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Minimum and maximum loan periods vary between 6 months and 10 years. Comparison
interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between
$1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan
of $10,000 for a term of 3 years. 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. These rates can change without further
notice. All rates quoted are per annum. For more information regarding fees click on "View
fees & additional info +" for each product or contact the provider.
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Excellent credit personal loans – Get the best rate on offer
While excellent credit personal loans don’t always guarantee credit, they do come with several top-status benefits once you pass the lender’s risk assessment. An excellent credit not only helps tip the scales in your favour when it comes to approval, but you’ll also have a wider pick of lenders. Next up, you’ll be able to borrow a bigger chunk while getting some of the best rates on the market.
This is generally a tough nut to crack for lesser credit scores. But your spotless credit works as a badge of honour that tells credit providers you’re a responsible borrower. Let’s take a closer look at how excellent credit loans work and how to stay on top when comparing options.
How do excellent credit personal loans work?
In Australia, an excellent credit score is a three-digit number that spells a history of good borrowing behaviour. The two major Australian credit reporting bureaus, Equifax and Experian, have slightly different takes on what constitutes an excellent score. But whether it’s between 800 and 1,000 (Experian) or 833 and 1,200 (Equifax), such a high score generally encourages lenders to bring out their lowest rates.
In addition, some providers offer perks, such as more flexible terms and borrowing limits. When searching for excellent credit personal loans, your choice of lenders includes banks, credit unions, online lenders, and P2P companies.
How do I get an excellent credit personal loan?
In most cases, scoring the best deal is not as cut and dried as having an impeccable credit score. Credit providers also use different yardsticks to measure your reliability when it comes to repaying your loan. These factors also weigh in on the lender’s final decision:
- Debts. If you have other personal loans, car loans, and credit cards, they may already be bogging down your income. The closer you’re to the credit limit, the less likely you’ll be able to afford the additional debt.
- Income vs expenses. Even if your credit plate has more room, too many expenses can also tie up your income. Therefore, a finance provider may perceive you as risky if your household budget is already clogged up with expenses.
- Recent credit applications. A hard credit check from a lender will leave a mark on your credit file. Too many searches from different lenders in a short space of time might give the impression of a reckless borrower trying their luck everywhere.
Types of personal loans for excellent credit
- Secured personal loans. Your debt is attached to your property, which allows you to borrow more or get an even lower rate.
- Unsecured personal loans. You don’t have to own an asset to apply, although this flexibility comes with higher rates than secured loans.
- Peer to peer loans. These are available on internet marketplaces where Aussie investors link up with Aussie borrowers for no-banks deals.
How to compare and choose the best personal loan
To avoid painting all personal loans with one brush, here’s what you need to consider when comparing loan options:
- Interest rate and interest rate type. If you have worked hard to build your credit score, you’ll probably want a worthy reward for your efforts. Check for the best personal loan interest rates in our comparison table above. Remember to apply the filter to ensure on-point comparisons for fixed interest rate loans and variable interest rate loans.
- Loan fees. Check for establishment fees, monthly fees, late payment fees, and other applicable fees. Avoid steep costs that can undo the benefits of any low rate you get.
- Comparison rate. This also deserves a check since it generally represents the true cost of a loan. That’s because it bundles up the interest rate and fees in one percentage.
- Monthly repayment amount. Our personal loan calculator helps you pick out the most affordable and low-cost option for your budget. Simply enter your loan amount and loan term in line with the lender’s limits to determine your monthly estimate.
- Repayment flexibility. If you’re planning to pay off the loan in a hurry, make sure you can make early repayments with no penalties. Also, find out whether you can opt for weekly or fortnightly repayments (aside from the usual monthly)
- Unique features. A list of such features includes pre-approval with soft credit checks, online debt tracking, and a fast payout. Some loans also have redraw facilities where you can take back extra repayments you’ve made in the past.
Excellent credit personal loans FAQ
How do I apply for a personal loan?
Our comparison table above has a “Go to Site” button for each lender. Once you’re ready to apply, click on your preferred choice to reach the lender’s online application page
Will I be approved for every application if I have excellent credit?
Credit score requirements are different for each provider, so approval is not always guaranteed. In addition, the provider also looks at your income, debts, and other factors. These will also affect the outcome of your application.
How do I improve my credit score?
Your strategy should include checking your credit file to fix any errors and paying bills on time. You can also build your credit score by applying for a low rate card.
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