Important disclosure

Secured Personal Loans

Compare secured personal loans from trusted Australian lenders. Narrow your search results by using the filters below to increase or decrease your term and loan amount. Want more granular results?

Use the “Filter Results” menu to select the product features most important to you. For each product listed below, you can view comprehensive information by clicking “View fees & additional info+”.

Terms from 1 to 10 years. Representative example: 3 year $10,000 loan with comparison rates from 6.55% to 20.89% would cost between $11,387 and $14,165 including fees.

Compare secured personal loans

Loan Amount

$10,000

Term

3 months

NRMA

NRMA New Car Loan (Credit Score +832)

EST Monthly Repayment
EST Monthly Repayment
7.29%
Advert. Rate (p.a)
Comparison rate
There's nothing quite like the thrill of buying a car, but one of the biggest challenges is finance. Ideally you'll want a car loan that offers flexibility and a low competitive rate, and is easy to apply for.
Liberty

Secured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
6.52%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Offering the certainty of fixed repayments at a rate just for you.
NRMA

NRMA Used Car Loan (Credit Score +832)

EST Monthly Repayment
EST Monthly Repayment
8.49%
Advert. Rate (p.a)
Comparison rate
NRMA used car loans can help you get one step closer to owning your dream pre-loved car.
NRMA

Personal Loan (Secured) (Credit Score +832)

EST Monthly Repayment
EST Monthly Repayment
10.49%
Advert. Rate (p.a)
Comparison rate
Whether you require funds for elective surgery, a wedding or looking to give your home a makeover, the NRMA can help you achieve your goals with a competitive personal loan.
Liberty

Secured Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
10.34%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Offering the certainty of fixed repayments at a rate just for you.
Bankwest

Flexible Personal Loan

EST Monthly Repayment
EST Monthly Repayment
10.99%
Advert. Rate (p.a)
Comparison rate
Whatever it is you’re dreaming about, a Bankwest Flexible Personal Loan puts you in control. Pay it off early, make additional repayments and redraw additional repayments you’ve made all at no extra cost!
Westpac

Westpac Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
11.99%
Advert. Rate (p.a)
Comparison rate
A personal loan can help you to get what you’ve always wanted. Plan ahead with a flexible loan term of between 1 and 7 years. Apply for between $4,000 and $50,000 (conditions apply). Make extra repayments to pay your loan off sooner (prepayment fee may apply). Choose a repayment frequency to suit when you get paid - weekly, fortnightly or monthly.
NAB

NAB Variable Rate Personal Loan

EST Monthly Repayment
EST Monthly Repayment
12.69%
Advert. Rate (p.a)
Comparison rate
1-7 years flexible loan term, borrow from $5,000 up to $55,000 and redraw additional repayments you've already made
NAB

NAB Fixed Rate Personal Loan

EST Monthly Repayment
EST Monthly Repayment
12.69%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 up to $55,000 for 1 to 7 years flexible loan terms
People's Choice Credit Union

Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
13.99%
Advert. Rate (p.a)
Comparison rate
As a member owned organisation, our first priority is to help you. We continually focus on providing high levels of personalised service and value for money products – such as our Personal Loans– there to help you make those life-changing purchases.
The Mac

Personal Loan Unsecured

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
Whether you're dreaming of far away destinations or of revolutionising the world with your next big invention, our Unsecured Personal Loans are a flexible and simple solution from an ethical and trusted team.
Regional Australia Bank

Personal Loan

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
All-purpose Personal Loan for quick and easy funds when you need them.
SocietyOne

Personal Loan - 5 years - Tier 4

EST Monthly Repayment
EST Monthly Repayment
16.79%
Advert. Rate (p.a)
Comparison rate
We understand no two borrowers are the same. That's why our rates are personalised to your credit history. The better your credit history, the lower your interest rate.

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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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What type of loan are you looking for?

Find and compare secured personal loans in Australia

Secured personal loans can be an effective solution to an assortment of finance needs. You can typically use the funds for debt consolidation, holiday and travel, home improvement, or just about anything.

But, the most attractive feature of secured loans is perhaps the low interest rate that results from collateral back-up. What does this mean for you, and how can you find a secured loan option that suits your needs?

Let’s take a closer look.

What makes a loan secured?

When you borrow money, getting a better deal generally depends on what you’re willing to trade-off. With secured loans, this trade-off happens when you bring an asset into the financing arrangement between you and the lender.

In this arrangement, the lender has a right to seize and sell your asset if you default. The asset, therefore, acts as a bargaining chip that convinces the lender it’s safe to hand over a lump sum of money to you. The term “secured” doesn’t always apply to home loans and car loans only, however.

Personal loans can also be secured. Next, we take a further look at how personal secured loans work.

red car with sunset background

How do secured personal loans work?

