Compare Personal Loans from 50+ Australian Lenders
Compare advertised personal loan rates - secured, unsecured, fixed and variable - from major banks and online lenders. Free, independent, updated daily.
Rates updated 2 November 2026
Estimated monthly savings $0
Estimated total savings $0
Based on a typical 10.16% p.a. vs our lowest 6.20% p.a. Actual savings depend on credit and loan details.
100% free. No impact on your credit score.
Where personal loan rates sit today
6.63% comparison rate
6.65% comparison rate
Same-day funding available
Online lenders continue to compete hard for borrowers. The RBA has lifted the cash rate to 4.60% (up from 4.35%), with secured rates from 6.20% (6.63% comparison rate*), covering debt consolidation and major purchase finance.
What Are the Best Personal Loan Rates in Australia Right Now?
As of November 2026, the lowest personal loan rates in Australia start from 6.20% p.a. (6.63% comparison rate*) for secured loans with excellent credit. Unsecured rates start from 5.60% p.a. (6.65% comparison rate*) The RBA has lifted the cash rate to 4.60% (up from 4.35%), and competition among online lenders continues to shape personal loan pricing.
| Lender | Product | Rate (p.a.) | Comparison Rate | Monthly ($25K/5yr) | Secured/Unsecured | Features | Compare |
|---|---|---|---|---|---|---|---|
| UNITY BANK | Community Support Loan | 5.60% | 6.65% | $479 | Unsecured | Redraw, PayID, NPP | |
| ING | ING Personal Loan | 6.19% | 7.03% | $486 | Unsecured | Digital banking | |
| Liberty | Secured personal loan | 6.20% | 6.63% | $486 | Secured | ||
| Bank of us | RESIDENTIALLY SECURED PERSONAL LOAN | 6.29% | 6.57% | $487 | Secured | NPP, Redraw, Digital banking | |
| Bank of us | Personal Loan | 6.49% | 6.77% | $489 | Unsecured | Redraw, Digital banking, NPP | |
| St. George Bank | Secured Fixed Personal Loan | 6.49% | 7.90% | $489 | Secured | Digital banking | |
| Bank of Melbourne | Secured Fixed Personal Loan | 6.49% | 7.90% | $489 | Secured | Digital banking | |
| BankSA | Secured Fixed Personal Loan | 6.49% | 7.90% | $489 | Secured | Digital banking | |
| QBANK | Personal Loan | 6.74% | 7.37% | $492 | Unsecured | ||
| Greater Bank | Secured Personal Loan | 6.78% | 7.17% | $492 | Secured | Digital banking, Redraw | |
| HORIZON BANK | Personal Saving Freeze | 6.79% | 7.00% | $493 | Unsecured | Redraw, Digital banking, NPP | |
| HORIZON BANK | Personal Mortgage Sec. | 6.79% | 9.07% | $493 | Unsecured | Redraw, Digital banking, NPP | |
| Liberty | Unsecured personal loan | 6.89% | 6.89% | $494 | Unsecured | ||
| Credit Union SA | Education Community online-only Special Fixed Rate Personal Loan | 6.94% | 6.94% | $494 | Unsecured | Redraw | |
| Bank of us | Personal Loan | 6.99% | 7.27% | $495 | Unsecured | Redraw, Digital banking, NPP | |
| CommBank | Unsecured Variable Rate Personal Loan | 6.99% | 8.40% | $495 | Unsecured | Digital banking, Redraw | |
| Health Professionals Bank | Fixed Rate All Purpose Personal Loan | 6.99% | 7.20% | $495 | Unsecured | Digital banking | |
| Health Professionals Bank | Fixed Rate All Purpose Personal Loan | 6.99% | 7.20% | $495 | Unsecured | Digital banking | |
| Health Professionals Bank | Fixed Rate All Purpose Personal Loan | 6.99% | 7.20% | $495 | Unsecured | Digital banking | |
| Health Professionals Bank | Fixed Rate All Purpose Personal Loan | 6.99% | 7.20% | $495 | Unsecured | Digital banking |
Community Support Loan
6.65%
$479
Unsecured
ING Personal Loan
7.03%
$486
Unsecured
Secured personal loan
6.63%
$486
Secured
RESIDENTIALLY SECURED PERSONAL LOAN
6.57%
$487
Secured
Personal Loan
6.77%
$489
Unsecured
Secured Fixed Personal Loan
7.90%
$489
Secured
Secured Fixed Personal Loan
7.90%
$489
Secured
Secured Fixed Personal Loan
7.90%
$489
Secured
Personal Loan
7.37%
$492
Unsecured
Secured Personal Loan
7.17%
$492
Secured
Personal Saving Freeze
7.00%
$493
Unsecured
Personal Mortgage Sec.
