Compare Personal loans | Interest Rates & Fees - Best Find

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Personal loan amount

Term of personal loan

Features

Loan type

Personal loan provider

Personal Loans Comparison

for $10,000 over 3 years
RateSetter
8.16%
9.70%
$318.97

Personal Loan - 3 years

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Borrow from $2,001 up to $45,000. Terms from 6 months to 5 years, no early repayment fees.

Overview

Minimum loan amount$2,001

Maximum loan amount$45,000

Minimum term (years)6 months

Maximum term (years)5 Years

Advertised rate8.16%

Comparison rate9.70%

Monthly repayments (approx)$318

Total repayments (approx)$11,482

Total interest repayments (approx)$1,482

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee0.7%

GO TO RateSetter

Other Fees & Information

Monthly fee$5

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$30

For debt consolidation?No

Sponsored Yes

Telephone1300 768 710

Data accurate as of1/02/2017

GO TO RateSetter

Comparison rate warning

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

GO TO RateSetter

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RACV
9.95%
10.48%
$334.30

Unsecured Personal Loans

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From a big backyard patio extension or a brand new swimming pool, to a long-awaited retreat, to a tropical island and everything else in between, RACV secured personal loans can make your dreams happen sooner than you imagine.

Overview

Minimum loan amount$5,000

Maximum loan amount$35,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Advertised rate9.95%

Comparison rate10.48%

Monthly repayments (approx)$334

Total repayments (approx)$12,034

Total interest repayments (approx)$2,034

Rate typeFixed

Secured or unsecuredSecured

Encumberance/REVVS check fee$0

Application / establishment fee$368

GO TO RACV

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Early repayments fee$205

Missed payment fee$10

For debt consolidation?No

Sponsored Yes

Telephone13 15 60

Data accurate as of24/10/2017

GO TO RACV

Comparison rate warning

Comparison Rate calculated on a secured loan of $30,000 over a five year term based on monthly repayments. 

GO TO RACV

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ANZ
10.99%
11.87%
$332.58

ANZ Fixed Rate Personal Loan

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Our Fixed Rate Personal Loan gives you the certainty of knowing you’re protected from interest rate movements. You’ll always know how much your repayments are and how many repayments remain, which will help you budget.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Advertised rate10.99%

Comparison rate11.87%

Monthly repayments (approx)$332

Total repayments (approx)$11,972

Total interest repayments (approx)$1,972

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO ANZ

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$680 pro-rata

Missed payment fee$20

For debt consolidation?Yes

Sponsored Yes

Telephone1800 801 485

Data accurate as of20/10/2017

GO TO ANZ

Comparison rate warning

This comparison rate is based on a $30,000 Personal Loan for a five year term. This rate is applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

GO TO ANZ

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RateSetter
7.00%
8.00%
$313.56

RateSetter Green Loan

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Save money and help the environment with low rate finance for energy efficient products.

Overview

Minimum loan amount$2,001

Maximum loan amount$45,000

Minimum term (years)6 months

Maximum term (years)7 years

Advertised rate7.00%

Comparison rate8.00%

Monthly repayments (approx)$313

Total repayments (approx)$11,288

Total interest repayments (approx)$1,288

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee0.7%

GO TO RateSetter

Other Fees & Information

Monthly fee$5

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$30

For debt consolidation?No

Sponsored Yes

Telephone1300 768 710

Data accurate as of1/02/2017

GO TO RateSetter

Comparison rate warning

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

GO TO RateSetter

Hide info ˄

RACV
7.49%
8.04%
$322.83

Fast Approval Secured Personal Loan

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From a big backyard patio extension or a brand new swimming pool, to a long-awaited retreat, to a tropical island and everything else in between, RACV secured personal loans can make your dreams happen sooner than you imagine.

Overview

Minimum loan amount$5,000

Maximum loan amount$35,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Advertised rate7.49%

Comparison rate8.04%

Monthly repayments (approx)$322

Total repayments (approx)$11,621

Total interest repayments (approx)$1,621

Rate typeFixed

Secured or unsecuredSecured

Encumberance/REVVS check fee$0

Application / establishment fee$380

GO TO RACV

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Early repayments fee$205

Missed payment fee$10

For debt consolidation?No

Sponsored Yes

Telephone13 15 60

Data accurate as of24/10/2017

GO TO RACV

Comparison rate warning

Comparison Rate calculated on a secured loan of $30,000 over a five year term based on monthly repayments. 

