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Compare low interest personal loans 2022

A low interest loan will have rates from 4-6% p.a. Different features and fees may make some more competitive than others, so be sure to compare your options.

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Promoted
5.65%
to 20.99%
interest rate
6.27%
to 23.83%
comparison rate
You'll receive a fixed rate from 5.65% 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
5.35%
to 19.09%
interest rate
6.14%
to 19.99%
comparison rate
You'll receive a fixed rate between 5.35% p.a. and 19.09% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3, 5 or 7 years terms.
Promoted
5.95%
to 19.95%
interest rate
5.95%
to 19.95%
comparison rate
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.

Finder Exclusive: Apply and settle an unsecured personal loan of $30,000 or more to receive a $400 Westfield gift card. Ends on June 30 2022.
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Name Product Mobile details underline Interest Rate (p.a.) Comp. Rate (p.a.) Rate Type Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket Personal Loan Fixed, 1 - 7 Years, $2,001 - $75,000
Exclusive
OurMoneyMarket Personal Loan
1 - 7 Years, $2,001 - $75,000
5.65%
to 20.99%
6.27%
to 23.83%
Fixed
1.50% - 6%
min. $250
$0
You'll receive a fixed rate from 5.65% 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.
Harmoney Unsecured Personal Loan Fixed, 3 - 7 Years, $2,000 - $70,000
Harmoney Unsecured Personal Loan
3 - 7 Years, $2,000 - $70,000
5.35%
to 19.09%
6.14%
to 19.99%
Fixed
$275 - $575
$0
You'll receive a fixed rate between 5.35% p.a. and 19.09% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3, 5 or 7 years terms.
NOW Finance No Fee Unsecured Personal Loan Fixed, 18 Months - 7 Years, $5,000 - $50,000
Exclusive
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.

Finder Exclusive: Apply and settle an unsecured personal loan of $30,000 or more to receive a $400 Westfield gift card. Ends on June 30 2022.
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.
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.
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Compare up to 4 providers

What is a low interest personal loan?

A low interest rate personal loan will generally offer interest rates of around 4-6% p.a.

From a lender's perspective, there are a few reasons why one loan may be more competitively priced than another.

The first is only good news for the borrower, in that the lender is competing for your business by offering better rates than its competitors.

The second reason is that the lender may be making up for the lost revenue from interest rates through extra fees and charges. This is why lenders must advertise a comparison rate - an estimate of the interest rate after fees - alongside their standard rates. Comparison rates are based on loan terms that could differ significantly from what you are borrowing, so it's best to use a personal loan calculator to truly understand what you will be paying.

What types of personal loans have the lowest interest rates?

There are a few types of loans you can look at if you want one with a low interest rate. These include the following:

  • Secured personal loan. If you have an asset to offer as a guarantee you can get a lower rate with a secured personal loan. Car loans are a common example of a secured personal loan. The security mitigates the risk for the lender, so they're able to offer you a lower cost, and you're still able to use the funds for the purpose you need.
  • Risk-based personal loan. Many lenders are now offering risk-based personal loans. This means the interest rate is personalised to you. So, if you have a good borrowing history and a high credit score (you can check your credit score for free here), then you may be able to get a low interest rate.
  • A competitive unsecured personal loan. Due to a significant rise in neobank and non-bank personal loan lenders, there are more competitive unsecured personal loans available on the market. If you compare your options, which you can do using the table on this page, you'll be able to find a low interest rate.

Interest rate guide

How much can I borrow with a low rate personal loan?

As a low interest loan is simply a traditional personal loan with competitive rates, you can generally expect loan amounts from $2,000 up to $100,000. The amount you qualify for will depend on a number of factors, such as the following:

  • Income. How much you earn determines how much you can borrow. The lender will check if you can afford the loan based on your salary.
  • Security. You may qualify for a bigger loan if you offer an asset as collateral. Your asset can be equal to or greater than the value you wish to borrow. Depending on the lender and security you offer, you could even get a loan up to $2,000,000.
  • Credit score. If you have a good or excellent credit score, you're more likely to qualify for a higher loan amount. If you have defaults on your record, the lender may see you as a risky borrower and limit your borrowing.
  • Joint application. If you are making a joint application, your partner's salary and credit score will also be taken into account. You could qualify for a larger loan as a result.

What can I buy with a low-interest personal loan?

What you can buy with a low-interest personal loan will largely depend on the type of loan that you go for. However, there are loans available for nearly every legitimate purpose, so it's just a question of finding the right loan for what you want to buy.

What is a good rate for a low interest personal loan?

A competitive rate is generally anything less than 6% per annum.