9.07%
$493
Unsecured
Unsecured personal loan
6.89%
$494
Unsecured
Education Community online-only Special Fixed Rate Personal Loan
6.94%
$494
Unsecured
Personal Loan
7.27%
$495
Unsecured
Unsecured Variable Rate Personal Loan
8.40%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Police Student Personal Loan (eligible occupations only)
6.30%
$495
Unsecured
Secured Personal Loan
7.34%
$495
Secured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Fixed Rate All Purpose Personal Loan
7.20%
$495
Unsecured
Unsecured Variable Personal Loan
8.41%
$495
Unsecured
Unsecured Fixed Personal Loan
8.41%
$495
Unsecured
Unsecured Variable Personal Loan
8.41%
$495
Unsecured
Unsecured Fixed Personal Loan
8.41%
$495
Unsecured
Unsecured Fixed Personal Loan
8.41%
$495
Unsecured
Unsecured Variable Personal Loan
8.41%
$495
Unsecured
GREENROAD
7.45%
$497
Unsecured
Set-Off Loan
7.36%
$497
Unsecured
Fixed Rate Personal Loan
7.65%
$498
Unsecured
Fixed Rate Personal Loan
7.24%
$498
Unsecured
Personal Loan
7.87%
$498
Unsecured
Education Community Special Fixed Rate Personal Loan
7.24%
$498
Unsecured
Unsecured Fixed Rate Personal Loan
8.65%
$498
Unsecured
Unsecured Fixed Rate Personal Loan
8.65%
$498
Unsecured
Unsecured Fixed Rate Personal Loan
8.65%
$498
Unsecured
Unsecured Fixed Rate Personal Loan
8.65%
$498
Unsecured
Unsecured Fixed Rate Personal Loan
12.23%
$498
Unsecured
Unsecured Fixed Rate Personal Loan
12.23%
$498
Unsecured
Unsecured Fixed Rate Personal Loan
12.23%
$498
Unsecured
Unsecured Personal Loan
8.69%
$498
Unsecured
Personal Loan - Secured (residential)
8.21%
$499
Secured
Enviro Loan
8.79%
$500
Unsecured
Personal Loan
7.77%
$501
Unsecured
ANZ Variable Rate Personal Loan
8.18%
$501
Unsecured
ANZ Fixed Rate Personal Loan
8.18%
$501
Unsecured
NAB Personal Loan
8.41%
$501
Unsecured
NAB Personal Loan
8.41%
$501
Unsecured
Personal Loan Secured
7.62%
$502
Secured
Personal Loan - Secured
8.04%
$504
Secured
UNSECURED PERSONAL LOANS
8.49%
$504
Unsecured
Online-only Special Fixed Rate Personal Loan
8.43%
$506
Unsecured
Diamond Fair Rate Personal Loan Varibale P&I
8.00%
$507
Unsecured
Police Student Personal Loan (eligible occupations only)
7.20%
$507
Unsecured
Police Student Personal Loan (eligible occupations only)
7.20%
$507
Unsecured
VIP PERSONAL LOAN
8.24%
$507
Unsecured
Personal Loan - Secured PPSR
8.87%
$507
Secured
SECURED PERSONAL LOAN
9.15%
$510
Secured
SECURED PERSONAL LOAN
9.15%
$510
Secured
SECURED PERSONAL LOAN
9.15%
$510
Secured
SECURED PERSONAL LOAN
9.15%
$510
Secured
SECURED PERSONAL LOAN
9.15%
$510
Secured
EMONEY SECURED PERSONAL LOAN
9.15%
$510
Secured
EMONEY SECURED PERSONAL LOAN
9.15%
$510
Secured
