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Personal loans with no early repayment fee

Pro tip: always check if your loan account has been closed after you pay off your loan.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

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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.
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.
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.
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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Repaying your loan before the scheduled due date is a great goal to have. You will pay less interest than is set out in your loan contract, and you may save on annual or monthly fees. But before you repay your loan early, you should check if you'll be charged prepayment penalties.

Can I pay off my personal loan early?

Yes, you can pay off your loan ahead of schedule and make an early exit. However, some personal loans charge a fee for either extra repayments or early exit. This penalty is put in place to deter borrowers from closing their loan accounts before schedule.

Before you make any payments, you should look into whether your lender will charge you. Make sure that by closing early you will be saving, and not paying out more.

Depending on the type of loan and your lender, you may or may not be charged. Fixed rate loans, for instance, often come with an early exit penalty. In some cases, how much you'll be charged will depend on when you exit. Exiting in the first year of your contract may incur more charges than if you exit after.

Which personal loans charge early repayment fees?

As we mentioned before, not all lenders will charge an early exit penalty. The table below outlines what lenders charge if you exit early.

LenderPersonal loanEarly repayment feeReview the loan
ANZFixed Rate Personal Loan$300
More Info
ANZVariable Rate Personal Loan$0
More Info
Bank AustraliaLifestyle Personal Loan$0
More Info
Bank AustraliaPersonal Loan – Property Owner$0
More Info
Bank of MelbourneUnsecured Variable Rate Personal Loan
  • $150 if you repay in the first 12 months of the loan term
  • $100 if you repay early after the first 12 months of the loan term
More Info
Bank of MelbourneUnsecured Fixed Rate Personal Loan
  • $150 if you repay in the first 12 months of the loan term
  • $100 if you repay early after the first 12 months of the loan term
  • Break costs also apply
More Info
BankSAUnsecured Variable Rate Personal Loan
  • $150 if you repay in the first 12 months of the loan term
  • $100 if you repay early after the first 12 months of the loan term
More Info
BankSAUnsecured Fixed Rate Personal Loan
  • $150 if you repay in the first 12 months of the loan term
  • $100 if you repay early after the first 12 months
  • Break costs also apply
More Info
BankwestUnsecured Personal Loan
  • $250 if you repay within the first 12 months
  • $100 if you repay in 13–24 months
More Info
BankwestFlexible Personal Loan$0
More Info
bcuSecured Freedom Personal Loan$0
More Info
bcuUnsecured Freedom Personal Loan$0
More Info
Bendigo BankUnsecured Personal Loan$20
More Info
BOQUnsecured Fixed Personal Loan$0
More Info
CitiPersonal Loan Plus$0
CommBankFixed Rate Personal LoanAn early repayment adjustment may apply
More Info
CommBankVariable Rate Personal Loan$0
More Info
CUAUnsecured Variable Personal Loan$0
More Info
CUAUnsecured Fixed Personal Loan$0
More Info
GatewayPersonal Loan – Fixed Rate$0
More Info
GatewayPersonal Loan – Variable Rate$0
More Info
HarmoneyUnsecured Personal Loan$0
HSBCPersonal Loan$199 (doesn't apply in the last 6 months of the loan term)
More Info
IMBSecured Personal Loan$0
More Info
IMBUnsecured Personal Loan$0
More Info
INGPersonal Loan$0
More Info
LatitudePersonal Loan (Unsecured)$300 if you repay in the first half of your loan term
More Info
LatitudePersonal Loan (Secured)$500 if you repay in the first half of your loan term
More Info
MEPersonal Loan$0
More Info
MoneyPlacePersonal Loan$0
More Info
MyState BankUnsecured Personal Loan$0
More Info
MyState BankSecured Personal Loan$0
More Info
NABUnsecured Variable Rate$0
More Info
NABUnsecured Fixed Rate$0
More Info
NOW FinancePersonal Loan
  • $0 if you repay in the first 6 months
  • if you repay in the first 6–12 months
  • No fee if you pay after the first 12 months
People's ChoiceUnsecured Personal Loan$0
More Info
Pepper MoneyUnsecured Personal Loan – Fixed$0
More Info
Pepper MoneyUnsecured Personal Loan – Variable$0
More Info
PlentiPersonal Loan$0
More Info
RACQ BankUnsecured Personal Loan$0
More Info
RACVPersonal Loan2% of remaining balance or $205
More Info
SocietyOnePersonal Loan$0
More Info
St.GeorgeUnsecured Personal Loan – Variable Rate
  • $150 if you repay in the first 12 months
  • $100 if you repay after the first 12 months and before the end of the loan term
  • Break costs may apply
More Info
St.GeorgeUnsecured Personal Loan – Fixed Rate
  • $150 if you repay in the first 12 months
  • $100 if you repay after the first 12 months but before the end of the loan term
More Info
WestpacUnsecured Personal Loan$175 if your loan term is over 2 years and you repay it within 2 years. Fee waived if you refinance to another Westpac personal loan.
More Info

