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Variable Rate Personal Loans

Variable rate personal loans can come with flexible repayment options and longer loan terms.

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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
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.
Latitude Variable Rate Personal Loan Variable, 2 - 7 Years, $5,000 - $70,000
Latitude Variable Rate Personal Loan
2 - 7 Years, $5,000 - $70,000
5.75%
to 25.99%
6.68%
to 29.20%
Variable
0% - 5%
$13
You'll receive a variable rate between 5.75% p.a. and 25.99% p.a. based on your risk profile
Apply for what you need from $5,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly. You can check your interest rate before applying with no impact to your credit score.
Symple Loans Personal Loan Variable, 1 - 7 Years, $5,000 - $50,000
Symple Loans Personal Loan
1 - 7 Years, $5,000 - $50,000
5.75%
to 25.99%
6.47%
to 29.20%
Variable
0% - 5%
$10
You'll receive a variable rate from 5.75% p.a. to 25.99% p.a.
Borrow up to $50,000 and earn 1 Qantas Point for every $1 borrowed.

Special Offer: Earn up to 50,000 Qantas Points with a personal loan from Symple.
NAB Personal Loan Unsecured Variable Rate Variable, 1 - 7 Years, $5,000 - $55,000
NAB Personal Loan Unsecured Variable Rate
1 - 7 Years, $5,000 - $55,000
6.99%
to 18.99%
7.91%
to 19.83%
Variable
$150
$10
You'll receive a variable 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 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
CUA Unsecured Variable Personal Loan Variable, 1 - 7 Years, $5,000 - $60,000
CUA Unsecured Variable Personal Loan
1 - 7 Years, $5,000 - $60,000
11.89%
12.15%
Variable
$175
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
Heritage Bank Standard Variable Personal Loan Variable, 1 - 7 Years, $5,000 - $100,000
Heritage Bank Standard Variable Personal Loan
1 - 7 Years, $5,000 - $100,000
11.99%
12.61%
Variable
$200
$5
Choose a variable rate loan and receive a 12.61% p.a. comparison rate
Variable rate loans are available from $5,000 - $100,000 on terms of 1 to 10 years.
Australian Military Bank Variable Rate Personal Loan Variable, 1 - 7 Years, $4,000 - $80,000
Australian Military Bank Variable Rate Personal Loan
1 - 7 Years, $4,000 - $80,000
5.85%
to 12.40%
6.70%
to 13.80%
Variable
$100 - $500
$10
You'll receive a variable rate between 5.85% p.a. and 12.40% p.a. based on your risk profile
An unsecured loan with flexible repayment options and a low minimum borrowing amount.
St.George Secured Personal Loan - Variable Rate Variable, 1 - 7 Years, $3,000 - $80,000
St.George Secured Personal Loan - Variable Rate
1 - 7 Years, $3,000 - $80,000
6.49%
7.61%
Variable
$195
$12
You'll receive a variable rate from 6.49% p.a. based on the value of your car
Benefit from flexible repayments and be able to apply for a larger loan up to $80,000 when you attach a new or used car as security to the loan.
RACQ Bank Personal Loan Special Variable, 1 - 5 Years, $3,000 - $60,000
RACQ Bank Personal Loan Special
1 - 5 Years, $3,000 - $60,000
8.99%
8.99%
Variable
$0
$0
You'll receive a variable rate from 8.99% p.a.
A low minimum borrowing amount of $3,000 that you can use for a range of purposes. Benefit from member discounts and flexible repayments. Only available to QLD residents
MyState Bank Unsecured Personal Loan Variable, 1 - 7 Years, $3,000 - $50,000
MyState Bank Unsecured Personal Loan
1 - 7 Years, $3,000 - $50,000
9.99%
13.51%
Variable
$200
$10
You'll receive a variable rate from 9.99% p.a.
Apply for up to $50,000 and benefit from features such as fast approval, free online redraws and no penalties for early repayment.
Pepper Money Unsecured Variable Personal Loan Variable, 18 Months - 7 Years, $5,000 - $50,000
Pepper Money Unsecured Variable Personal Loan
18 Months - 7 Years, $5,000 - $50,000
9.99%
9.99%
Variable
$0
$0
You'll receive a variable rate between 9.99% p.a. and 27.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make extra repayments and repay early at any time.
Bank of Melbourne Unsecured Variable Rate Personal Loan Variable, 1 - 7 Years, $2,000 - $50,000
Bank of Melbourne Unsecured Variable Rate Personal Loan
1 - 7 Years, $2,000 - $50,000
8.89%
to 18.90%
9.99%
to 19.93%
Variable
$195
$12
You'll receive a variable rate between 8.89% p.a. and 18.90% p.a.
A flexible loan with a low minimum borrowing amount and a variable interest rate.
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With a variable rate personal loan, you can make extra repayments and repay your loan early without penalty. You will also have access to redraw facilities. While the loan comes with benefits and extra features, your interest rate can fluctuate monthly based on the market rate. This makes it difficult to predict repayments.

