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Compare low interest rate personal loans

Rates and Fees verified correct on October 25th, 2016

Don't pay more than you need to – take advantage of low interest rates on personal loans.

If you're considering a personal loan to help you make your next big purchase, consolidate debt or take any other step in your life, you want to be sure you're taking on a competitive product. Low interest rate personal loans help you keep your ongoing costs low and your repayments manageable. Compare a range of these loans and find a low interest rate loan for you.

HSBC Personal Loan

HSBC Personal Loan Offer

Apply for a HSBC Personal Loan and get competitive interest rate offer with 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

Low rate personal loans you can consider applying for

Rates last updated October 25th, 2016
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
HSBC Personal Loan
A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000
From 11.99% (fixed) 12.54% $5,000 1 to 5 years $150 Go to site More
IMB Secured Personal Loan
A secured loan from IMB with flexible repayment features
From 7.39% (fixed) 7.67% $2,000 1 to 5 years $199 Go to site More
SocietyOne Unsecured Personal Loan
Interest rates range from 7.9% p.a. to 24.25% p.a. Comp rate from 9.58% p.a. to 27.99% p.a. depending on your credit score
From 7.9% (fixed) 9.58% $5,000 2 to 5 years 2.5% (of loan amount) Go to site More
MoneyPlace P2P Loan
Interest rates from 8.90% p.a to 17.25% p.a. Comp rates from 8.90% p.a to 19.01% p.a depending on your credit score.
From 8.9% (fixed) 8.9% $5,000 3 to 5 years (0% - 3.75% of loan amount) Go to site More
RateSetter Personal Loan
Ratesetter allow you to get a personalised rate based on your credit score.
From 9.42% (fixed) 9.42% $2,001 0.5 to 5 years $0 Go to site More
Latitude Low Rate Personal Loan (Secured)
Homeowners can take advantage of a competitive low rate secured loan.
From 9.99% (fixed) 11.22% $20,000 2 to 7 years $250 Go to site More
RACQ Secured Personal Loan
A fixed rate loan offering from RACQ with the ability to make extra repayments.
From 9.45% (fixed) 10% $5,000 1 to 7 years $378 Go to site More
CUA Fixed Rate Personal Loan
A competitive fixed-rate loan with flexible repayments that can help you consolidate debt or make a large purchase.
From 11.99% (fixed) 12.83% $1,000 1 to 7 years $120 Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $0 Go to site More
IMB Unsecured Personal Loan
An unsecured loan offering from IMB with a competitive interest rate
From 11.69% (fixed) 13.09% $2,000 1 to 5 years $199 Go to site More
St.George Secured Personal Loan - Variable Rate
A lower interest rate personal loan with flexible repayment options.
From 12.74% (variable) 13.62% $3,000 1 to 7 years $195 Go to site More
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.
From 12.99% (fixed) 14.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
ANZ Variable Rate Personal Loan
A variable rate loan that lets you make and redraw additional repayments.
From 14.69% (variable) 15.55% $5,000 1 to 7 years $0 Go to site More

Low rate personal loan comparison

Compare the features of some of these low rate personal loans

ProductAdvertised RateComparison Rate
ANZ Fixed Rate Personal Loan13.95% p.a.14.81% p.a.
HSBC Personal Loan11.99% p.a.
CUA Fixed Rate Personal Loan11.99% p.a.12.83% p.a.
SocietyOne Unsecured Personal Loan7.9% p.a.9.58% p.a.

How can you compare low interest rate personal loans?

A personal loan with a low interest rate can help you keep your ongoing repayments down while giving you access to the funds you need. But an interest rate is not the only feature a personal loan comes with.

  • Check what fees apply. While a low interest rate can help you save, high ongoing fees can make your loan more expensive than it needs to be. See if you are charged an establishment fee or monthly or annual fees for your personal loan. Comparing your options by the comparison rate rather than the interest rate will also give you a better idea of the loan cost.
  • See how flexible the repayments are. Most lenders will offer you the option of making weekly, fortnightly or monthly repayments, but not all do. It's also important to check how easy it is to make your repayments – are they automatically deducted from your account on the due date? Can you manage your account easily online?
  • Determine if you can repay your loan early or make additional repayments. Repaying a loan early or making extra repayments is usually reserved for loans with variable interest rates, but some fixed rate loans also offer these features. Check if there are any limits on additional repayments (you may only be able to repay a certain amount per year) and if you will be charged a penalty for repaying early.
  • Evaluate the loan term and loan amounts. These will need to meet your borrowing needs. Are you able to borrow the amount you need for the time period you require to pay off the balance? Most lenders offer fixed rate loans with terms of between one and five years, and variable rate loans up to seven, but some lenders only offer certain terms within that range, such as one-, three- or five-year loans.

What types of personal loans have low rates?interest rate

There are various types of personal loans in the market to suit most borrowers' needs, and some of these offer low rates. Here is a breakdown of the types of personal loans you can get:

  • Secured loans

This type of loan is used to purchase a car or another large asset, such as a boat or caravan. This will come with the most competitive interest rates because the asset you purchase is used as security by the lender in case you default on your loan. These loans have more restrictions than unsecured loans. For example, some lenders base the loan amount on the value of the asset you purchase.

  • Unsecured loans

Unsecured personal loans are similar to secured loans, although the lender does not require you to use an asset as security. Due to the increased amount of risk the lender is taking on, interest rates for these loans are usually higher, but you can still find competitive rates when you compare.

Unsecured loans are also more flexible when it comes to restrictions the lender places on the loan. For instance, you're able to use the loan amount however you like. This can be for one purchase or for a number of different purposes.