The lowest rate doesn't necessarily mean this is the best low interest loan for you, there are other features that make some low interest loans better than others if your aim is to save money. Check if your loan has the following:

  • Short loan terms. Opting for a longer term could prove to be more expensive over the lifetime of the loan. If your loan is affordable with a shorter term, you could pay it off faster and save money.
  • No or low exit fees. Some loans allow you to pay it off early for free, while others may have a charge. This exit fee could be expensive in some cases. Some loans do not have this facility at all. This means that you won't be able to pay off your loan early even if you can.
  • Extra repayments. Some loans may allow you to make extra repayments. This can help shorten the lifespan of your loan and help you pay it off faster. Some loans may have a cap on how many extra repayment you can make in a year. Some may not allow it at all.
  • Extra features. This can include online account management and redraw facilities. Free features are best as the cost can add up.

How do I compare personal loans with low rates?

The key thing to keep in mind is that low interest rates don't necessarily mean a cheaper loan. Interest rates are one piece of the puzzle and if you want to save money over the lifetime of your loan, consider the following when comparing your options:

What type of loan do I need?

Depending on what you intend to do with the loan, some options will be more suitable than others. Lump sum personal loans come in secured and unsecured forms, with either fixed or variable interest rates. Would you instead prefer access to money when and where you need it? Consider a line of credit or personal overdraft. Choosing the right loan will help you avoid spending money you don't need to spend.

What fees are included in the loan?

Personal loan fees come in various forms, and you should make sure you understand what fees are included in your loan before you sign on. The comparison rate advertised alongside the interest rate is an estimation of what you'll be paying inclusive of fees, however remember it is only an estimate. Some common fees to look for are establishment fees, ongoing monthly or annual fees, late payment or dishonour fees, early exit fees, and redraw fees. While some fees may seem insignificant compared to your loan, they do add up and many can be avoided.

Can I pay off my loan early or make additional repayments?

Interest is usually paid on the amount owed, so extra repayments or paying it off early can have a big impact on how much you end up spending. Keep in mind that some loans will only allow a certain amount to be paid off annually, and others may have fees associated with paying it off early.

Does my loan come with extra features or special offers?

Like most products, loans can come with extra features or limited time offerings. Examples of some of these would be an easier-to-manage mobile app, having certain fees waived, or a limited time interest rate discount. Keep an eye out for these deals as they could be the winning difference between one loan and another. Fee free extra repayments are also a feature to look out for, as paying off your loan faster can reduce the total amount of interest you pay.

What are my loan terms?

Your loan term is how long you will be paying your loan off for. Generally, personal loans have terms of one to seven years. The same loan amount over a longer term will have cheaper monthly repayments, however a shorter term could save you money overall. A $20,000 loan at 6% p.a. will cost you $3,199 in interest over five years, while over seven years that same loan will cost you $4,542. If you can afford the higher monthly payments, you'd be saving over $1,300 by paying over the shorter term.

Should I opt for a fixed or variable rate?

Choosing between a fixed or a variable rate loan will depend on your circumstances and the loan itself, you could find the lowest rate via either option.
For more information, check out our guides on fixed rate personal loans and variable rate personal loans.

Five tips to help you get the lowest rate Low Interest Personal Loan Graph

  1. Check your credit score. Your credit score tells your lender what kind of a borrower you are. If you have a good credit score, you're a low-risk borrower. If you have a poor credit score, you're a high-risk borrower. Make sure your credit is in good standing by checking your credit score and full credit report for free on Finder.
  2. Is the loan risk-based? If you have a good credit score, you could potentially stand to gain from a risk-based loan. If your credit score isn't good and the loan is risk-based, you'll probably have to pay more than the advertised rate.
  3. Use collateral. If you offer security for the loan, you will usually get lower interest rates and fees on your loan. This is because the collateral makes the loan less risky for the lender.
  4. Always compare. Don't settle for the first loan you find. You could potentially find something cheaper if you spend some time comparing loans and loan features.
  5. Negotiate with your lender. Your lender may offer you a particular rate based on your financials, but you could get a lower rate if you negotiate. This is where comparing loans comes in handy. You could point to a competitor's rate and let your lender know that you find the competitor's rate more compelling. They could offer a better rate to retain you.

Can I take out a loan with 0% interest?

No interest loans do exist. As the name suggests, these loans come without interest rates and feature no fees or charges.

You will only have to repay the amount you borrowed, which tends to be restricted to a low amount of up to $1,500 as they are reserved for people in difficult financial circumstances.

You can read our guide on no interest loans to learn more.

Do low rate loans have different eligibility criteria?