How does a variable rate loan work?

With a variable rate loan, your interest payments could potentially change from month to month based on market conditions. Unlike fixed rate loans, if the interest rate drops, you will pay less. But if it increases, your interest payments will also increase.

That said, variable rate loans come with more features than fixed rate loans. You will be able to make additional repayments without penalty or repay your loan early without paying fees. You will also be able to redraw your extra repayments if needed.

What features does a variable rate personal loan have?

Here's what you can typically expect with a variable rate personal loan:

  • Secured or unsecured loans. For a secured loan, you may be able to borrow up to $100,000, or $50,000 for an unsecured loan.
  • Standard loan terms. Loan terms generally range from 1 to 7 years.
  • Fluctuating interest. Your interest rate may change on a monthly basis based on the market rate. This may make budgeting difficult as you won't be able to predict your repayments. You could end up paying less for some months, and more for others.
  • Fees. As with any loan, there may be establishment and ongoing monthly fees.
  • Repayment flexibility. Variable rate personal loans give you a lot of flexibility with repayments. You can repay your loan early without penalty or make extra repayments and reduce the total loan amount. You can also redraw funds if you wish. As there is no penalty for exiting the loan early, you could also switch to another loan without incurring charges.

What is the difference between fixed rate and variable rate loans?

Fixed interest rateVariable interest rate
Interest on repaymentsYour interest will not change over the loan term but will remain consistent throughout.Your interest may fluctuate over the course of your loan term. This means that you may end up paying less or more in interest based on the market rate.
BudgetingEasy to budget as your repayments remain the same every month.Monthly budgeting may be tricky as the interest rate may vary on a monthly basis.
Break or early feesDepending on the loan, there may be break fees if you wish to pay off your loan early.You can pay your loan early without incurring a penalty.
Additional repaymentsDepending on the loan, there may be fees if you wish to make additional repayments, or there may be a cap on how many additional repayments you can make.No penalty for additional repayments, allowing you to reduce your loan amount if it is within your means.
Redraw facilities Depending on the loan, you may have this facility, but it could incur a fee. Some fixed rate loans don't offer this at all.You can make extra payments and then withdraw that money if you need to, often free of charge.

Is a variable rate loan better for me?

There are a number of factors to consider when choosing between fixed and variable interest. You should ask yourself the following questions:

  • Is repayment flexibility important to me?

If you want to be able to make extra repayments and repay the loan early, then a variable rate loan might be the way to go. Some fixed rate loans also offer similar features, so make sure to look into that if you would prefer having fixed repayments.

  • Which option is cheaper?

Both fixed and variable rate loans offer competitive rates, but you also need to consider the monetary advantage of extra repayments. You should also consider fees and see which loan works out to be cheaper, not merely monthly but also at the end of the term. You can use our personal loan calculator to help you figure out whether you can afford the loan.