  • Debt consolidation loans

Another reason people opt for personal loans with low interest rates is to help them consolidate their debts. By moving all of your debts into one personal loan you may be able to save yourself money and better manage your repayments. These loans are unsecured and you can find low rates when you compare your options.

3 tips to help you get the lowest rate loan
  1. Check your credit file
    Make sure your credit is in good standing and there are no outstanding debts or missed repayments.
  2. Collect all your necessary documents
    You'll need your payslips, ID, and details of your finances (assets, income, debts and expenses). This will help prove you can service the loan repayments.
  3. Compare and apply online
    It's important to compare all your personal loan options before applying. You can start with some low interest rate personal loans in the table above.

Is the interest rate the only thing you need to look at?

Although it may be tempting to compare rates and just pick the lowest option, there are various other loan features you need to consider before you decide which loan to go with.

  • What type of loan do you need? Personal loans can be secured or unsecured and can come in the form of a lump sum payment (as is the case with most loans) or as a line of credit, as you find with personal overdrafts and line of credit loans. Determine what's the best for your borrowing needs.
  • What extra features does the loan come with? These could be easy account management in the form of a mobile app or online account, a redraw facility to access extra repayments or even frequent flyer points.
  • What is the eligibility criteria? You will generally need to be over the age of 18 and a permanent Australian resident or citizen. Most lenders also set a minimum income which is usually a minimum of $14,000 p.a. (for smaller loans). Eligibility criteria are outlined on all finder.com.au review pages.
  • How flexible is the loan? This is in terms of repayment flexibility, flexibility with the loan purpose, and with changes to your lifestyle. For instance, can you top up your personal loan if you need to?

Is there a catch with cheap low rate personal loans?

Low Interest Personal Loan Graph

When you compare low interest rate personal loans it's important to look at the loan as a whole product package, rather than just the interest rate. Comparing your options by the comparison rate rather than the advertised rate can also give you a better idea of the true cost of the loan, as this incorporates fees and charges.

You can also use a personal loan calculator to see if your repayments will be manageable on your budget.

What's the eligibility criteria?

Eligibility criteria will differ between loans, but generally you will need to meet the following requirements:

  • Be over the age of 18
  • Have a good credit rating
  • Be an Australian citizen or permanent Australian resident

Check the criteria of individual loans on

How you can apply apply

If you would like to apply for a personal loan with a low interest rate you can compare your options using the table above. Once you've found a loan you'd like to apply for you can click "Go to Site" apply. The information you are required to provide will be different depending on the type of loan you apply for, but you will most likely need to provide the following:

  • Personal details including your name, contact information and proof of identification
  • Name and contact details for your employer
  • Details of your employment including income amount and how you are employed eg full time, part time, etc.
  • Financial details including your assets, liabilities, and any other active credit accounts.

You can find a range of competitive options when you compare low interest rate personal loans. Make sure you consider a range of lenders to find the right loan for your needs and situation.

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This page was last modified on 7 October 2016 at 9:11.

HSBC Personal Loan

A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000

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 Variable Rate Personal Loan

Enjoy a competitive interest rate, flexible repayment options and no monthly fees.

SocietyOne Unsecured Personal Loan

Interest rates range from 7.9% p.a. to 24.25% p.a. Comp rate from 9.58% p.a. to 27.99% p.a. depending on your credit score

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6 Responses to Compare low interest rate personal loans

  1. Default Gravatar
    Joseph | August 22, 2016

    I just want no if i can get a lone on bad credit so i don’t have two wast my time an your time thank you

    • Staff
      Elizabeth | August 22, 2016

      Hi Joseph,

      You can compare bad credit personal loans on this page. Keep in mind that different eligibility criteria will apply for each lender so take a look at the review page (where the criteria are listed) before you apply.

      I hope this helps,


  2. Default Gravatar
    Deb | May 26, 2016

    I need to borrow $20k-$30k to assist my parents. I will need a loan that I will be able to pay out early without penalty but also have affordable repayments for the short term. Going crosseyed trying to compare them all – is there one type that would fit my criteria more than the others. Appreciate your help thanks

    • Staff
      Elizabeth | May 26, 2016

      Hi Deb,

      I’m unable to recommend a specific loan for you but I can provide you with some general information to help you narrow down your choices. Variable rate personal loans tend to come with less restrictive repayment terms so you may find more options here that will let you make extra repayments and pay your loan out ahead of time.

      In terms of keeping your repayments low in the short term, this is just where comparing your options comes into play. Unless you are purchasing a vehicle or have an asset worth 20-30k to use as security for the loan (in which case you can take out a car loan or a secured personal loan) you will need to take out an unsecured personal loan. Here, compare loans and look at the comparison rate to get a better idea of the total loan cost. You can use a personal loan calculator to get an idea of your repayments.

      Another option you can consider is a line of credit loan that will give you access to a specified limit that you then make regular repayments on and that you can repay in its entirety whenever you like.

      I hope all of this information helps,


  3. Default Gravatar
    Simon | October 21, 2014

    I am looking to take out a personal loan for $2,000-$3,000. Can you please advise me of the best companies to go with. I have done a search of your website and many of the companies listed I have never heard of so I am a little reluctant to go with them. Any advice/help, much appreciated?

    • Staff
      Shirley | October 21, 2014

      Hi Simon,

      Thanks for your question.

      Unfortunately we don’t recommend specific products, services or providers. We do compare personal loans from the bigger banks such as Westpac, ANZ and NAB. A good way to check the validity of a financial institution is to check their credit licence, which is usually stated on the bottom of their application or official page.

      If you’d like any help in this, please let me know.


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