Compare personal loan interest rates

A quick comparison can save you hundreds over the lifetime of your personal loan. Find the most competitive interest rates, get your funding and get on with your day.

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Personal loan comparison made easy

Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
to 18.99%
Comp. Rate (p.a.)
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
Monthly Repayment
Go to siteMore Info
ExclusiveVariable3 - 5 Years $2,000 - $55,000
Interest Rate (p.a.)
to 10.90%
Comp. Rate (p.a.)
to 11.04%
Application Fee
Monthly Fee
Monthly Repayment
Go to siteMore Info
Exclusive Offer: Save $100 with a reduced application fee of $99, and monthly service fees waived for applications submitted until 28 June 2023.
Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000
Interest Rate (p.a.)
to 21.50%
Comp. Rate (p.a.)
to 21.50%
Application Fee
Monthly Fee
Monthly Repayment
Go to siteMore Info
Variable2 - 7 Years $5,000 - $70,000
Interest Rate (p.a.)
to 29.99%
Comp. Rate (p.a.)
to 33.28%
Application Fee
0% - 5%
Monthly Fee
Monthly Repayment
Go to siteMore Info
Fixed1 - 7 Years $5,000 - $75,000
Interest Rate (p.a.)
to 18.49%
Comp. Rate (p.a.)
to 18.76%
Application Fee
Monthly Fee
Monthly Repayment
Go to siteMore Info
Showing 5 of 5 results

3 things to know about personal loans in Australia

Loan term

Loan terms

Most personal loans offer terms of 1-7 years, so you can choose how long you take to repay.

Papers with magnifying glass icon

Personalised interest rates

You'll get a personalised interest rate, largely based on your credit score, with offers typically ranging from 7% p.a. to 25% p.a.


Fixed vs variable rates

Fixed rate loans have the same interest rate over the term of your loan. Variable rates go up or down based on the current market.

How do I compare personal loans?

You can get a better deal by comparing personal loans before you apply. Here's what to look at:

  • Interest rate. Most personal loans have variable rates, but some offer fixed rates. Variable rates are usually lower but can change over time. Fixed rates won't change over the lifetime of your loan, but tend to be higher.
  • Comparison rate. The comparison rate for personal loans in Australia is your interest rate, plus application and monthly fees. It offers a quick estimate of your loan's overall cost. This rate is based on a 'typical' loan from the lender, so if you borrow a different amount or for a different duration, the actual cost of your loan may vary slightly.
  • Fees. Check for application fees, establishment fees and ongoing account fees. In general, any fee that you have to pay will be included in the comparison rate - which gives you an idea of how expensive a loan is at a glance. Fees that typically aren't included in the comparison rate are those that are optional, like early repayment fees.
  • Loan amount. Start with how much you want to borrow so you can find loans that accept this amount. Amounts vary by lender, but you can generally expect to borrow between $2,001 and $100,000.
  • Loan term. The term is how long you have to pay off the loan. Personal loans usually have terms of 1-7 years. You'll get lower monthly repayments with a longer term, but pay more interest overall.
  • Repayments. You can choose between weekly, fortnightly or monthly repayments with different personal loans. Some loans also let you make extra repayments if you want to pay it off early.
  • Other features. Look for features like a redraw facility or early repayments. A lender app can also help you track your repayment progress.

The difference between an interest rate of 9% p.a. and 8% p.a. for a $20,000 loan over 7 years is over $800 in interest. Check out Finder's best personal loans to see our top picks of the month.

Personal loan interest rates update: June 2023

Personal loan rates rose from May to June. At the start of May, our database showed the average interest rate for a credit score of Excellent was 10.6% p.a. Now, at the start of June, the average interest rate is 10.72% p.a.

While interest rates are rising, this rise of 0.12 was less than the 0.4 we saw between March and May.

Rates may continue to climb throughout the year, so it's more important than ever to shop around and compare your personal loans.

Average personal loan rates

Average interest rate for an unsecured, general use loan (excellent credit): 10.72% p.a. and comparison rate: 11.64% p.a.

Average interest rate for a secured, general use loan (excellent credit): 9.33% p.a. and comparison rate: 10.12% p.a.

Remember that these averages are based on an individual with a credit score of 'Excellent'. The interest rate you are offered may not be the same depending on your own circumstances.

How do I know what my personal loan repayments be?

Your personal loan interest rate will often be based on your credit score and credit history. It's best to get a quote from a lender once you are comfortable you fit their eligibility criteria. That quote should include the interest rate you are offered, as well as any fees.

When you have that information, use a personal loan calculator to be able to confidently tell what you're repayments will be like.

What you need to know about credit scores and personal loans in Australia

Your credit score will often impact the interest rate you receive for a personal loan. This is called risk-based pricing, and can mean the difference between a personal loan at 7% p.a. or 25% p.a.

Only your Australian credit score matters. If you have no credit history in Australia then you will need to establish one before qualifying for most personal loans.

You can and should check your credit score before applying for a loan. That way you can fix problems ahead of time and get a better rate. You can do that, and get tips on how to improve your score, free with Finder.

Check your credit score for free with Finder

Is a personal loan right for me?