  • How am I with budgeting?

If you're someone who needs the certainty of fixed repayments, then a variable rate loan may not be suitable. If you think fluctuating interest payments will throw a spanner in your budget or if you don't have that flexibility, then a fixed rate loan may be better.

  • Will I be able to absorb the cost of higher interest payments if I choose a variable rate loan?

If interest rates fall, you will naturally benefit from a variable rate loan. If it falls and you've locked in with a fixed rate, then you'll be paying more than the market rate. But if the rate does increase, are you in a position to absorb the extra cost? Will you have trouble meeting your repayments?

How do I compare variable rate personal loans?

To help you find the right variable rate loan, you should look out for the following factors:

  • Type of loan. Is the loan secured or unsecured? Are you able or willing to offer security? Secured loans require an asset as collateral and come with lower interest rates. For an unsecured loan, no security is required but the interest rate is higher. Secured loans come with the risk of losing your asset if you don't meet loan repayments.
  • Cost and affordability. You need to consider how much the loan will cost you, inclusive of interest and fees. Comparing interest rates is key, but it's not the only variable to consider. You should also keep an eye on other fees and the comparison rate. The latter includes account interest and fees and indicates the true cost of the loan. Some fees include establishment fees and monthly or annual account maintenance fees. Once you've accounted for the cost, consider whether you can afford the loan. Look at the monthly repayments and whether they sit comfortably in your budget. Also check the total cost of the loan.
  • What is the loan term? Your loan term is how long you have to repay the loan. Variable rate loans come with a 1- to 7-year term. The length of the term will affect how high your repayments are. With a short term, you can expect higher monthly repayments. But with longer terms, you pay more in interest and fees. You can use a personal loan calculator to check your repayments with different loan terms.
  • What features does the loan have and are there any charges? If you want particular features, check if there are any fees attached. Go for a loan that doesn't charge these fees as this will add to the overall cost of your loan.
  • How much can I borrow? Lenders have set minimum and maximum lending amounts. Make sure the amount you need is on offer from the lender.
  • Am I eligible? Lenders have specific requirements, including income and credit score. You should check if you're eligible for the loan before applying.
  • How long will it take to receive the funds? Check how long the lender takes to approve the loan and transfer the funds to you. If you need your funds within a certain time, make sure to account for this in your comparison.

What are the pros and cons of variable rate personal loans?

Pros

  • More features and flexibility. Pay off your loan faster or entirely, or redraw funds without charges.
  • Not locked into a set rate. If the market rate drops, you're not locked into a loan with a set rate. You also get to pay less in interest.

Cons

  • Interest rates are unpredictable. As market rates rise and fall, so does your loan interest rate. You could potentially pay more if interest rates rise.
  • Budgeting may be difficult. Given the rise and fall of interest rates, you may find it difficult to budget your loan repayments.

What should I avoid with a variable rate personal loan?

  • Applying for the first loan you see. You won't know if you're getting the best deal if you apply for the first loan you find. Compare your options first and make a shortlist based on cost, terms and eligibility.
  • Borrowing more than you can afford. Check the cost of the loan and make sure you can afford it. You should be comfortably able to include your repayments in your budget. You should also avoid borrowing more than you need.
  • Multiple applications. Every loan application shows up on your credit report. Several applications within a short period can have a negative impact on your credit score. This can make it harder for you to get a loan in the future. Select a single loan and lender that you're eligible for and suits your needs. If you've already applied for legal finance, give it a few more days or contact the lender before applying elsewhere.
  • Long-term repercussions and legal issues. You are bound to its conditions once you sign a loan agreement. You will have to pay the loan and all the fees and payments. Keep in mind that for unsecured loans, the lender can initiate legal proceedings against you if you don't repay the loan. It can also report the debt to a credit reporting body like Equifax and use the services of a debt collector. With secured loans, the lender can repossess your loan security if you fail to make your repayments.