EMONEY SECURED PERSONAL LOAN
9.15%
$510
Secured
EMONEY SECURED PERSONAL LOAN
9.15%
$510
Secured
EMONEY SECURED PERSONAL LOAN
9.15%
$510
Secured
LJ HOOKER SECURED PERSONAL LOAN
9.15%
$510
Secured
LJ HOOKER SECURED PERSONAL LOAN
9.15%
$510
Secured
LJ HOOKER SECURED PERSONAL LOAN
9.15%
$510
Secured
LJ HOOKER SECURED PERSONAL LOAN
9.15%
$510
Secured
LJ HOOKER SECURED PERSONAL LOAN
9.15%
$510
Secured
Special Fixed Rate Personal Loan
8.73%
$510
Unsecured
Personal Loan Secured Other
8.52%
$513
Secured
Secured Fixed Rate Personal Loan
8.91%
$513
Secured
Secured Fixed Rate Personal Loan
8.91%
$513
Secured
Secured Fixed Rate Personal Loan
8.91%
$513
Secured
PERSONAL
10.71%
$513
Unsecured
Secured Personal Loan
8.70%
$513
Secured
Commercially Secured Personal Loan
8.70%
$513
Secured
Investment Secured Personal Loan
8.70%
$513
Secured
Personal Loan
9.85%
$518
Unsecured
UNSECURED PERSONAL LOANS
9.68%
$519
Unsecured
Personal Loan
9.28%
$519
Unsecured
Unsecured Personal loan
9.35%
$519
Unsecured
Unsecured Personal Loan
9.39%
$519
Unsecured
BEGREEN LOAN
8.24%
$519
Unsecured
Unsecured Fixed Rate Personal Loan
8.99%
$519
Unsecured
Unsecured Fixed Rate Personal Loan
8.99%
$519
Unsecured
Unsecured Fixed Rate Personal Loan
8.99%
$519
Unsecured
Personal Loan
10.06%
$520
Unsecured
Personal Loan
9.86%
$522
Unsecured
Unsecured Personal loan
9.60%
$522
Unsecured
Education Community Fixed Rate Personal Loan
9.24%
$522
Unsecured
SECURED PERSONAL FIXED
9.87%
$525
Secured
Personal Loan
10.53%
$525
Unsecured
Lifestyle Personal Loan
10.53%
$525
Unsecured
Premium Personal Loan
10.52%
$525
Unsecured
New Cars
9.79%
$525
Unsecured
Personal Loan - Unsecured
12.59%
$525
Unsecured
Bendigo Secured Personal Loan
10.26%
$526
Secured
Bendigo Secured Student Personal Loan
9.70%
$526
Secured
Personal Loan Personal Lending 1-5 Years Fixed Unsecured
11.00%
$527
Unsecured
Personal Loan Personal Lending Variable Unsecured
11.00%
$527
Unsecured
UNSECURED PERSONAL LOAN
10.56%
$527
Unsecured
UNSECURED PERSONAL LOAN
10.56%
$527
Unsecured
UNSECURED PERSONAL LOAN
10.56%
$527
Unsecured
UNSECURED PERSONAL LOAN
10.56%
$527
Unsecured
UNSECURED PERSONAL LOAN
10.56%
$527
Unsecured
EMONEY UNSECURED PERSONAL LOAN
10.56%
$527
Unsecured
EMONEY UNSECURED PERSONAL LOAN
10.56%
$527
Unsecured
EMONEY UNSECURED PERSONAL LOAN
10.56%
$527
Unsecured
EMONEY UNSECURED PERSONAL LOAN
10.56%
$527
Unsecured
EMONEY UNSECURED PERSONAL LOAN
10.56%
$527
Unsecured
LJ HOOKER UNSECURED PERSONAL LOAN
10.56%
$527
Unsecured
LJ HOOKER UNSECURED PERSONAL LOAN
10.56%
$527
Unsecured
LJ HOOKER UNSECURED PERSONAL LOAN
10.56%
$527
Unsecured
LJ HOOKER UNSECURED PERSONAL LOAN
10.56%
$527