Every lender has their own eligibility criteria, but the following are some basic requirements that most loans share:

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

The information you will be asked to provide will depend on the loan you apply for. You will most likely need to provide the following:

  • Personal details including your name, contact information and proof of identification
  • Name and contact details of your employer
  • Details of your employment, including income amount and how you're employed (full-time, part-time, etc)
  • Financial details including your assets, liabilities and any other active credit accounts

You can check the eligibility criteria on each individual loan on the Finder review page. If you have any concerns, make sure you reach out to the lender directly before you apply.

How can I apply for a low interest personal loan?

Before you apply for a loan, you should compare your options using the table above. 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. Once you've found a loan you'd like to apply for, click "go to site" to apply.

Frequently Asked Questions about low interest personal loans

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

More guides on Finder

    Personal Loan Offers

    Important Information*
    Logo for Harmoney Unsecured Personal Loan
    Harmoney Unsecured Personal Loan

    You'll receive a fixed rate between 5.35% p.a. and 19.09% p.a. based on your risk profile.
    Apply for a loan up to $70,000 and repay your loan over 3, 5 or 7 years terms.

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

    You'll receive a fixed rate between 6.49% p.a. and 15.99% p.a. ( 7.41% p.a. to 16.84% p.a. comparison rate) based on your risk profile
    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.

    Logo for SocietyOne Unsecured Personal Loan
    SocietyOne Unsecured Personal Loan

    You'll receive a fixed rate between 6.95% p.a. and 22.49% p.a. based on your risk profile
    A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

    Ask an Expert

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    30 Responses

    1. Default Gravatar
      AnwarApril 11, 2019

      Personal Loan

      • Default Gravatar
        NikkiApril 12, 2019

        Hi Anwar,

        Thanks for reaching out to Finder!

        I see you’re interested in getting a personal loan. You can use our comparison table to help you find the lender that suits you. When you are ready, press the ‘Go to site’ button to apply. 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 helps!

        Best,
        Nikki

    2. Default Gravatar
      RebFebruary 6, 2019

      Hi! When applying for a personal loan via this site, do the lenders only look at your credit score and report on finder as there are many different credit score sites that display different credit scores.
      Thank you!

      • Avatarfinder Customer Care
        JoshuaFebruary 12, 2019Staff

        Hi Reb,

        Thanks for getting in touch with finder. I hope all is well with you. :)

        When you apply for a personal loan featured on our website, the lenders have their own way of assessing your eligibility. The credit score you get from our website is generated by Experian. There are a lot of lenders who use Experian, but there are also those that use other credit reporting bureaus.

        In most cases, there is a small discrepancy between scores that you get from different bureaus. If the discrepancy is huge, then there could be an error that you need to fix.

        I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

        Have a wonderful day!

        Cheers,
        Joshua

    3. Default Gravatar
      LeeJanuary 13, 2019

      Can I go for a loan?

      • Avatarfinder Customer Care
        JoshuaJanuary 14, 2019Staff

        Hi Lee,

        Thanks for getting in touch with finder. I hope all is well with you. :)

        Yes, you can go for a loan as long as you meet the eligibility requirements of your chosen lender. You can compare your options above by using our comparison table. You can compare based on interest rate, loan term, and fees, to name a few. Once you found the right one for you, click on the “Go to site” green button to learn more or initiate your application.

        Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.

        I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

        Have a wonderful day!

        Cheers,
        Joshua

    4. Default Gravatar
      WilfredoOctober 12, 2018

      hi, I am looking for a medical dental done overseas and pay a small personal loan and a credit card ,probably make extra repayments so I can pay back the sooner I can I need to borrow 25000.

      • Avatarfinder Customer Care
        JohnOctober 12, 2018Staff

        Hi Wilfredo,

        Thank you for leaving a question.

        This page gives you a comprehensive list of lenders that you could reach out to if you need to borrow money. 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

    5. Default Gravatar
      PaulMay 3, 2018

      I want to buy land in Thailand with my Thai wife we are looking for $45000 can you suggest the best loan for this.

      • Default Gravatar
        ArnoldMay 5, 2018

        Hi Paul,

        Thanks for your inquiry

        Generally, Australian banks can’t take a foreign property as security for a home loan. However, they can help you fund your future investment plans if you have an existing property with enough equity. There are also a number of non-Australian owned international banks that may be able to help you with finance. A mortgage broker may be able to help you with this by getting touch with the branch themselves.

        One important thing to note is that some countries limit you to borrowing 80% of the property value or Loan to Value Ratio (LVR).

        Hope this information helps

        Cheers,
        Arnold

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