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Compare variable rate personal loans

When the timing is right, variable rate personal loans can keep you bumper to bumper with the lowest rates in the country. Compare top Australian options for this type of deal and calculate your repayments below. Our easy-to-use tools will steer you towards not only low pay rates but flexible features that help you further clamp down on costs.

Calculate your repayments

Pay ZERO fees^ on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. ^Charges such as default or enforcement costs may apply if you do not comply with the terms of your loan. Comparison rate can vary from 5.95% to 17.95%

Overview

Minimum loan amount$8,000

Maximum loan amount$50,000

Minimum term (years)1.5 years

Maximum term (years)7 Years

Personal loan interest rates (base)5.95%

Personal loan comparison rate5.95%

Monthly repayments (approx)$303

Total repayments (approx)$10,943

Total interest repayments (approx)$943

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$0

GO TO Now Finance

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$35

For debt consolidation?Yes

Sponsored Yes

Telephone1300 275 669

Data accurate as of23/02/2021

GO TO Now Finance

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OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility.

Overview

Minimum loan amount$2,001

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)7 Years

Personal loan interest rates (base)5.45%

Personal loan comparison rate6.07%

Monthly repayments (approx)$309

Total repayments (approx)$11,134

Total interest repayments (approx)$1,134

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 990 115

Data accurate as of30/06/2021

GO TO OurMoneyMarket

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Fast and easy online application. Money can be in your account same-day. Flexible repayments with no early exit fees. Comparison interest rates from 7.64% to 13.32% p.a.

Overview

Minimum loan amount$2,100

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)5 years

Personal loan interest rates (base)6.25%

Personal loan comparison rate7.64%

Monthly repayments (approx)$320

Total repayments (approx)$11,547

Total interest repayments (approx)$1,547

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$495

GO TO MoneyMe

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleFortnightly/Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$15

For debt consolidation?Yes

Sponsored Yes

Telephone1300 329 037

Data accurate as of03.03.2021

GO TO MoneyMe

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Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.

Overview

Minimum loan amount$2,000

Maximum loan amount$80,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.99%

Personal loan comparison rate14.06%

Monthly repayments (approx)$337

Total repayments (approx)$12,142

Total interest repayments (approx)$2,142

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$10

Application / establishment fee$0

GO TO St.George Bank

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?No

Sponsored No

Telephone13 33 30

Data accurate as of14/12/2018

GO TO St.George Bank

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1-7 years flexible loan term, borrow from $5,000 up to $55,000 and redraw additional repayments you've already made

Overview

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.69%

Personal loan comparison rate13.56%

Monthly repayments (approx)$340

Total repayments (approx)$12,269

Total interest repayments (approx)$2,269

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO NAB

Other Fees & Information

Monthly fee$10

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$5

For debt consolidation?Yes

Sponsored No

Telephone13 13 12

Data accurate as of21/09/2020

GO TO NAB

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Bring your next dream purchase a little closer with a Secured Personal Loan.

Overview

Minimum loan amount$3,000

Maximum loan amount$80,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.74%

Personal loan comparison rate13.81%

Monthly repayments (approx)$342

Total repayments (approx)$12,335

Total interest repayments (approx)$2,335

Rate typeVariable

Secured or unsecuredSecured

Encumberance/REVVS check fee$10

Application / establishment fee$195

GO TO St.George Bank

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?No

Sponsored No

Telephone13 33 30

Data accurate as of14/12/2018

GO TO St.George Bank

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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.

Overview

Minimum loan amount$1,000

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)15.99%

Personal loan comparison rate16.29%

Monthly repayments (approx)$356

Total repayments (approx)$12,844

Total interest repayments (approx)$2,844

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO The Mac

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?No

Sponsored No

Telephone1300 622 278

Data accurate as of21/09/2020

GO TO The Mac

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You can use your personal loan for things like purchasing a new car, consolidating your debts, renovating your home, paying for university studies or to go on your dream holiday!

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)5 Years

Personal loan interest rates (base)15.60%

Personal loan comparison rate16.47%

Monthly repayments (approx)$356

Total repayments (approx)$12,847

Total interest repayments (approx)$2,847

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$200

GO TO Arab Bank

Other Fees & Information

Monthly fee$8

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 64 64 84

Data accurate as of6/11/2018

GO TO Arab Bank

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Whether you're looking to buy a new car, take a holiday, renovate your home or you want to consolidate debt, ANZ could help you with a Variable Rate Personal Loan.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)15.99%

Personal loan comparison rate16.84%

Monthly repayments (approx)$357

Total repayments (approx)$12,857

Total interest repayments (approx)$2,857

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO ANZ

Other Fees & Information

Monthly fee$0

Quarterly fee$30

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

Telephone1800 801 485

Data accurate as of6/11/2018

GO TO ANZ

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All-purpose Personal Loan for quick and easy funds when you need them.

Overview

Minimum loan amount$500

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)15.99%

Personal loan comparison rate16.91%

Monthly repayments (approx)$358

Total repayments (approx)$12,901

Total interest repayments (approx)$2,901

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$195

GO TO Regional Australia 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$0

For debt consolidation?No

Sponsored No

Telephone1300 768 710

Data accurate as of21/09/2020

GO TO Regional Australia Bank

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BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

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.

What type of loan are you looking for?

Variable rate personal loans – Get flexible repayment terms

A personal loan with rate ups and downs might be worrying or exciting depending on how you look at it. But, when it comes to variable rates, it’s all about taking a calculated risk so you can lock in a potentially bigger payoff. Our guide on variable rate personal loans gets all your ducks in a row so you can decide if this option is worth a gamble.

What’s a variable rate personal loan?