Why should I pay my loan early?

There are a number of reasons why people would choose to exit their loan contracts early. These include:

  • Saving money. When you pay off your loan early, you'll be saving on interest payments and fees. Instead of spreading your payments over a longer period and being charged interest and fees for that time, you'll be paying the loan principal and interest charges until you break your loan contract. Of course, this would only work if your potential savings are more than any early exit penalties. You should do the maths to figure out if paying off your loan can help you save.
  • Getting out of debt. Owing money can be stressful. It's another thing to worry about and it can be a relief to finally be done with your payments. Some people pay off their loans early for the peace of mind that being debt-free can bring.
  • Freeing borrowing capacity. If you're looking to apply for a new loan, say a mortgage, paying off your personal loan can free up your borrowing capacity. This is because lenders will look at how much debt you hold and calculate your borrowing capacity accordingly. Having no debt and fewer financial obligations can increase how much you can borrow. If you wish to increase your borrowing power, paying off your personal loan may help.

When should I not repay my loan early?

Paying your loan off early has its advantages, but there may be instances where it's not beneficial. These include:

  • When you're left out of pocket. If repaying your loan early comes with no financial benefit and will cost more than you save, you may want to reconsider.
  • When you have less money to spend. If a big payout is going to leave you with less money to spend, you should look into how this will affect your budget and other obligations. If it looks like you'll have nothing left over and an emergency bill or expense will knock you cold, paying more in increments may be better.
  • When it puts you under financial stress. If paying a large sum of money is likely to add stress to your finances, you may want to rethink it. This stress could leak into other areas of your life. It could also prevent you from maintaining your current lifestyle. If you want to free yourself of debt, you could make extra repayments and slowly pay it off if you can't afford to comfortably pay it in one go.
  • When it eats into your other goals. You may want to save up for your retirement by adding it to your super. Or you may be saving for something else, like a holiday or a down payment for a house. If it's getting in the way of your savings goals, it may not be worth it.

Getting out of debt is never a bad idea, but you should also approach your repayments judiciously. There are other ways to reduce how much debt you're in. This includes making extra repayments. You should look into whether your lender has penalties or limits on how many extra repayments you can make. Making extra repayments could also help you achieve your financial goals and pay down your debt faster.

What should I do before repaying my personal loan early?

Before you close your loan account, you should:

  • Check your loan contract for early repayment fees. All fees that apply to your loan will be set in your loan contract. This will include any fees you'll be charged for closing your personal loan account early. Look for "early repayment penalty" or "early repayment fee".
  • Confirm with your lender. Even if you've checked your contract, contact your lender to get confirmation and ask for the total payout cost of the loan. If you're speaking to a representative on the phone or in person, ask them to email the information so that you have it in writing.

How can I pay my personal loan early?

The process will differ between lenders, but it's generally a good idea to start the proceedings by contacting your lender and getting the total payout figure. If you're comfortable paying it, then you can proceed. The lender will either direct debit the amount from your account, or will provide details on how you can make the payment.

After the payment has been made, check if your loan account has been closed. This may take some time, but it's important to confirm. You can also check your credit report to see if it's been updated with the new account information. You can also check if your credit score has been affected. You can check both your credit score and report for free on Finder.

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.

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