Low interest rate personal loans

Why pay more interest than you need to? Compare low rate personal loans now.


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You can use a personal loan to cover your next big purchase, consolidate debt or pay for any other personal expense. Getting a low interest rate helps keep your ongoing costs down and your repayments manageable.

Find out what to look for and compare low rate personal loans below.

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Compare low interest personal loans in Australia

What types of personal loans have the lowest rates?

There are a couple of 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, such as a vehicle or even a term deposit, you can get a lower rate with 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, which 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 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.

How to compare: What else should you look at besides the interest rate?

percentage sign with a magnifying glass. low interest rate.

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. In fact, some loans may appear cheaper because of a lower interest rate, but actually end up being more expensive over the life of the loan if you're not careful.

Follow the checklist b to comparing finance to get the cheapest loan possible below:

  • 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 personal loan 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 are 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?

    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?

  • 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're 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.

  • 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.

Fixed or variable interest rate?

When trying to get the lowest rate loan possible, should you opt for a fixed or a variable interest rate?


  • Doesn't go up. You'll pay the same amount each month even when rates rise.
  • Budget easily. Because you know exactly what you'll be paying each month, it's easier to stick to a budget.
  • Less to worry about. Fixed rate loans are great if you're not someone who wants to be constantly keeping an eye on the possibility of their interest rate changing.
  • Higher interest rates. Generally, fixed rate loans have higher interest rates than variable rate loans to begin with.
  • Doesn't go down. You pay the same amount each month even when rates fall.
  • Shorter repayment terms. Fixed loans are usually only available on terms of up to five years.
  • Less flexible. Repayment terms on fixed rate loans are less flexible.


  • Lower introductory rates. Generally speaking, variable rate loans have lower interest rates to begin with than fixed rate loans.
  • Flexibility. Repayment terms with variable rate loans are generally more flexible.
  • May go down. As interest rates fluctuate, you could see yourself saving even more money on your loan.
  • Can go up. Lenders reserve the right to raise your interest rates at any time.
  • Difficulty budgeting. Because your repayments could change at any minute, it's difficult to budget easily.

Three top tips to help you get the lowest rate loan Low Interest Personal Loan Graph

  1. Check your credit score
    Make sure your credit is in good standing by checking your credit score and full credit report for free with Finder.
  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 your personal loan options before applying. You can start with some low interest rate personal loans in the table above.

Is there a catch with low rate personal loans?

Low interest rates are a great feature for lenders to advertise, but they aren't the only feature you should be considering. Remember to look at the loan as a whole package to decide if it's for you. For example, a loan may come with a low interest rate but have a $10 monthly fee, which can really add up over a 3-year loan term. Or, the loan may come with a low interest rate but not let you make extra repayments or repay the loan early without penalty. So, along with checking the interest rate, check what else you will be charged (upfront and ongoing fees), how flexible the loan is and whether it offers all of the features you need.

What are 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

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

How you can apply for a low interest rate personal loan

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" to apply. The information you're 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 of your employer
  • Details of your employment, including income amount and how you're employed (e.g. 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.

Personal Loan Offers

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

You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

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

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 7.5% p.a. and 20.49% p.a. based on your risk profile
A loan from $10,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 7.95% p.a. and 16.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.

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. To compare your options – you can go to this page. 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!


  2. Default Gravatar
    RCFebruary 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!


  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!


  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!


  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


  6. Default Gravatar
    LukeMarch 20, 2018

    I need a personal loan up to 20000 I’m unemployed at the moment as I have a broken neck but I have a guarantor

    • Avatarfinder Customer Care
      JoshuaMarch 26, 2018Staff

      Hi Luke,

      Thanks for getting in touch with finder.

      Yes, one of the best ways for you to get approved for a personal loan is to have a guarantor. In this is something you think would be a solution to your problem, please click this link. On that page, you will learn how you can apply for a loan using a guarantor.

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

      Have a wonderful day!


  7. Default Gravatar
    MaxNovember 9, 2017

    Looking to move and requiring money to leave present area

    • Default Gravatar
      MariaNovember 10, 2017

      Hi Max,

      Thank you for your inquiry.

      You may check out the lenders featured on this page as you can compare the different features that they offer.

      You can also click on their names to be directed to their dedicated pages to read further details such as the eligibility criteria and requirements for their loan product.

      Once you’ve chosen a provider, you may click on “Go to site” to be directed to their main website where you can start your application.

      Before applying, please ensure to read the relevant Product Disclosure Statements/ Terms and Conditions of the option before making a decision and consider whether the product is right for you.

      I hope this helps.


  8. Default Gravatar
    YvonneOctober 26, 2017

    I am looking for a variable interest rate with no monthly bank charges for a personal loan of $32.500

    • Avatarfinder Customer Care
      HaroldOctober 26, 2017Staff

      Hi Yvonne,

      Thank you for your inquiry.

      Here’s an option of lenders who offers Variable Rate Personal Loans.

      I hope this information has helped.


  9. Default Gravatar
    SueSeptember 27, 2017

    Hi is it usual for the lender to ask for account details, on line.? A bit hesitate to fill this field out.

    • Default Gravatar
      GruSeptember 28, 2017

      Hello Sue,

      Thank you for seeking clarification on the security of online forms.
      I understand that you may be worried about the safety of the personal information you share online.

      It is actually now commonplace for companies to ask for account details online. This allows companies to process your application quicker.
      Rest assured that these companies are vigilant in keeping your details secure.
      Be careful as well to only visit known sites when filling out forms like this to ensure the safety of your details.

      Hope this helped.


  10. Default Gravatar
    JemmaSeptember 19, 2017

    Hello. I have a friend who has asked me to help her apply for a personal loan. She would like to borrow 50k over the maximum possible loan term, with the option to repay it early if possible. This would probably need to be an unsecured loan as I don’t think she has any valuable assets to secure the loan against. Are you able to give some general advice for her situation?

    • Avatarfinder Customer Care
      DeeSeptember 19, 2017Staff

      Hi Jemma,

      Thanks for your question.

      You may want to check this page for the possible loan options. You can take advantage of the calculator on top of the table to know which option requires a monthly repayment that fits your budget.

      Kindly review the eligibility criteria and the terms and conditions of the loan before submitting your application.


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