How can I apply for a variable rate personal loan?

🤔 Work out what type of loan to apply for, how much you need to borrow and what you can afford.

🔎 Start comparing lenders and loan products. Don't forget to compare interest rates, fees and eligibility criteria. You can use Finder's comparison table.

✅ Select a lender. Click "Go to site" to be directed to the lender's page or "More info" if you want to read about the lender.

🖨️ Organise and prepare the required documentation. This will make the application process easier.

📱 Apply. Most lenders have their applications online.

More guides on Finder

    Personal Loan Offers

    Important Information*
    Logo for Citi Personal Loan Plus
    Citi Personal Loan Plus

    You'll receive a variable rate of 8.9% 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.

    Logo for OurMoneyMarket Personal Loan
    OurMoneyMarket Personal Loan

    You'll receive a fixed rate from 5.35% 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.

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

    You'll receive a guaranteed rate of6.49% p.a. with a comparison rate of 7.41% p.a. if you're approved.
    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.

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    8 Responses

    1. Default Gravatar
      LunsApril 9, 2019

      Hi,
      I’m looking to get a personal loan close to $50,000 over 7 years. I have an income of $52,000 net, total expenses annually add up to $28,000. I also have a good credit score of 620. What’re my chances of getting approved for this amount?
      Thank you
      Luns

      • Avatarfinder Customer Care
        JoshuaApril 10, 2019Staff

        Hi Luns,

        Thanks for getting in touch with Finder. I hope all is well with you. 😃

        There are lenders who might be able to consider you a loan as long as you meet their requirements.

        To help you, please refer to our list of personal loans. You can use our comparison table to compare lenders based on the 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.

        You may also check some tips on how to get your personal loan over the line.

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

        Have a wonderful day!

        Cheers,
        Joshua

    2. Default Gravatar
      mamccarthy16@gmail.conJune 26, 2018

      i am a single mother on a centerlink benefit, i would like to borrow $25,000 and pay it off on a long term loan, the banks keep turning me away is there anything out there for me..
      thanks

      • Default Gravatar
        JoelJune 27, 2018

        Hi there,

        Thanks for leaving a question on Finder.

        You can check our list of Centrelink loans and personal loans for single parents. This page provides a list of lenders that will consider you for a loan.

        Please click the name of the lender to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’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. You can also contact the provider if you have specific questions.

        Cheers,
        Joel

    3. Default Gravatar
      LeighApril 17, 2018

      I was after a personal loan of $60k, can be repaid within 2-4 months, with a low interest and fast access. Is there something out there for me?

      • Default Gravatar
        NikkiApril 17, 2018

        Hi Leigh,

        Thanks for your message and for visiting Finder.

        You can use our comparison table to compare low-interest rate personal loans. To help narrow down your options, you may enter the $60,000 next to the loan amount followed by your preferred term then press “Calculate”. This should allow you to see your projected monthly repayment for each lender. You may then sort the table based on the interest rate p.a., comp rate p.a, fees, and your projected monthly repayment. If you like to see the side-by-side comparison between brands, just click the “compare box” below the brand’s logo.

        Please click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’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. You can also contact the provider if you have specific questions.

        Hope this helps! Feel free to message us anytime should you have further questions.

        Cheers,
        Nikki

    4. Default Gravatar
      CampbellJanuary 14, 2018

      We want to borrow $4000 and pay it off over 12 months. No set up fees or monthly fees. Can you tell us the best small loan for this. Thanks

      • Default Gravatar
        ArnoldJanuary 15, 2018

        Hi Campbell,

        Thanks for your inquiry

        Actually, the page above allows you to compare Variable rate loans which gives you the flexibility to pay your loans faster. Please fill in the loan amount and loan term before calculating to find the right loan that suits your needs.

        Hope this information helps

        Cheers,
        Arnold

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