Rather than stick to the same path, a variable interest rate tends to veer off course in either direction over the life of your loan. In the best-case scenario, this allows you to cash in on any rate cuts, which translates to lower monthly payments.

However, when rates take a dive, they usually surface and start climbing, which leaves you with an expensive financial product. This explains why variable rates are also called adjustable rates. Not only is the interest rate subject to change, but you may also need to keep fiddling with your budget throughout the repayment process.

What makes the interest fluctuate?

A variable rate never truly rests because it bounces off the Reserve Bank cash rate, which in turn, springs off the Australian economy. The cash rate is the official interest rate paid by banks when they borrow money, and if the economy is on the up and up, the Bank of Australia will lower the cash rate. But if the economy is far from booming, the cash rate increases to make borrowing costlier.

If you choose a variable rate, most financial institutions will pass on these extra costs and cuts down to you, though it’s not mandatory. Also, when it comes to increases, variable rates generally have a cap. Therefore, your interest rate won’t rise above a certain point when market rates are not doing so well.

How do personal loans with variable rates work?

Besides a rate that won’t stay still, here’s what you’ll also deal with when taking out a variable rate personal loan:

  • Minimum and maximum limits. The bracket for loan amounts ranges from $1,000 to $5,000 while loan terms are between one and five years.
  • Secured/Unsecured. This depends on whether you have a high-value asset that you want to use to guarantee the loan. A secured personal loan uses this asset which can be a car or property to lower the lender’s risk. That way the lender has something to hang onto if you default which explains why this arrangement generally fetches a lower interest rate. However, you can also choose an unsecured personal loan, a collateral-free option that comes with a higher interest rate on account of a significant lender’s risk.
  • Early repayments. Variable rate loans usually go hand in hand with the flexibility to make extra repayments. That means when market rates are temptingly low, you can opt for a variable rate loan and pay it off in a rush before any increases if you want. This is handy because taking a quick exit from your debt is one of the top tricks for avoiding more interest payments.

Variable rate vs fixed rate personal loan

It’s understandable if a variable rate loan might not suit you or if you don’t like leaving your budget exposed to market forces. Luckily the menu for interest rate types also comes with fixed rate personal loans. These allow you to lock in the same rate over the entire loan term.

Although you’ll get the benefit of same-size repayments, fixed rate loans also come with downsides you’ll need to explore before reaching a decision. Check out BestFind’s fixed rate personal loan guide to get the rundown you need.

Pros of choosing a variable rate

  • You’re more likely to get a lower starting rate than with fixed options
  • When interest rates drop, you can enjoy lower repayments
  • You can pocket more interest savings by erasing your debt before rates start rising

Cons of choosing a variable rate

  • If the rate rises, you’ll have to blow up your budget to cover the increase in repayments
  • It can be a hassle trying to match your budget to the many changes of a variable rate
  • It’s difficult to place a hard figure on what the total cost of the loan will end up being.

When should you take out a variable rate personal loan?

As mentioned earlier, a variable rate is a good bet if well-timed. In most cases, that means the following circumstances have to align for it to be worthwhile:

  • You’re choosing a short loan term. If you’re on a plan to quickly clear your outstanding balance, it means you can avoid the sting of rate increases.
  • Market rates are on a downward trend. Generally, experts will predict how the cash rate is set to behave over the next few years. If interest rates are marked for a decrease, nominating a variable rate might be a better option.
  • You have extra room in your budget. Rates can still jump unexpectedly, so make sure your budget is flexible enough to accommodate more outgoings.

How to compare variable rate loan options

When comparing variable rate personal loans, our product table will keep you tuned into Australia’s top options. However, there are a few things to look at before tagging an option that’s right for your financial situation:

  • Interest rate. You’ll be comparing starting rates since the interest rate might change over the loan’s life. The lower the advertised rate, the more you pocket.
  • Comparison rate. Alongside the advertised rate, the comparison rate also deserves some attention and for a good reason. It includes the interest rate and other standard loan fees and charges. Therefore, it carries more weight if you need to quickly calculate the true cost of the loan. If you’re looking at individual fees, common ones to check for include upfront establishment fees, monthly fees and late repayment fees.
  • Monthly repayments. The size of your repayments is a crucial factor that can make or break your budget. To make sure you choose what’s best for your financial situation, use our variable rate personal loan calculator to find a good starting point for your monthly repayments.
  • Extra repayment penalties. The best variable rate personal loans have no early exit fees. This allows you to pay off your loan quickly without having to deduct some of your savings to cover the penalties.
  • Redraw facility. With a redraw facility, any extra repayments you make are not closed off from you. Instead, you can dip into this surplus when you need to, though you should always watch out for redraw fees.
  • Other beneficial features. The best variable rate personal loans also come with extra merits, such as the flexibility to choose weekly and fortnightly repayments. Some lenders offer same day funding, while others let you manage your loan online.

How to apply for a variable rate personal loan

Applying for a variable rate online begins with one click on the “Go to Site” button of your choice. This takes you directly to the credit provider’s website where you’ll need to meet the following requirements:

  • Be an Australian citizen or permanent resident who’s 18 years and above
  • Have a stable and sufficient income
  • Provide ID and proof of payment documents
  • Provide details about your contacts, employment and finances

Variable rate personal loans FAQ

What can I use a variable rate loan for?

You might need to check with your lender, but generally, you can use the funds for most purposes, including debt consolidation.

Can I refinance a variable rate loan?

Yes, it’s possible to switch to a fixed rate personal loan if interest rates get out of hand.

How do I get the lowest rate when choosing a personal loan?

At the very least, shop around and compare loans, check your credit profile to make sure all is in order, and don’t be afraid to negotiate with the lender.

Can I apply if I have bad credit?

Yes. However, most bad credit personal loans are usually secured loans.

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