Secured Personal Loans

Rates and Fees verified correct on October 21st, 2016

secured loan

Lock in a lower rate by guaranteeing your loan with an asset.

If you’re looking for a personal loan to help take your next step – towards a holiday, a new car, a used car, or a large purchase – you might want to consider the benefits of a secured loan. While you might associate these loans with the purchase of a new vehicle, they are about so much more than just cars.

IMB Secured Personal Loan

IMB Secured Personal Loan Offer

IMB offer a personal loan with a low interest rate of 7.39% and $0 ongoing fees.

  • Interest Rate From: 7.39% p.a.
  • Comparison Rate: 7.67% p.a.
  • Interest Rate Type: Fixed
  • Application Fee: $199
  • Minimum Loan Term: 1 year
  • Maximum Loan Term: 5 year
  • Minimum Loan Amount: $2,000
  • Maximum Loan Amount: $60,000

A comparison of secured loans you could apply for

Rates last updated October 21st, 2016
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
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
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
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
St.George Secured Personal Loan - Fixed Rate
Get behind the wheel of your perfect car with a competitive interest rate from St.George. Get an application response within 60 seconds.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 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
MyState Financial Secured Personal Loans - Cars, Campervans and Caravans
Loan amounts up to $75,000 are available, as well as a long loan term of up to 10 years.
From 7.99% (variable) 8.96% $10,000 1 to 10 years $150
Bank of Melbourne Secured Personal Loan
A low rate personal loan from Bank of Melbourne with variable or fixed option.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More

What is a secured personal loan?

A secured personal loan is a line of credit that is guaranteed against an asset you own or buy with the loan. You can usually apply for an amount up to $100,000 for terms up to seven years, although the line of credit can be ongoing. The security can come in the form of a number of different items, including a car, equity in your home, high-priced items such as jewellery or monetary accounts such as term deposits.

Is a secured loan the right option for you?

It’s important to determine whether any type of financial product is right for you before you apply. When it comes to secured personal loans, here are some points to keep in mind:

  • You can manage your repayments. If you find yourself unable to repay your secured loan the lender is able to repossess the asset you offered as a guarantee to cover its losses.
  • You have an asset to guarantee or are looking to buy one. Lenders will require that you either be looking to buy an asset with your loan (such as a car or home renovations) or that you already have an asset that meets its criteria.
  • You meet the requirements set by the lender. Lenders will have requirements for the guaranteed asset, such as its age or value. For instance, if you’re using a vehicle as security, it may need to be under a certain age, or if you are using a term deposit you may need to have a certain amount in the account.

What assets can you secure to a personal loan?

There’s a range of different secured personal loans available, but you will find lenders who let you use the following assets as security for your loan:

  • New car.
    If you’re buying a new car or if you have a car that is less than two years old, you can generally use it as a guarantee for a secured loan. Secured motorbike and caravan loans are also available.
  • Used car.
    Lenders will also let you purchase a used car with a secured personal loan. Other vehicles such as motorbikes or caravans may also be allowed. The vehicle  will generally need to be less than seven years old, although some lenders will accept cars up to 10 years old. Cars may need to be of a certain condition.
  • Equity in your home.
    If you own a mortgaged property, you can draw against any equity you have in the property to finance a purchase. Common uses for home equity loans are home renovations. Find out if a home equity loan is right for you.
  • High-cost assets.
    Some lenders are more flexible with the assets they let you use. If you own expensive jewellery, fine art, precious metals, prestige cars or even some antiques, you can secure it against your loan.
  • Term deposits.
    This is a more common type of loan available from some banks and credit unions. How much you have available in your term deposit is how much you’re able to borrow with that same institution. The amount in your term deposit works as the security in case you default on the loan.

The secured personal loan options that are available

You have a few options when it comes to secured personal loans:

  • Car loans. These secured loans can be for new or used cars. You can find car loans from most banks and credit unions, as well as dealerships and standalone car loan lenders. Rates can range from 2% p.a. for dealership finance (low because of the balloon payment at the end of the term) to between 6 and 14% p.a. for a bank car loan.
  • Home equity loans. If you’re looking to renovate, invest in property, go on a holiday or buy a new car, you can consider a home equity loan. Also called a line of credit as it can be drawn on continually based on the equity held in your property, this is a flexible way to access funds.
  • Term deposit secured loans. This is a loan offered by banks and credit unions to customers who hold terms deposits with them. You’re able to borrow as much as you hold in your term deposit, with the term deposit acting as the security.
  • Personal asset secured loans. High-priced assets such as boats, motorbikes and jewellery are accepted by some lenders as a guarantee. Your item or collection of items is valued and then used as security, allowing you to take out the loan you need. You generally won’t find these loans at major banks.

Is there anything to consider before applying?

Before applying for any type of secured loan, it’s important to establish whether you can afford the repayments. If you default on the loan, the asset you’ve used as the guarantee can be taken by the lender and sold to cover the loss.

Comparing lenders to find the most competitive options in terms of terms, rates and fees will help you find the right option for your budget and needs, so consider whether you’ve done a proper search before submitting your application.

Was this content helpful to you? No  Yes

Related Posts

This page was last modified on 11 July 2016 at 11:24.

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

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

4 Responses to Secured Personal Loans

  1. Default Gravatar
    | April 27, 2016

    I need $100k urgently. Can I use my existing home (no mortgage) as collateral?

    • Staff
      Elizabeth | May 2, 2016

      Hi Wombat,

      You can consider a home equity loan for this purpose, which you can compare on this page.

      Hope this helps,


  2. Default Gravatar
    Deniz | February 23, 2016

    I have a partner provisional visa 309 I am looking car loan . Not eligible anywhere. Can you help me?

    • Staff
      Matt | February 24, 2016

      Hi Deniz,

      Thanks for your comment. To find out a range of loans you may be eligible for on a visa, you can read our guide to loans for temporary residents here.

      It might be best to contact your current financial institution personally, to see if they have any options available.

      I hope this helps.


Ask a question