GO TO RACV

Hide info ˄

RateSetter
3.57%
9.11%
$297.88

Personal Loan - 6 months

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Borrow from $2,001 up to $45,000. Terms from 6 months to 5 years, no early repayment fees.

Overview

Minimum loan amount$2,001

Maximum loan amount$45,000

Minimum term (years)6 months

Maximum term (years)6 months

Advertised rate3.57%

Comparison rate9.11%

Monthly repayments (approx)$297

Total repayments (approx)$10,723

Total interest repayments (approx)$723

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO RateSetter

Other Fees & Information

Monthly fee$5

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$30

For debt consolidation?No

Sponsored Yes

Telephone1300 768 710

Data accurate as of1/02/2017

GO TO RateSetter

Comparison rate warning

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

GO TO RateSetter

Hide info ˄

RateSetter
8.16%
9.70%
$318.97

Personal Loan - 3 years

Expand info ˅

Borrow from $2,001 up to $45,000. Terms from 6 months to 5 years, no early repayment fees.

Overview

Minimum loan amount$2,001

Maximum loan amount$45,000

Minimum term (years)6 months

Maximum term (years)5 Years

Advertised rate8.16%

Comparison rate9.70%

Monthly repayments (approx)$318

Total repayments (approx)$11,482

Total interest repayments (approx)$1,482

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee0.7%

GO TO RateSetter

Other Fees & Information

Monthly fee$5

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$30

For debt consolidation?No

Sponsored Yes

Telephone1300 768 710

Data accurate as of1/02/2017

GO TO RateSetter

Comparison rate warning

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

GO TO RateSetter

Hide info ˄

RACV
9.95%
10.48%
$334.30

Unsecured Personal Loans

Expand info ˅

From a big backyard patio extension or a brand new swimming pool, to a long-awaited retreat, to a tropical island and everything else in between, RACV secured personal loans can make your dreams happen sooner than you imagine.

Overview

Minimum loan amount$5,000

Maximum loan amount$35,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Advertised rate9.95%

Comparison rate10.48%

Monthly repayments (approx)$334

Total repayments (approx)$12,034

Total interest repayments (approx)$2,034

Rate typeFixed

Secured or unsecuredSecured

Encumberance/REVVS check fee$0

Application / establishment fee$368

GO TO RACV

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Early repayments fee$205

Missed payment fee$10

For debt consolidation?No

Sponsored Yes

Telephone13 15 60

Data accurate as of24/10/2017

GO TO RACV

Comparison rate warning

Comparison Rate calculated on a secured loan of $30,000 over a five year term based on monthly repayments. 

GO TO RACV

Hide info ˄

ANZ
10.99%
11.87%
$332.58

ANZ Fixed Rate Personal Loan

Expand info ˅

Our Fixed Rate Personal Loan gives you the certainty of knowing you’re protected from interest rate movements. You’ll always know how much your repayments are and how many repayments remain, which will help you budget.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Advertised rate10.99%

Comparison rate11.87%

Monthly repayments (approx)$332

Total repayments (approx)$11,972

Total interest repayments (approx)$1,972

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO ANZ

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$680 pro-rata

Missed payment fee$20

For debt consolidation?Yes

Sponsored Yes

Telephone1800 801 485

Data accurate as of20/10/2017

GO TO ANZ

Comparison rate warning

This comparison rate is based on a $30,000 Personal Loan for a five year term. This rate is applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

GO TO ANZ

Hide info ˄

Big Sky Building Society
13.14%
13.18%
$337.61

Partly Secured Loan

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A partially secured loan is provided against an asset that has value lower than or at least 50% of the amount borrowed.

