If you click on the name of any loan you’re interested in you can see a review page which will list the documents required to apply.

    I hope this helps,


  5. Default Gravatar
    Steven | August 27, 2016

    I wanted to know which bank offers a redraw on their loans! And how many of them require more than two months of statements?

    • Staff
      Elizabeth | August 29, 2016

      Hi Steven,

      You can click through to the review page of each loan to find out whether a redraw is offered – click on the name of the lender to access the review page. The majority of lenders will require at least three months of payslips to be eligible for a loan.

      I hope this helps,


  6. Default Gravatar
    | July 22, 2016

    hi,im looking at applying for a personal loan for up to $45,000-$50,000,so i can pay off my car finance and a $5000 question is,what are my chances of getting a loan even though im a casual?i earn good money,and have been a casual worker for 2 years.

    • Staff
      Elizabeth | July 26, 2016

      Hi Ed,

      Thanks for your question,

      I can’t really comment on your chances with lenders as it will depend on your entire financial situation rather than just your employment situation. Your current debts (personal loan) will be taken into account, as will your current income and the stability of your finances (your bank statements may be checked and your employer may be called).

      You can find out more about borrowing in your situation on this page.

      I hope this helps,


  7. Default Gravatar
    Hamad | June 7, 2016

    Hi my name is hamad and i am an international student studying in australia. I would like to have a loan for $10,000 for a car and other necessities. I have 3 years left in my visa. My salary is $3,900. Is there any place that can provide me with this loan. Thank you.

    • Staff
      Elizabeth | June 8, 2016

      Hi Hamad,

      You can find out some of your options for temporary resident loans on this page.

      Hope this helps,


  8. Default Gravatar
    Keziah | April 14, 2016

    Hi there, I need to borrow about $8000-$9500 for a car and bond for a house. I work full time but I get paid in cash for the time being. I have payslips from the time I started working here which was 11 months ago. I’m new to this and need a lot of help. Before tax I get $850 weekly after tax I get roughly $720. I have no expenses as I’m living with parents only board which is $130 weekly. Any advice or recommendation would be muchly appreciated thank you.

    • Staff
      Elizabeth | April 15, 2016

      Hi Keziah,

      Thanks for your question.

      Lenders have different requirements in terms of eligibility and how they can approve your for a loan – you will usually need to provide documents to prove your income, so payslips will suffice, but you may also need bank statements as well as 100 points of ID and various information about your financial situation, such as your income, employment details, assets, etc.

      You can find out what is required for each lender by clicking through the review page on (clicking on the name of the lender) and you can confirm this when you go to apply.

      As you’re looking to buy a car and to borrow funds for bond, you may want to consider an unsecured personal loan.

      Hope this information has helped,


  9. Default Gravatar
    Zhenyufan | April 12, 2016

    I need help for a short team loans. But all my income normally was going though my gf acc or by cash , how I can proof my I got full time job? Need loans asap.thx for help me

    • Staff
      Elizabeth | April 12, 2016

      Hi Zhenyufan,

      The majority of lenders will need to see three months of banking history where your income was going into in order to verify it. You can click through to the lenders on this page and find out what documentation is required to be approved. You may also have more luck applying at a lender that has a physical branch, so you can bring in your payslips and verify your income that way.

      Hope this has helped,


  10. Default Gravatar
    Sarah | April 11, 2016

    I’m looking at getting out a personal loan to pay for cosmetic procedures & to pay off the rest of my credit card.

    I’m looking at loaning $25,000 and my credit card has $3,000 remaining.
    I’d like to make monthly payments of $1,000.

    I’m very unsure about ‘variable’ and ‘fixed’ rates (this is all very new to me!)

    Any advice would be appreciated :)
    Thank you

    • Staff
      Elizabeth | April 12, 2016

      Hi Sarah,

      Thanks for your question.

      A fixed interest rate is locked into your personal loan at the beginning of your loan term and won’t change, while a variable rate may change over the course of the loan. Fixed rate personal loans tend to come with terms of between one and five years while variable rates can extend up to seven. You may also find more flexibility with a variable rate loan, for instance you may be able to repay your loan early or make extra repayments, but you may be charged a fee for doing do with a fixed rate loan.

      You can compare fixed rate personal loans on this page and variable rate personal loans on this page.

      To work out your repayments, simply enter your desired loan amount ($28,000) at the top of the comparison tables on either of those pages and you’ll be able to see your ongoing repayments for each of the options listed. To find out more information for any of the lenders you can click on the name of the lender, or to head to the lender’s website or apply, click “Go to Site”.

      Hope this has helped,


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