Personal loans Australian borrowers can plan around
From clearing expensive debts to funding a wedding or a new bathroom, we compare secured and unsecured personal loans and explain the true cost before you apply.
- Secured and unsecured options
- Clear total cost upfront
- Careful credit enquiries
Personal loans in Australia: comparing the real cost
A personal loan is a fixed amount borrowed over a set term, usually between one and seven years, with regular repayments. It suits planned costs such as debt consolidation, a wedding, travel, medical bills or home improvements. Rates, fees and approval criteria vary widely between lenders, and the loan that looks cheapest in an advertisement is not always the best fit once fees and your credit profile are factored in. Our asset finance team, led by Himanshi, compares options across our lender panel and explains what each loan will cost in total. We work with borrowers right across Australia, by phone, email or Google Meet.
One important choice is secured or unsecured. A secured loan uses an asset, often a vehicle, as security, which can mean a lower rate but puts that asset at risk if you cannot repay. An unsecured loan does not need security, but the rate is usually higher and approval depends more heavily on your income and credit history. If you own a home with equity, it may be worth comparing a personal loan with a home loan top-up; our refinancing team can show you both side by side.
Every loan application can leave an enquiry on your credit report, and several enquiries in a short period may make lenders more cautious. That is why we check your situation and target the right lender before a formal application is lodged, rather than applying in many places at once. Where lenders offer a quote without a full credit enquiry, we use it. Paying on time will help your credit history, while missed repayments can hurt it for years. If you are consolidating debts, we also help you plan to keep them cleared.
Why compare personal loans with us
Many lenders compared
We compare banks, credit unions and specialist lenders, so you see a range of personal loan options rather than a single offer from one provider.
Protecting your credit file
We match you with a suitable lender before applying, reducing the risk of multiple enquiries or a decline showing up on your credit report.
Total cost explained
We show you the establishment fee, monthly fees, repayments and total amount payable, so you can compare loans on what they will actually cost you.
Smarter debt consolidation
We work out whether rolling credit cards and small loans into one repayment will actually save you money, and build a plan to stay debt-free afterwards.
Secured or unsecured advice
We explain the rate and risk trade-offs between secured and unsecured loans, so you choose the structure that suits your assets and comfort level.
Quick, organised applications
With your documents ready, we lodge a complete application and follow it up, helping you get a decision without chasing the lender yourself.
What people use personal loans for
Every situation is different. If yours isn't listed, ask us anyway. Chances are we've seen it before.
Check my optionsHow we arrange your personal loan
Understand the purpose
We talk about what the money is for, how much you need and the repayment you can comfortably manage, and we check whether a personal loan is the right tool.
Review your credit position
We look at your income, expenses, existing debts and credit history to identify lenders likely to accept your application before anything is lodged.
Compare and quote
We present suitable options, showing the rate, fees, term and total repayments for each, and explain any differences between secured and unsecured choices.
Apply and approve
We prepare and submit your application with supporting documents, answer the lender's questions and keep you updated until you receive a decision.
Funds and follow-up
Once approved, funds are paid to you or directly to creditors if you are consolidating. We then check in to make sure the loan is working as planned.
What you will need
Having these ready speeds everything up. Don't worry if something's missing; we'll tell you exactly what each lender needs.
Run the numbers first- Photo ID such as a driver licence or passport
- Two recent payslips
- Recent bank statements for your everyday account
- Statements for credit cards and debts you want to consolidate
- Quotes or invoices for the planned purchase or works
- Details of your living expenses
- Vehicle or asset details if the loan is secured
- Proof of address, such as a utility bill
Personal Loans: your questions answered
What is the difference between a secured and unsecured personal loan?
A secured personal loan uses an asset, commonly a car, as security for the loan. Because the lender can take the asset if you default, secured loans often have lower rates. An unsecured loan has no security, so the lender relies on your income and credit history, and the rate is usually higher. The right choice depends on what assets you have and how much risk you are comfortable with.
Will a personal loan application affect my credit score?
A formal application usually records a credit enquiry on your file, and several enquiries in a short time can make lenders more cautious. Once you have the loan, making every repayment on time can help build a positive credit history, while late payments can harm it. We aim to apply once, with a lender likely to suit you, and use quote tools that avoid a full credit enquiry where available.
Is debt consolidation a good idea?
It can be, if the new loan has a lower overall cost than your existing debts and you stop using the cleared credit cards. Combining several debts into one repayment is simpler to manage and can reduce interest. But a longer term can mean paying more in total, and running up the cards again leaves you worse off. We compare the numbers honestly and help you set up a plan to stay on track.
How much can I borrow with a personal loan?
It depends on the lender, your income, your existing commitments and whether the loan is secured. Lenders assess whether you can afford the repayments after your living expenses and other debts, and each has its own minimum and maximum loan amounts. Secured loans may allow larger amounts. We estimate a realistic figure based on your circumstances before you apply, so you are not caught out by a partial approval.
Can I repay a personal loan early?
Many personal loans allow extra repayments or early payout, but the terms vary. Variable-rate loans are often more flexible, while fixed-rate loans may charge an early repayment or break fee. Some lenders also charge a fee to close the loan early. If you expect to pay the loan off sooner, for example after a tax refund or bonus, we look for a loan that allows it at little or no cost.
Should I use a personal loan or my home loan for renovations?
A personal loan keeps the debt separate and is paid off over a shorter term, which can mean less total interest even at a higher rate. Topping up your home loan often gives a lower rate, but spreading the cost over decades can cost more overall unless you make extra repayments. The better option depends on the size of the project and your equity. We model both so you can compare.
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Tell us what you are planning and we will compare personal loan options and explain the full cost upfront.