Overview

Minimum loan amount$1,500

Maximum loan amountNo maximum

Minimum term (years)1 Year

Maximum term (years)7 Years

Advertised rate13.14%

Comparison rate13.18%

Monthly repayments (approx)$337

Total repayments (approx)$12,153

Total interest repayments (approx)$2,153

Rate typeVariable

Secured or unsecuredSecured

Encumberance/REVVS check fee$13

Application / establishment fee$0

GO TO Big Sky Building Society

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone1300 654 321

Data accurate as of5/04/2017

GO TO Big Sky Building Society

Comparison rate warning

Comparison rate calculation is based on a loan of $10,000 over 3 years with fortnightly repayments unless otherwise stated. WARNING: The comparison rates apply only to the example or examples given. Normal lending criteria apply, interest rate is per annum and is variable. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. All interest rates are subject to change.

GO TO Big Sky Building Society

Hide info ˄

Community First Credit Union
12.99%
13.28%
$343.46

Fixed Rate Personal Loan

Expand info ˅

Community First Credit Union offers fixed rate personal loans between $5,000 and $35,000 for any worthwhile purpose. And with fixed rates you can be sure your repayments won't change.

Overview

Minimum loan amount$5,000

Maximum loan amount$35,000

Minimum term (years)1 Year

Maximum term (years)5 Years

Advertised rate12.99%

Comparison rate13.28%

Monthly repayments (approx)$343

Total repayments (approx)$12,364

Total interest repayments (approx)$2,364

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$195

GO TO Community First Credit Union

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored No

Telephone1300 13 22 77

Data accurate as of22/12/2017

GO TO Community First Credit Union

Comparison rate warning

Credit eligibility criteria, terms & conditions, fees & charges apply. The comparison rate is based on an unsecured loan amount of $30,000 over a loan term of 5 years. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

GO TO Community First Credit Union

Hide info ˄

Queensland Country Credit Union
12.95%
13.45%
$340.91

Unsecured Personal Loan

Expand info ˅

If you need some extra cash to make your dream a reality, consider an Unsecured Personal Loan.

Overview

Minimum loan amount$1,000

Maximum loan amount$20,000

Minimum term (years)1 Year

Maximum term (years)5 Years

Advertised rate12.95%

Comparison rate13.45%

Monthly repayments (approx)$340

Total repayments (approx)$12,272

Total interest repayments (approx)$2,272

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$120

GO TO Queensland Country Credit Union

Other Fees & Information

Monthly fee$5

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone1800 075 078

Data accurate as of24/10/2017

GO TO Queensland Country Credit Union

Comparison rate warning

Comparison Rate calculated on a secured loan of $30,000 over a five year term based on monthly repayments. 

GO TO Queensland Country Credit Union

Hide info ˄

Big Sky Building Society
13.45%
13.49%
$339.11

Personal Loan Unsecured

Expand info ˅

An unsecured loan is provided when there is no asset presented as security against the amount borrowed.

Overview

Minimum loan amount$2,500

Maximum loan amountNo maximum

Minimum term (years)1 Year

Maximum term (years)7 Years

Advertised rate13.45%

Comparison rate13.49%

Monthly repayments (approx)$339

Total repayments (approx)$12,207

Total interest repayments (approx)$2,207

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$13

Application / establishment fee$0

GO TO Big Sky Building Society

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone1300 654 321

Data accurate as of5/04/2017

GO TO Big Sky Building Society

Comparison rate warning

Comparison rate calculation is based on a loan of $10,000 over 3 years with fortnightly repayments unless otherwise stated. WARNING: The comparison rates apply only to the example or examples given. Normal lending criteria apply, interest rate is per annum and is variable. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. All interest rates are subject to change.

GO TO Big Sky Building Society

Hide info ˄

My Credit Union
12.85%
13.55%
$339.58

My Personal Loan

Expand info ˅

Personal Loans available for any worthwhile purpose. Take advantage of competitive interest rates, flexible payment options and no penalty for early payout.

Overview

Minimum loan amount$1,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Advertised rate12.85%

Comparison rate13.55%

Monthly repayments (approx)$339

Total repayments (approx)$12,224

Total interest repayments (approx)$2,224

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$100

GO TO My Credit Union

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone13 15 63

Data accurate as of9/04/2016

GO TO My Credit Union

Comparison rate warning

Comparison rate calculated on an unsecured loan of $30,000 for a term of 5 years, repaid monthly. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

GO TO My Credit Union

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BankVic
12.95%
13.58%
$339.73

Personal Loan Variable Unsecured

Expand info ˅

Whether it’s that home theatre, boat, furniture or computer that you’ve been thinking of, our personal loan can help make your dreams come true.

