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How to switch personal loans

Find out how to switch personal loans and whether it will actually save you money.

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If you have a personal loan you may be wondering whether it’s worth switching loans to save money. There are a few things you need to check before you switch to make sure you will save; this guide will take you through what you need to know to make sure you end up in a better spot than you are currently.

Find out what you need to know to make the right decision for you.

Compare personal loans you can switch to

Data indicated here is updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Plenti Fixed Rate Personal Loan

From 6.49% (fixed)
6.84%
$2,001
3 to 5 years
From $149 to $599
$0
You'll receive a fixed rate between 6.49% p.a. and 11.99% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.

⭐Finder Exclusive: Receive a $200 credit to your loan account when you apply through Finder by 30 November 2020. T&Cs apply.
Harmoney Unsecured Personal Loan

From 6.99% (fixed)
7.79%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
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 year terms.

⭐Finder Exclusive: Receive a 100% rebate up to $575 on your establishment fee when you apply and accept your loan offer through Finder plus use the promo code FINDER by 30 November 2020. T&Cs apply.
Alex Personal Loan

From 6.95% (fixed)
6.95%
$2,100
6 months to 5 years
$0 (waived $295)
$0
You'll receive a fixed interest rate from 6.95% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Benefit from no ongoing fees. Note: Waived $295 establishment fee and complimentary first repayment of up to $500. Ends 1 December 2020.
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 personalised interest rate from 5.75% p.a. to 21.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
NAB Personal Loan Unsecured Fixed

From 9.99% (fixed)
10.88%
$5,000
1 to 7 years
$150
$10
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.
Latitude Personal Loan (Unsecured)

From 7.99% (fixed)
9.24%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 7.99% p.a. and 19.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly.
OurMoneyMarket Personal Loan

From 6.75% (fixed)
6.96%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 6.75% 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.
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.99% (fixed)
6.99%
$5,000
2 to 3 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.99% p.a. and 17.99% 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.
SocietyOne Unsecured Personal Loan (5 years)

From 7.99% (fixed)
7.99%
$5,000
5 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 7.99% 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.
NAB Personal Loan Unsecured Variable Rate

From 9.99% (variable)
10.88%
$5,000
1 to 7 years
$150
$10
You'll receive a variable 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. Benefit from fee-free additional repayments and a redraw facility. 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.
Wisr Personal Loan

From 7.95% (fixed)
8.22%
$5,000
3 to 5 years
$195 (Establishment Fee)
$0
You'll receive a fixed rate between 7.95% p.a. and 19.45% 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.
Pepper Money No Fee Personal Loan

From 6.95% (fixed)
6.95%
$5,000
18 months to 7 years
$0
$0
You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $40,000 and use for a range of purposes. Pay no upfront, early repayment or ongoing fees.
CUA Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.39% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
MoneyMe Personal Loans

From 6.25% (fixed)
7.64%
$2,100
1 to 5 years
5 - 8% of the principal borrowed, capped at $495
$10
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
A flexible personal loan from MoneyMe with access to cash when you need it.
Plenti Variable Rate Personal Loan

From 5.79% (variable)
6.78%
$2,001
1 to 3 years
From $149 to $599
$0
You'll receive a variable rate from 5.79% p.a and 11.99% 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.

⭐Finder Exclusive: Receive a $200 credit to your loan account when you apply through Finder by 30 November 2020. T&Cs apply.
CUA Unsecured Variable Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$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.
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Compare up to 4 providers

Is switching personal loans worth it?

Switching to a new personal loan can offer a number of ways to save money. You could get a better interest rate, reduce your fees or even consolidate other debt into your loan to reduce what you're paying each month overall. However, you could also end up paying more if you're not worth it.

To make sure you don't do this, you need to keep in mind subtract the cost of switching from any savings you get from taking on the new loan. For example, do you have to pay an early repayment fee with your current loan? Is there an early repayment fee on your new loan? Remember to take these into account.

An easy way to do this is by using a loan comparison calculator, like the one below, to see how much you will actually save.

What costs are involved in switching personal loans?

The two costs you may encounter when switching or refinancing your personal loan are fees from your old provider and fees from your new provider.

Your current lender may charge:

  • Early repayment fees. You must completely pay off a loan before you can switch away from it. This is often done with money from the new loan. Paying the total balance early may incur early repayment fees, which are usually a percentage of the total amount. Early repayment fees tend to be charged on fixed rate loans rather than variable rate loans.
  • Administration fees. If you want to adjust your personal loan in any way, including switching it, you may incur an administration fee. This is usually a flat fee of around $10-30.
  • Break, cancellation or exit fees. Many lenders will reserve the right to charge additional fees if you cancel, exit or otherwise break the loan agreement before expected. These may take the form of one or more flat fees.
Your new provider may charge fees for:
  • Opening an account or taking out a new loan. You will have to pay the usual costs associated with taking out a new personal loan, such as loan establishment fees.
  • Administration costs. If you’re refinancing a loan then your new provider may liaise with your old one on your behalf. This, as well as other account management or additional work, usually comes at a cost.
  • Account management fees. Sometimes your lender will charge ongoing account management fees on a monthly basis. These should be taken into consideration.
🕗 Ends in
Promoted

Finder Exclusive: Harmoney Unsecured Personal Loan

Receive a 100% rebate up to $575 on your establishment fee when you apply through Finder, use the promocode "FINDER" and accept your loan offer by 30 November 2020. T&Cs apply.

Factors to consider when switching personal loans

  • Switching your loan for a different product from the same provider often means you can only switch “like for like”, such as going from one low doc loan to another, or from one secured personal loan to another. Switching companies entirely might give you more choice and more access to competitive rates.
  • If your circumstances have recently changed or are set to change in the near future, you need to keep your eligibility for the new personal loan in mind.
  • When switching or refinancing loans to take advantage of special offers and temporary deals, remember to consider how these policies will apply in the long run once the promotional period has ended.
  • For the ease of refinancing in the future, you may wish to consider looking for loans with lower cancellation or early repayment fees.

How to compare your refinancing options

Refinancing is when you take out a new loan with a preferable interest rate and conditions and use it to fully pay off and close down your current loan. When comparing your refinancing options keep the following in mind:

  • Do you want to combine credit card debt, store debt and other types of debt as well? Make sure your new lender will allow you to consolidate the different types of debt you have.
  • Your repayments are listed on your credit file and can be taken into account when switching personal loans. If you’re already having trouble managing one loan a lender will not approve you for another.
  • Find a new loan that works with your long-term goals. This is not necessarily the one that’s cheapest or the one that has the lowest minimum repayments. You may wish to select a loan that can be repaid more quickly, has flexible terms or has a fixed interest rate.

The easiest way to compare your refinancing options is by using the personal loan comparison calculator, and get started by comparing your personal loan options on the page above.

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 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.

⭐Finder Exclusive: Receive a 100% rebate up to $575 on your establishment fee when you apply and accept your loan offer through Finder plus use the promo code FINDER by 30 November 2020. T&Cs apply.

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 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.

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

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 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.

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