Variable Rate Personal Loans

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

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Plenti Variable Rate Personal Loan

Plenti Variable Rate Personal Loan

From

6.39 %p.a.

variable rate

From

6.39 %p.a.

comparison rate

  • Tailored rate and rate estimate
  • Ease of repayments
  • Loan terms from 1 year
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100% confidential application

Plenti Variable Rate Personal Loan

Plenti offers this unsecured personal loan with a fixed or variable rate. Receive a tailored interest rate from 6.39% p.a. based on your risk profile.

  • Interest rate: 6.39% p.a.
  • Comparison rate: 6.39% p.a.
  • Interest rate type: Variable
  • Application fee: $0 to $999
  • Minimum loan amount: $2,001
  • Maximum loan amount: $50,000
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Comparison of variable rate personal loans

$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Plenti Variable Rate Personal Loan

From 6.39% (variable)
6.39%
$2,001
1 to 3 years
$0 to $999
$0
You'll receive a variable rate from 6.39% p.a and 17.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
NAB Personal Loan Unsecured Variable Rate

From 6.99% (variable)
7.91%
$5,000
1 to 7 years
$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.
Citi Personal Loan Plus
8.90% (variable)
9.18%
$5,000
3 to 5 years
$199
$0
You'll receive a guaranteed rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved. Note: This rate may vary during the loan term.
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 30 September 2021. The interest rate doesn’t change based on your risk profile, so you know your rate before you apply.
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$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.
ANZ Variable Rate Personal Loan
10.50% (variable)
11.38%
$5,000
1 to 7 years
$150
$10
You'll receive a guaranteed rate of 10.50% p.a. with a comparison rate of 11.38% p.a. if you're approved. Note: This rate may vary during the loan term.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.
Great Southern Bank Unsecured Variable Rate Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
You'll receive a guaranteed rate of 11.89% p.a. with a comparison rate of 12.15% p.a. if you're approved. Note: This rate may vary during the loan term.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
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Variable rate loans are a flexible way to make a large purchase, invest in your home through renovations, consolidate debt or whatever else you're planning to do. That's because variable rate personal loans come with fewer repayment restrictions than fixed rate personal loans, so you can make additional repayments and repay your loan early without penalty. If you're looking to pay off your loan within a couple of years a variable rate loan could be more suited to your situation than a fixed rate personal loan.

The biggest attraction is generally their flexibility and lower establishment and introductory rates, as opposed to the higher fees associated with fixed rate loans. However, due to the fluctuating market interest rates, repayments are uncertain and unstable. If you prefer the certainty of fixed repayments, then you may want to opt for a fixed rate loan instead.

How does a variable rate loan work?

When you apply for your loan, an interest rate will be applied to your loan contract, but this rate can vary over the course of your loan term. Your loan term is fixed, but you will generally be able to make additional repayments without penalty and also be able to repay the loan early without incurring fees.

Variable rate personal loans can come as secured or unsecured personal loans and terms range from between one and seven years. Depending on the loan you opt for you may be able to borrow between $3,000 and $80,000.

How you can compare variable rate personal loans

  • Variable interest rates. The interest rate will vary between lenders, but with so many lenders to choose from, interest rates are usually quite competitive. The interest rate will change as the market fluctuates, which can present an element of risk. The rise and fall of the market interest rate can be unpredictable, making it harder to budget for your repayments.
  • Repayment flexibility. Variable rate loans tend to allow you to make advanced and additional repayments throughout the course of paying off your loan. While some fixed loans are now offering this option, they most typically have a limit on the amount that can be paid in advance. You should always confirm the repayment flexibility of your loan before you apply.
  • Fees and charges. Check the upfront and ongoing fees when comparing your variable rate loans. These can add significantly to the cost of the loan.
  • Comparison rates. The comparison rate is extremely important to consider when comparing variable loans. It shows the ‘true cost’ of a loan as it incorporates your interest rate plus any fees you have to pay.

What benefits and drawbacks come with variable rate loans?

  • More options. Variable loans usually offer more options than fixed rate loans, including redraw facility, low introductory rates and no extra fees for making additional repayments.
  • Competitive rates. Due to the popularity of this type of loan, lenders offer competitive rates to attract borrowers.
  • Non-fixed interest rates. When interest rates drop, you’re not locked into a set interest rate, letting you enjoy lower repayments and a cheaper overall amount to pay back.
  • Lower fees. Establishment and administration fees and charges are usually lower than on fixed rate loans, keeping your overall cost down.
  • Interest rates are unpredictable. As market interest rates rise and fall, so does your loan interest rate. If interest rates rise, the repayments of your loan will increase and may cost you more in the long run.
  • Fluctuating repayments. Variable interest rate loans are sensitive to economic conditions and the interest rate of your loan will change over the duration of paying it off. It can make it hard to work out a budget if your minimum loan repayments are constantly changing.

Things you might want to avoid

  • Not checking fees and charges. Be sure to ask about any extra charges such as administration or application fees. With any major purchase, you need to know exactly what your costs are.
  • Borrowing more than you can repay. Only borrow how much you need, especially with a secured loan as you will lose your asset. However, defaulting on any kind of loan leads to a negative mark on your credit file.
  • Extending terms longer than needed. Some lenders might try to convince you to seek longer terms and even offer lower monthly payments as a selling point. Shorter terms mean you pay less interest, so you may want to consider choosing the shortest terms that are manageable on your budget.
  • Unnecessary extras. You may want to avoid gimmicky extras like payment holidays and cash-back facilities. For example, interest is still accumulated during payment holidays, thereby increasing your overall repayment. With cash-back offers, you stand to lose your cash-back amount if you decide to pay off your loan ahead of time.

How you can apply for a variable rate personal loan

Eligibility criteria differ between lenders, but generally, if you are over the age of 18, are a permanent Australian resident or citizen and have a good credit history, you may be able to apply. Compare your options above and click through to review the eligibility criteria.

You can compare your options using the comparison table at the top of this page.

Applying for a variable rate loan can take just minutes, as most lenders allow you to apply online as long as you can provide the necessary documentation. You will need to provide your residential address, employment and income details, bank statements and credit history.

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 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 ANZ Fixed Rate Personal Loan
    ANZ Fixed Rate Personal Loan

    You'll receive a fixed rate of 8.99% p.a.
    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
    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 6.99% p.a. and 20.49% 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.

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    8 Responses

      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

      Default Gravatar
      novaJune 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

      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

      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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