Unsecured
LJ HOOKER UNSECURED PERSONAL LOAN
10.56%
$527
Unsecured
Budget Personal Loan
10.13%
$531
Unsecured
Emerald Fair Rate Personal Loan Variable P&I
10.00%
$531
Unsecured
Personal Loan
10.13%
$531
Unsecured
Personal Loan
10.13%
$531
Unsecured
Fixed Rate Personal Loan
10.74%
$534
Unsecured
Personal Touch Loan
11.85%
$537
Unsecured
Personal Loan
11.53%
$537
Unsecured
Used Cars
10.79%
$537
Unsecured
Personal Loan - Fixed
11.76%
$540
Unsecured
Personal Loan
11.76%
$540
Unsecured
Home Renovation Loan
11.14%
$542
Unsecured
Secured Personal Loan
11.27%
$542
Secured
Personal Loans
11.30%
$543
Unsecured
Personal Loan
11.28%
$543
Unsecured
Personal Loan
11.28%
$543
Unsecured
Sapphire Fair Rate Personal Loan Variable P&I
11.00%
$543
Unsecured
Personal Loan
11.86%
$547
Unsecured
Personal Loan
12.32%
$547
Unsecured
UNSECURED LOAN
11.71%
$548
Unsecured
Unsecured Personal Loan
11.67%
$550
Unsecured
Unsecured Personal Loan
11.67%
$550
Unsecured
Unsecured Personal Loan
11.67%
$550
Unsecured
Unsecured Personal Loan
11.67%
$550
Unsecured
TRAVEL LOAN
12.21%
$552
Unsecured
PERSONAL
13.90%
$552
Unsecured
UNSECURED PERSONAL LOAN
12.54%
$552
Unsecured
UNSECURED PERSONAL LOAN
12.54%
$552
Unsecured
UNSECURED PERSONAL LOAN
12.54%
$552
Unsecured
UNSECURED PERSONAL LOAN
12.54%
$552
Unsecured
UNSECURED PERSONAL LOAN
12.54%
$552
Unsecured
EMONEY UNSECURED PERSONAL LOAN
12.54%
$552
Unsecured
EMONEY UNSECURED PERSONAL LOAN
12.54%
$552
Unsecured
EMONEY UNSECURED PERSONAL LOAN
12.54%
$552
Unsecured
EMONEY UNSECURED PERSONAL LOAN
12.54%
$552
Unsecured
EMONEY UNSECURED PERSONAL LOAN
12.54%
$552
Unsecured
LJ HOOKER UNSECURED PERSONAL LOAN
12.54%
$552
Unsecured
LJ HOOKER UNSECURED PERSONAL LOAN
12.54%
$552
Unsecured
LJ HOOKER UNSECURED PERSONAL LOAN
12.54%
$552
Unsecured
LJ HOOKER UNSECURED PERSONAL LOAN
12.54%
$552
Unsecured
LJ HOOKER UNSECURED PERSONAL LOAN
12.54%
$552
Unsecured
Bendigo Unsecured Student Personal Loan
11.74%
$553
Unsecured
Personal Loan Variable
12.08%
$555
Unsecured
All Purpose Personal Loan
12.14%
$556
Unsecured
All Purpose Personal Loan
12.14%
$556
Unsecured
All Purpose Personal Loan
12.14%
$556
Unsecured
All Purpose Personal Loan
12.14%
$556
Unsecured
CREDIT CARD CRUSHER
12.46%
$558
Unsecured
Personal Loan Unsecured
12.33%
$560
Unsecured
Personal Loan Unsecured
15.58%
$562
Unsecured
Unsecured Personal Loan
12.71%
$562
Unsecured
Education Community Variable Rate Personal Loan
12.60%
$564
Unsecured
Secured Fixed Personal Loan
14.34%
$569
Secured
Secured Fixed Personal Loan
14.34%
$569
Secured
Ruby Fair Rate Personal Loan Variable P&I
13.01%
$569
Unsecured
Personal Loan
13.14%
$569
Unsecured
Secured Fixed Personal Loan
