Calculate personal loan repayments for Australian banks and non-bank lenders. Compare fixed and variable rates across loan terms.
| Term | Payment/mo | Total interest |
|---|
| Lender type | Typical rate |
|---|---|
| Credit union / mutual bank | 8–12% p.a. |
| Major bank (CBA, ANZ, NAB, WBC) | 10–15% p.a. |
| Online lender (SocietyOne, Symple) | 6–19% p.a. |
| Buy now pay later alternative | 0–20% p.a. |
| Peer-to-peer lending | 7–18% p.a. |
| Lender Type | Unsecured Rate | Secured Rate |
|---|---|---|
| Major banks (Big 4) | 11–17% p.a. | 7–10% p.a. |
| Credit unions / mutuals | 8–13% p.a. | 6–9% p.a. |
| Online lenders (fintech) | 7–16% p.a. | 6–12% p.a. |
| Loan $20,000 | Rate | 2-year term | 3-year term | 5-year term |
|---|---|---|---|---|
| Good credit (bank) | 10% | $922/mo | $1,128 interest | $645/mo | $1,620 interest | $425/mo | $5,500 interest |
| Average credit | 14% | $963/mo | $1,112 interest | $685/mo | $2,660 interest | $465/mo | $7,900 interest |
| Poor credit | 20% | $1,019/mo | $4,456 interest | $743/mo | $6,748 interest | $530/mo | $11,800 interest |
Australian lenders must legally display a comparison rate alongside every advertised interest rate. The comparison rate includes most fees (establishment, ongoing, discharge) in a single percentage. A loan at 9.9% with high fees may have a comparison rate of 14% — always compare comparison rates.
What is the difference between secured and unsecured personal loans?
Secured personal loans use an asset (usually a vehicle) as collateral — if you default, the lender can repossess the asset. They carry lower interest rates (6-10%). Unsecured personal loans have no collateral requirement — the lender's only recourse is legal action and credit damage if you default. Unsecured rates are 9-20%+ to compensate for higher lender risk.
How does my credit score affect my personal loan rate?
Your credit score (from Equifax, Experian, or illion) is the primary determinant of both approval and interest rate. Scores above 750 typically qualify for the best advertised rates. Scores of 625-750 may still qualify but at higher rates. Scores below 625 may face decline or very high rates from specialist lenders. Check your score free before applying.
Can I pay off a personal loan early in Australia?
Most variable personal loans allow unlimited extra repayments and early payoff without penalty. Fixed-rate personal loans may charge an early exit fee (also called break cost). Check your contract for these terms before making a lump sum payment. Always ask your lender for a written payout figure before paying out a fixed loan.