Personal loans can be a worthwhile solution to a common problem - accessing money you don't have right now. You can use them for a wedding, holiday, emergency bills, or essentially anything you want that you can legally buy.

While most loans are for "any worthwhile purchase", there are specialised loans for businesses and for vehicles.

Whether or not a personal loan is the right option for you depends heavily on your circumstances. In general, they have more flexible eligibility requirements than credit cards and you may have an easier time borrowing larger amounts of money without having an extensive credit history. Interest rates for personal loans also tend to be lower - though credit cards could be cheaper if you use a low interest credit card or if you can pay the card off within the no-interest period.

A personal loan could be good if you:

  • Need to borrow $2,000 or more
  • Have a lot of different expenses you want to pay off over a set period of time
  • Want to make repayments more affordable by spacing them out over 1-7 years

A personal loan may not be right if you:

  • Want to access the funds at any time
  • Can afford to pay off what you spend in less than a year
  • Want access to credit "just in case" you need it

If you are struggling financially and need a small amount of money quickly, there may be better options for you than a personal loan. Responsible borrowing is important to avoid the cycle of debt. For more resources on this, visit the Australian government's MoneySmart website*.

Personal loan advertising and marketing can make it appear that you'll get a far cheaper rate than you actually will. Before you get excited, find out the specific rate for your desired loan term and the loan features. Also be aware that if you're going to use a peer-to-peer, rates-on-risk lender, it's vital to check your credit score first. The higher it is, the lower your interest rate will be.

Nicole Pedersen-McKinnon

Nicole Pedersen-McKinnon
Freelance finance journalist

Tip: Secure your loan for cheaper rates

Securing your loan could save you thousands of dollars, but make sure you're able to make your repayments or you'll risk losing the asset you're securing the loan against. We analysed our database and found on average, interest rates for secured loans were approximately 2% p.a. lower than unsecured loans.

Types of personal loans

Secured personal loans

Secured personal loans are personal loans where you agree with your lender that they can repossess one of your assets if you default on the loan. You agree to what the asset is when you apply, and its usually an item such as a car. This makes you less risky to lend to, so can help your loan get approved or even get you a lower interest rate.

Unsecured personal loans

Unsecured personal loans are the most common type of personal loan. They do not have an asset tied to them, so are much more straight forward but they tend to be more expensive than secured personal loans.

Car loans

Car loans tend use the vehicle as an asset, but some second-hand car loans are unsecured. You can get a car loan through a bank, a private lender or a car dealer.

Bad credit loans

Bad credit personal loans exist, but they are very expensive. They are also known as payday loans or short term loans. They should only be used as a last resort. If you are struggling with your finances and credit history, you can get free financial advice by calling the National Debt Helpline on 1800 007 007.

Debt consolidation loans

Debt consolidation loans roll your debts into a single loan so you only have to make one monthly repayment and can save on rates and fees. You can use it for other personal loans, credit cards and even buy now pay later balances.

Big Four Banks vs other lenders

All lenders must follow the same regulations and code of conduct, making non-bank lenders as safe to borrow from as the Big Four banks.

We've summarised your main options:

  • Big Four Banks. If you already bank with ANZ, CommBank, NAB or Westpac, getting a personal loan means you'll see all your accounts in one place. While their personal loan rates can be competitive, they aren't always the lowest rates on the market.
  • Other banks and financial institutions. Beyond the Big Four, you'll find personal loans with plenty of other banks and big lenders that are based in states, regions or across Australia. Some well-known examples include Latitude, Citi, ING and Bendigo Bank.
  • Credit unions and non-bank lenders. Credit unions and other member-owned financial institutions don't answer to shareholders, which means they can offer lower rates and fees compared to traditional banks.
  • Neobanks, fintechs and other online lenders. Brands like Humm, Harmoney, NOW Finance and Wisr are run completely online. They often focus on app features, and can be very competitive with loan terms, rates and fees.

Why compare personal loans with Finder?


We're free

Our personal loan engine is completely free to use. There are no costs at all for you to use our database to find a better deal. Better still, we regularly run exclusive deals that you won't find on any other site.
expert advice

We're experts

We've researched and reviewed hundreds of loans as part of our Finder Awards. Our database and tables are always up-to-date and our in-house experts regularly appear on Sunrise, 7News and SBS News.

We're independent

We are independently owned and have a mission to help Australians make better financial decisions. That means our opinions are our own and you can compare nearly every personal loan in Australia on the site (and find a better deal).

We're here to help

Since 2014, we've helped 300,000+ people find a personal loan by explaining your options simply. You don't need to give us any details to use our tables. We're here to help you make a decision.

FAQs about personal loan comparison

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Personal Loan Offers

Important Information*
Logo for OurMoneyMarket Personal Loan
OurMoneyMarket Personal Loan

You'll receive a fixed rate from 6.57% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a rate from 6.99% p.a. to 18.49% p.a. with a comparison rate from 7.69% p.a. to 19.09% p.a. if you're approved.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants. T&C's apply.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 6.99% p.a. and 19.99% p.a. ( 7.91% p.a. to 20.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

Logo for NOW Finance No Fee Unsecured Personal Loan
NOW Finance No Fee Unsecured Personal Loan

You'll receive a fixed rate between 6.75% p.a. and 20.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required.

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