14.34%
$569
Secured
Personal Loan
13.14%
$569
Unsecured
Debt Consolidation Loan
13.17%
$569
Unsecured
Personal Loan
13.86%
$572
Unsecured
Personal Loan
13.86%
$572
Unsecured
Variable Rate Personal Loan
14.12%
$577
Unsecured
UNSECURED PERSONAL LOAN
14.53%
$577
Unsecured
UNSECURED PERSONAL LOAN
14.53%
$577
Unsecured
UNSECURED PERSONAL LOAN
14.53%
$577
Unsecured
UNSECURED PERSONAL LOAN
14.53%
$577
Unsecured
UNSECURED PERSONAL LOAN
14.53%
$577
Unsecured
EMONEY UNSECURED PERSONAL LOAN
14.53%
$577
Unsecured
EMONEY UNSECURED PERSONAL LOAN
14.53%
$577
Unsecured
EMONEY UNSECURED PERSONAL LOAN
14.53%
$577
Unsecured
EMONEY UNSECURED PERSONAL LOAN
14.53%
$577
Unsecured
EMONEY UNSECURED PERSONAL LOAN
14.53%
$577
Unsecured
LJ HOOKER UNSECURED PERSONAL LOAN
14.53%
$577
Unsecured
LJ HOOKER UNSECURED PERSONAL LOAN
14.53%
$577
Unsecured
LJ HOOKER UNSECURED PERSONAL LOAN
14.53%
$577
Unsecured
LJ HOOKER UNSECURED PERSONAL LOAN
14.53%
$577
Unsecured
LJ HOOKER UNSECURED PERSONAL LOAN
14.53%
$577
Unsecured
Unsecured Personal Loan
15.63%
$580
Unsecured
PERSONAL LOAN
14.25%
$582
Unsecured
Consolidation Loan
14.93%
$582
Unsecured
Personal Loan
14.99%
$582
Unsecured
Personal Secured Loan
16.65%
$586
Secured
Bendigo Unsecured Personal Loan
16.64%
$589
Unsecured
Personal Loan - Unsecured
15.18%
$594
Unsecured
Personal Loan
15.55%
$598
Unsecured
Personal Unsecured Loan
17.66%
$599
Unsecured
Unsecured Variable Rate Personal Loan
17.31%
$608
Unsecured
UNSECURED PERSONAL FIXED
16.29%
$608
Unsecured
Personal Loan
17.65%
$611
Unsecured
Unsecured Fixed Rate Personal Loan
17.57%
$611
Unsecured
Unsecured Fixed Rate Personal Loan
17.57%
$611
Unsecured
Unsecured Fixed Rate Personal Loan
17.57%
$611
Unsecured
Unsecured Fixed Rate Personal Loan
17.57%
$611
Unsecured
Unsecured Fixed Rate Personal Loan
21.09%
$611
Unsecured
Unsecured Fixed Rate Personal Loan
21.09%
$611
Unsecured
Unsecured Fixed Rate Personal Loan
21.09%
$611
Unsecured
Opal Fair Rate Personal Loan Variable P&I
17.01%
$621
Unsecured
Unsecured Fixed Personal Loan
9.69%
$621
Unsecured
Unsecured Fixed Personal Loan
13.19%
$621
Unsecured
Unsecured Fixed Personal Loan
19.99%
$621
Unsecured
Unsecured Fixed Personal Loan
7.69%
$621
Unsecured
Unsecured Fixed Personal Loan
16.99%
$621
Unsecured
Unsecured Fixed Personal Loan
18.49%
$621
Unsecured
Personal Loan
18.85%
$633
Unsecured
Flexi Loan
18.99%
$648
Unsecured
ING Personal Loan
20.78%
$662
Unsecured
Personal Loan
21.53%
$671
Unsecured
Unsecured Variable Rate Personal Loan
23.28%
$690
Unsecured
Unsecured Variable Personal Loan
23.28%
$690
Unsecured
Unsecured Fixed Personal Loan
23.28%
$690
Unsecured
ANZ Variable Rate Personal Loan