Overview

Minimum loan amount$3,000

Maximum loan amount$60,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Advertised rate12.95%

Comparison rate13.58%

Monthly repayments (approx)$339

Total repayments (approx)$12,230

Total interest repayments (approx)$2,230

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$90

GO TO BankVic

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone13 63 73

Data accurate as of4/04/2017

GO TO BankVic

Comparison rate warning

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rate for the personal loan (unsecured) has been calculated on an unsecured loan amount of $10,000 over a term of 3 years. Comparison rate for the personal loan (secured) has been calculated on a secured loan amount of $10,000 over a term of 3 years.

GO TO BankVic

Hide info ˄

BankVic
12.95%
13.58%
$339.73

Personal Loan Variable Secured

Expand info ˅

Whether it’s that home theatre, boat, furniture or computer that you’ve been thinking of, our personal loan can help make your dreams come true.

Overview

Minimum loan amount$3,000

Maximum loan amount$60,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Advertised rate12.95%

Comparison rate13.58%

Monthly repayments (approx)$339

Total repayments (approx)$12,230

Total interest repayments (approx)$2,230

Rate typeVariable

Secured or unsecuredSecured

Encumberance/REVVS check fee$20

Application / establishment fee$90

GO TO BankVic

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone13 63 73

Data accurate as of4/04/2017

GO TO BankVic

Comparison rate warning

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rate for the personal loan (unsecured) has been calculated on an unsecured loan amount of $10,000 over a term of 3 years. Comparison rate for the personal loan (secured) has been calculated on a secured loan amount of $10,000 over a term of 3 years.

GO TO BankVic

Hide info ˄

Beyond Bank
13.45%
13.71%
$345.05

Flexi Personal Loan

Expand info ˅

With the choice of fixed or variable interest rate, the Flexi Personal Loan gives you maximum flexibility.

Overview

Minimum loan amount$5,000

Maximum loan amountNo maximum

Minimum term (years)1 Year

Maximum term (years)7 Years

Advertised rate13.45%

Comparison rate13.71%

Monthly repayments (approx)$345

Total repayments (approx)$12,421

Total interest repayments (approx)$2,421

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$175

GO TO Beyond Bank

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$20

For debt consolidation?Yes

Sponsored No

Telephone13 25 85

Data accurate as of5/04/2017

GO TO Beyond Bank

Comparison rate warning

The comparison rates are calculated for a secured loan of $30,000 with monthly repayments over a term of five years. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

GO TO Beyond Bank

Hide info ˄

Community First Credit Union
13.49%
13.78%
$345.92

Variable Rate Personal Loan

Expand info ˅

Need money for a holiday, a boat, or simply to consolidate some debt? Our Community First Credit Union variable personal loans may be for you.

Overview

Minimum loan amount$5,000

Maximum loan amount$35,000

Minimum term (years)1 Year

Maximum term (years)5 Years

Advertised rate13.49%

Comparison rate13.78%

Monthly repayments (approx)$345

Total repayments (approx)$12,453

Total interest repayments (approx)$2,453

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$195

GO TO Community First Credit Union

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored No

Telephone1300 13 22 77

Data accurate as of22/12/2017

GO TO Community First Credit Union

Comparison rate warning

Credit eligibility criteria, terms & conditions, fees & charges apply. The comparison rate is based on an unsecured loan amount of $30,000 over a loan term of 5 years. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

GO TO Community First Credit Union

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Tips for comparing personal loans

Looking to make major purchase, go on a holiday or perhaps to consolidate your existing debts into one simple regular repayment? When comparing personal loans, there are other important things to consider and understand, other than just the interest rate.

Are you eligible for a personal loan?

Before you apply for a personal loan, be sure to understand and meet the financial institution’s lending criteria. Below are examples of what may be included in the lending criteria:

  • Minimum age. 18 to 21 is a standard range
  • A verifiable and steady employment. Often you will be required to provide copies of your most recent pay slips
  • A good credit history. For example, no recent defaults and no frequent requests for credit
  • Most lenders require you to be an Australian citizen or permanent resident
  • Credit cards with large credit limits are seen as liabilities, even if there’s nothing owing. If you have existing liabilities, be certain you can pay them off in addition to any new liability

There are many additional factors banks consider when accessing your application, but the above are the most important. If you feel like you may not meet the banks eligibility criteria, it may be best to save!