Generally, a secured personal loan will have the following features:

  • Types of collateral. A secured car loan is the standard choice for most Aussies when it comes to guaranteeing borrowed funds. However, savings accounts, property, and property equity work just as well for most finance providers.
  • Minimum/maximum loan amount. Your bank account can receive up to $100, 000 if your application is successful.
  • Repayment periods. These range between 1 and 10 years. It’s worth noting that opting for a longer loan term means you collect more interest payments along the way.
  • Regular repayments. Typically, you chip away at your debt by making regular repayments until it’s all paid off. Our secured personal loan calculator can help you choose an affordable estimate based on your selected amount and term. This, in turn, gives you an important heads-up in terms of planning your future budget.
  • Fixed/Variable rate. If your secured loan has a variable rate, your monthly repayments may be affected by RBA cash rate fluctuations. On the other hand, a fixed rate shields you from unexpected budget changes.

Pros of secured personal loans

Once you agree to a deal that’s less risky for the lender, here’s what’s in it for you:

  • Your borrowing capacity is likely to increase
  • A potentially lower rate and cheaper fees
  • You may be able to choose a longer term and, therefore, more comfortable repayments

Cons of secured personal loans

Secured personal loans also have several drawbacks to consider:

  • By reducing the risk for the lender, you take on the risk of losing your asset if you default
  • You might not own the right asset as per the lender’s requirements
  • While a longer loan term rewards you with affordable repayments, this isn’t in your best interests if you want to keep as much money in your pocket as possible.

When should you choose a secured personal loan?

When it comes to negotiating a better deal, secured loans can be quite the catch. Consider the following scenarios:

  • You want to reduce finance costs. The finance provider has a fool-proof way of recovering their investment should you default. They’re, therefore, more willing to bring their most competitive offer to the table. If you’re shopping for cheap credit, a secured personal loan can potentially result in thousands of dollars worth of savings.
  • You have bad credit. When you seal the deal with an asset for back up, the credit provider won’t worry too much about your imperfect credit rating. This can come as a relief if you have been previously turned down after applying for an unsecured loan.
  • You want to increase your chances of approval. Some Australian lenders have strict requirements that include having a stable and regular income. For the self-employed or those with casual jobs, this can be quite tricky. Fortunately, throwing in some collateral tends to loosen the rules surrounding lending criteria.

How to find the best secured personal loan

Our comparison table above works well if you need a convenient place to wrap up your search for the perfect secured loan. When you compare secured personal loans, it also helps if you use the following checklist to isolate credit products that are most suitable for your needs:

  • Comparison rate. Sorting through loan fees involves checking application fees, establishment fees, ongoing fees, and late payment fees. This helps you to figure out how much they’ll affect the total cost of the loan. But, a quicker way to get the overall picture is checking the comparison rate. That’s because the percentage you see not only covers the interest rate but standard charges and fees as well.
  • Loan requirements. Your main concern here is to check if the asset you’re planning to offer as collateral will get the lender’s seal of approval. Also, keep in mind that collateral requirements vary between different finance providers.
  • Loan flexibility. This covers everything from how you’ll be able to spend the money to how much you can borrow and for how long. Additionally, can you make early repayments without the risk of penalty fees? The bottom line is you should be able to enjoy and repay your secured loan with minimal frustration.

Secured vs unsecured personal loans

As mentioned earlier, secured loan deals require you to put up an asset as a borrower. In contrast, unsecured personal loans are quite free from collateral demands. Without collateral to guarantee any borrowed funds, the question of risk becomes an issue again for the lender. They, therefore, charge higher rates and fees for their unsecured loan products as a way to cancel any potential, future losses.

How to apply

If your loan comparison has yielded fruitful results, you can close in on the deal by simply clicking “Go to Site” in our comparison table above. You’ll then be able to visit the lender’s website and submit your application. This typically requires the following:

  • Australian ID, passport, driver’s licence
  • Payslips and bank statements
  • Other financial and personal details (depending on the lender)

Frequently asked questions about personal loans

How long does it take for the lender to claim my asset after failed repayments?

It’s generally recommended contacting the lender ASAP if you’re facing difficulty with your repayments. That being said if you default, the credit provider can repossess your asset after 30 days, but this only happens under certain circumstances. For example, they first sent you a notice, and they can only act if you have been unresponsive and if you owe a specific amount.

How can I get my asset back if the lender has it?

You simply pay off the outstanding balance before the lender sells it. You should also consider seeking free advice from legal experts (community legal centres) and financial counselors (National Debt Helpline).

Will I still owe the lender if they repossess my asset?

This depends on how much your asset sells for. If the lender fails to recover their initial investment, you’ll still be liable for the outstanding balance.

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