22.56%
$690
Unsecured
ANZ Fixed Rate Personal Loan
22.56%
$690
Unsecured
Unsecured Variable Personal Loan
23.28%
$690
Unsecured
Unsecured Fixed Personal Loan
23.28%
$690
Unsecured
Unsecured Fixed Personal Loan
23.28%
$690
Unsecured
Unsecured Variable Personal Loan
23.28%
$690
Unsecured
NAB Personal Loan
22.29%
$690
Unsecured
NAB Personal Loan
22.29%
$690
Unsecured
Unsecured Personal Loan
23.48%
$693
Unsecured
Unsecured Fixed Rate Personal Loan
23.53%
$694
Unsecured
Unsecured Fixed Rate Personal Loan
23.53%
$694
Unsecured
Unsecured Fixed Rate Personal Loan
23.53%
$694
Unsecured
Unsecured Fixed Rate Personal Loan
23.53%
$694
Unsecured
Unsecured Fixed Rate Personal Loan
27.03%
$694
Unsecured
Unsecured Fixed Rate Personal Loan
27.03%
$694
Unsecured
Unsecured Fixed Rate Personal Loan
27.03%
$694
Unsecured
Rates based on $25,000 personal loan over 5 years. Rates are indicative and subject to change. "Lowest" = the lowest rate on our live CDR feed at the time of viewing, across the lenders we display. Rates update daily and not all lenders are included, so other products may be lower. Source: Consumer Data Right (CDR), lender websites. Last updated: 2 November 2026. 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.
Savings example: On a $25,000 personal loan over 5 years, cutting your rate by 2.50% saves approximately $30/month - around $1,800 over the life of the loan.
Consolidate debt and save up to $1,322/year*
Personal loans from 5.60% p.a. (6.65% comparison rate*) across 50+ Australian lenders - much cheaper than the typical 20% credit card APR.
- Consolidate credit card debt to a single lower payment
- Borrow $5,000 to $80,000 from 5.60% p.a. (6.65% comparison rate*)
- We refer your enquiry to our accredited broker partner
*Illustrative only. Based on consolidating $15,000 of credit card debt at 20% p.a. (typical Australian credit card APR) into a personal loan at 5.60% p.a. over 5 years. Actual savings depend on your debt balance, interest rates, loan term and approved rate.
Personal Loan Calculators
Estimate your repayments and potential savings from debt consolidation before you apply.
Personal Loan Repayment Calculator
Calculate your monthly, fortnightly or weekly personal loan repayments and total interest paid.
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Debt Consolidation Calculator
See indicative figures on consolidating multiple debts into a single personal loan.
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We compare Australia's leading personal loan lenders
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A smarter personal loan is a few clicks away.