What can you use a personal loan for?

Lenders will allow you to borrow for almost any worthwhile purpose. No, going to the casino and putting it all on black is not a worthwhile purpose. When comparing loans, use our “loan purpose” filter to find providers that could best suit your needs. Examples include:

How much and how long can you take out a personal loan for?

Minimum and maximum loan amounts vary between $1,000 and $100,000+. Loan terms vary from 6 months to 10 years. Though the exact number varies between lenders, your eligibility and whether you secure the loan.

What’s the difference between secured and unsecured loans?

Secured personal loans use an asset you own as collateral. If you are unable to repay the loan, the lender can then repossess and sell the asset to recoup some or all of the losses from the unpaid loan. If you own a car, property, term deposit or some other valuable asset, you will likely be offered a lower interest rate in exchange for offering it as collateral. You could potentially borrow a larger sum of money if you offer security and the meet the lending criteria.

Unsecured personal loans are loans where you do not put up an asset as collateral. Unsecured loans are higher risk for the lenders, because if you default on the loan, there’s a reduced possibly to recoup the loan. These types of loans come with a higher interest rate, because it reflects the greater risk

What’s the deal with fixed and variable interest rates?

Sometimes, nothing. Though other of the times, it impacts the maximum term of loan, the maximum amount you can borrow, the interest rate and whether the loan includes a redraw facility or allows you to repay early without incurring a penalty fee.

Fixed interest rates will not change over the life of the loan, which makes it easier to budget. By agreeing to a fixed interest rate for the life of the loan, there is no risk that you will miss payments because the interest rate increases. On the flipside, if there is an interest rate cut in the future, you will miss out on any possible savings. Some lenders may not include a redraw facility on fixed rate loans or will include an early repayment fee.

Variable interest rates may rise and fall throughout the life of your loan. This could potentially mean that you will save money in the future if interest rates fall, but if interest rates rise in the future could become difficult to continue to meet the monthly premiums. Variable interest rate personal loans tend to be more flexible for payment terms than fixed rate loans, which gives you more options to manage your finances and tailor your payments to work for you.

What is a peer-to-peer loan?

Peer-to-peer loans have been popular in the UK and the United States for nearly a decade, but are a recent addition to the Australian financial scene. Peer-to-peer lenders give borrowers the opportunity to borrow directly from lenders or investors and bypass traditional lending institutions such as banks and credit unions.

Peer-to-peer lenders can reward individuals with good credit scores by providing loans with a lower interest rate, to reflect the lower risk. However, peer-to-peer lenders may not offer the same flexibility as a bank or credit union. For example, they may not offer the ability to repay the loan weekly or fortnightly or may not have a redraw facility.

What else should you keep in mind when choosing a loan?

When choosing a loan, the interest rate and repayment schedule are not the only important items to consider. Many lending institutions charge fees in addition to interest and hidden fees can surprise even experienced borrowers.

Comfortable repayment schedule

Most lenders allow weekly, fortnightly or monthly repayment. But not all of them, consider a provider that can make withdrawals, based on your pay cycle.

Extra repayment or early penalties

Consider loans that do not penalise you for making additional payments or paying off the loan early. These fees can range anywhere from $0 to $700, depending on how far into the loan you are.

Redraw facility

If you are making additional payments on your loans, but something comes up and you wish you could take that payment back, luckily some loans offer the ability to redraw those payments (as long as you are paid ahead of schedule according to the repayment plan), which can help offer peace of mind to know that if something comes up. Redraw limits and fees apply to some institutions.

Comparison rates

A comparison rate is a term used to describe the actual cost of borrowing, once you include all the application, establishment and recurring fees. In Australia, it is a legal requirement that comparison rates are based on scenarios (i.e. $10,000 over 3 years, or $30,000 over 5 years). The scenarios are found in the disclaimers. It’s important to note, that a 10% comparison rate over 3 years, will not have the same monthly repayment as a 10% comparison rate over 5 years (the 5 year comparison rate is likely to be more expansive), so be sure to read the disclaimer!