Compare Personal Loans in Australia

Live offers

20 live offers compared from 15 providers, from 5.76% APR. Updated daily.

What is a personal loan in Australia?

A personal loan lets you borrow a fixed sum and repay it in regular instalments over a set term, usually one to seven years. Australians use personal loans to consolidate higher-interest debt, fund home renovations, cover a wedding or medical costs, or buy a vehicle. Loans can be secured against an asset for a lower rate, or unsecured, where the rate depends more heavily on your credit profile and income. A personal loan usually costs far less than carrying the same balance on a credit card.

How the Australian market works

Personal loans are offered by the major banks, customer-owned banks and non-bank and peer-to-peer lenders. Many lenders now use risk-based pricing, quoting your individual rate only after assessing your credit score and financials, so the advertised range can be wide. Fixed rates give repayment certainty for the term, while variable rates may allow unlimited extra repayments to clear the loan faster. Comparison sites and brokers help match borrowers to suitable lenders without multiple hard credit checks.

Benefits of a personal loan

Debt consolidation — Rolling higher-interest debts such as credit cards into one personal loan can lower your rate and simplify repayments into a single monthly amount.

Fixed repayments — A fixed-rate loan gives predictable instalments over the term, making household budgeting straightforward.

Lower rates than cards — Personal loan rates are typically well below credit-card purchase rates, saving significant interest on larger borrowing.

How to choose a loan

Compare the comparison rate, which bundles most fees with the interest rate, rather than the headline rate alone. Decide between secured and unsecured, and fixed and variable, and check whether extra repayments or an early payout are allowed without penalty so you can save on interest. Consider the loan term carefully, since a longer term lowers each repayment but raises the total interest you pay over the life of the loan.

Leading providers in Australia

The comparison features CommBank, NAB, Westpac, ANZ, Latitude, Macquarie Bank, ING and SocietyOne. The big four offer personal loans alongside their broader products with the convenience of existing banking relationships, ING and Macquarie compete online, and Latitude and SocietyOne specialise in consumer and peer-to-peer lending with heavily risk-based pricing. The best fit depends on your credit profile and whether you value the sharpest rate or greater approval flexibility.

What it costs

Advertised rates in this comparison range from about 5.76% to 12.99%, reflecting risk-based pricing where stronger credit profiles secure the lower rates. On top of interest you may pay an establishment fee and ongoing monthly account fees, so always compare the comparison rate. Secured loans generally cost less than unsecured ones because the asset reduces the lender's risk, and a shorter term reduces the total interest paid. When consolidating debt, check that the new loan's total interest over its term is genuinely lower than what you would pay on your existing debts, since stretching a balance over many years can cost more despite a lower rate.

Protections and regulation

Personal lending is regulated by ASIC under the National Consumer Credit Protection Act, including responsible-lending obligations that require lenders to verify the loan is suitable and affordable for your circumstances. Lenders and brokers must hold a credit licence and belong to AFCA for disputes. A standardised Key Facts Sheet discloses the standard rate and fees, helping you compare offers from different lenders on a consistent basis.

Common questions

Why is my quoted rate different from the advertised one? — Many lenders use risk-based pricing, so your actual rate depends on your credit history and finances rather than a single headline figure.

Secured or unsecured? — Secured loans usually carry a lower rate because an asset backs them, but that asset is at risk if you default on repayments.

Personal Loans in Australia — FAQ