Whether it's a renovation, wedding, debt consolidation or something else, the gap between rates can mean thousands over the life of the loan. Compare 50+ Australian lenders side by side - in minutes.
What Are the Different Types of Personal Loans?
Unsecured personal loans are the most popular, but each type suits different financial situations and needs.
| Type | How It Works | Best For | Typical Rate Range | Risk Level |
|---|---|---|---|---|
| Secured | Backed by an asset (e.g. car). Lender can repossess if you default. | Car purchases, lower rates | 6.20%-14.35% | Low |
| Unsecured | No asset required as security. Assessed on income and credit history. | General purposes, flexibility | 5.60%-17.90% | Medium |
| Fixed | Interest rate locked for the full loan term. Repayments stay the same. | Budgeting certainty | 6.19%-17.00% | Low |
| Variable | Rate can change during the loan. Repayments may go up or down. | Flexibility, extra repayments | 5.60%-17.90% | Medium |
| Line of Credit | Revolving credit facility. Draw down and repay as needed up to a limit. | Ongoing access to funds | 9.99%-16.99% | High |
| Debt Consolidation | Combine multiple debts into one personal loan with a single repayment. | Simplifying debts, lower rate | 7.49%-13.99% | Medium |
| Green Personal Loan | Discounted rate for eco-friendly purchases like EVs, solar, or energy upgrades. | Sustainable purchases | 5.55%-17.00% | Low |
Secured
LowBacked by an asset (e.g. car). Lender can repossess if you default.
6.20%-14.35%
Unsecured
MediumNo asset required as security. Assessed on income and credit history.
5.60%-17.90%
Fixed
LowInterest rate locked for the full loan term. Repayments stay the same.
6.19%-17.00%
Variable
MediumRate can change during the loan. Repayments may go up or down.
5.60%-17.90%
Line of Credit
HighRevolving credit facility. Draw down and repay as needed up to a limit.
9.99%-16.99%
Debt Consolidation
MediumCombine multiple debts into one personal loan with a single repayment.
7.49%-13.99%
Green Personal Loan
LowDiscounted rate for eco-friendly purchases like EVs, solar, or energy upgrades.
5.55%-17.00%
Secured vs Unsecured Personal Loans: Which Should You Choose?
In 2026, secured personal loan rates start from 6.20% p.a. (6.63% comparison rate*) and unsecured from 5.60% p.a. (6.65% comparison rate*) Secured loans use an asset (typically a car - see car loans for dedicated vehicle products) as collateral, which usually means a lower rate but introduces repossession risk if you default. Unsecured loans drop the asset requirement and the repossession risk, with rates typically a percentage point or two higher - though specialty fintech products occasionally flip that on individual days.
Choose secured if...
- You are buying a car or asset
- You want the lowest possible rate
- You are comfortable with collateral
Choose unsecured if...
- You have no asset to offer as security
- You want flexibility on how funds are used
- You do not want to risk asset repossession
Choose line of credit if...
- You need ongoing access to funds
- You only want to pay interest on what you use
- You have strong spending discipline
Secured loan tip: Backing your loan with an asset (typically a car or term deposit) can cut 2-3 percentage points off your rate. On a $25,000 loan, moving to a secured loan ~2.5% lower saves roughly $1,800 over 5 years - worth it if you have an eligible asset and are comfortable offering it as security.
Personal Loans for Your Situation
Different borrowers face different challenges. Use the descriptions below to understand each personal loan type.
Debt Consolidation
Australians hold over $20 billion in personal credit card debt. Consolidating multiple debts into one personal loan can simplify repayments and reduce interest costs significantly, especially if replacing credit card debt at 20%+ with a personal loan at 8-12%.
| Debt Type | Typical Rate | Consolidated Rate |
|---|---|---|
| Credit cards | 19.94% | 5.60% |
| Store cards | 22.49% | 5.60% |
| Payday loans | 48%+ (fees) | 5.60% |
| BNPL late fees | $10-$68/order | $0 |
Self-Employed & Gig Workers
Self-employed Australians and gig economy workers (Uber, DoorDash, Airtasker) can access personal loans but face stricter documentation requirements. Many online lenders now use Open Banking to verify income directly from bank statements, simplifying the process.
| Doc type | Required for | Typical rate |
|---|---|---|
| Tax returns (2yr) | Banks, major lenders | from 5.60% (6.65% comparison rate*) |
| BAS statements | Online lenders | typically around 1% above full-doc rates |
| Bank statements only | Fintech lenders | typically around 2% above full-doc rates |
- ABN registered 12+ months (most lenders)
- 2 years tax returns or 6 months BAS
- 3-6 months bank statements
Bad Credit Borrowers
Approximately 1 in 5 Australians have a credit score below 600. Specialist lenders offer personal loans for borrowers with defaults, late payments, or low credit scores, though rates will be higher. Improving your score before applying can save thousands in interest.
| Credit Score (Equifax) | Rating | Typical Rate |
|---|---|---|
| 800-1200 | Excellent | 6.99%-9.99% |
| 700-799 | Very Good | 8.99%-12.99% |
| 500-699 | Average | 11.99%-18.99% |
| 0-499 | Below Average | 16.99%-24.99% |
Specialist lenders include Pepper Money, MoneyMe, and Now Finance. Rates depend on individual circumstances.
Centrelink Recipients
Borrowers receiving Centrelink payments have limited options for personal loans from mainstream lenders. However, government-backed alternatives exist to help avoid predatory payday lenders. Always explore fee-free options before taking on high-cost credit.
- NILS: No Interest Loan Scheme, up to $2,000 for essentials
- StepUP: Low-interest loans up to $3,500 from NAB/Good Shepherd
- Centrepay: Automatic deductions for approved expenses
- Avoid: Payday lenders charging 400%+ effective annual rates
Contact the National Debt Helpline (1800 007 007) for free financial counselling.
Debt consolidation lever: Rolling $20,000 of credit-card debt at ~22% p.a. into a 5.60% personal loan over 5 years cuts your interest bill by roughly $2,800/year - and replaces multiple minimum-payment cycles with a single fixed repayment.
How Are Personal Loan Rates Trending in Australia?
The RBA cash rate is 4.60% as of September 2026. Personal loan rates are influenced by the cash rate, wholesale funding costs, and competition. Online lenders have driven rates significantly lower, with the gap between bank and fintech rates averaging 2-3 percentage points.
Current market snapshot
- RBA cash rate
- 4.60%
- Avg personal loan rate
- 10.16%
- Lowest secured rate
- 6.20%
- Lowest unsecured rate
- 5.60%
- Avg credit card rate
- 19.94%
Rates from Consumer Data Right (CDR). Credit card avg from RBA Statistical Table F7, September 2026.
Personal loan rate trend
Avg rate: 9.8% (2021) → 11.5% (2024) → 10.16% (2026, live from CDR)
Interactive chart coming soon. Source: RBA Table F7
Since the RBA began cutting rates, personal loan rates have fallen modestly. However, the pass-through has been slower than for home loans. Online lenders continue to undercut traditional banks by 2-3%, making side-by-side comparison essential. Borrowers with strong credit scores (700+) can access rates well below the market average.
$9.8B
New personal loan commitments, Q4 2025
Source: ABS Lending Indicators (5601.0)
$23,415
Average personal loan size
Source: ABS Lending Indicators
10.16%
Average personal loan rate (CDR)
Source: Consumer Data Right (CDR)
Compare Personal Loans by State
Explore state-specific personal loan rates and options across Australia.
Frequently Asked Questions
Everything you need to know about personal loans in Australia.
Personal Loan Basics
Rates & Costs
Applying & Eligibility
Debt Consolidation
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