Best Personal Loan

When you are seeking to consolidate debt, finish a home renovation project or plan your wedding you may not always have the necessary funds available to carry through your plans. In general your preference should be to try and fund your plans and projects through personal savings, if this is not an option a Personal Loan could be a viable alternative.

What is a Personal Loan?

Personal loans are designed to cover a broad range of financial needs, with some of the most popular uses of a personal loan including debt consolidation, car purchases, weddings, holidays and home renovations.

A popular benefit of a personal loan is that their interest rates are usually lower than credit cards and you have a fixed time frame over which to repay the loan. Personal Loans tend to be easier to manage than credit cards and  are generally a cheaper form of borrowing than credit cards. To work out what your monthly repayments would be for your Personal Loan try our personal loan repayment calculator by simply entering the amount you wish to borrow and your preferred loan term, using the sliders below. The monthly repayment for each of the best personal loans featured below will then be calculated, to rank these repayments simply click the "monthly repayment" column header

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  • Loan terms - Borrow between $3,000 and $40,000 for a period of 1 year to 7 years
  • Redraw facility -  Access any extra payments you have made for a fee of $9 (minimum $500 redraw amount).
  • Repayment options - Choose a consistent payment schedule of weekly, fortnightly or monthly to synch with your income streams.
  • Extra Repayments - Make extra repayments to pay off your loan sooner
  • Manage your loan - Use St George Internet banking to manage and keep track of your repayments.

The actual interest rate applicable to your personal loan will be based on the information you provide at the time of your application and our credit assessment. The rates available range from 10.99% p.a. to 19.99% p.a.

  • Loan terms - Borrow between $3,000 and $40,000 for a period of 1 year to 7 years
  • Redraw facility -  Access any extra payments you have made for a fee of $9 (minimum $500 redraw amount).
  • Repayment options - Choose a consistent payment schedule of weekly, fortnightly or monthly to synch with your income streams.
  • Extra Repayments - Make extra repayments to pay off your loan sooner
  • Manage your loan - Use St George Internet banking to manage and keep track of your repayments.

The actual interest rate applicable to your personal loan will be based on the information you provide at the time of your application and our credit assessment. The rates available range from 10.99% p.a. to 19.99% p.a.

Read the Full Loan Review >>

Types of personal loans

When selecting a Personal Loan a good first step is to gain an understating of the Personal Loan types, and assess these relative to your personal financial circumstances:


Secured Personal Loan

With a secured personal loan the asset that you are seeking to purchase with a loan is used as security against the loan. The key point to understand about these secured personal loans is that if you fail to make the repayments on the loan the lender has the right to repossess the asset, sell it and use the sale proceeds to clear the outstanding debt on the loan. Unsecured personal loans tend to offer lower interest rates than unsecured personal loans as the lender considers the security to reduce the risk of lending the funds.


Unsecured Personal Loan

An unsecured personal loan does not require any security against the loan but as such, are considered a higher risk by the lenders and therefore tend to feature a higher interest rate than a secured personal loan.


Variable Interest Rate Personal Loan

A variable rate personal loan is a type of loan where the interest rate may change across the term of the loan. The lender has the ability to change the interest rate at any time that will in turn change your repayment amount, making it difficult to budget and manage. The primary benefits of a Variable Interest rate occurs only when the interest rate on your loan decreases as this will mean your repayments will be less, however if the rate increases your repayments will rise as a result.


Fixed Rate Personal Loan

Unlike variable rate personal loans, fixed rate personal loans offer a fixed interest rate for the full term of the loan so you do not have to worry about rate increases. This means that your repayments remain the same amount across the term of the loan, making it easier to manage your budget. The downside to having a fixed rate however is that if interest rates overall drop, because your interest rate is fixed it is unaffected, so effectively you may pay more than you need to.


Line of credit

This type of personal loan offers access to funds as you need them, allowing you to withdraw additional funds as required. The benefit is that you only pay interest on the money you use and not the total amount borrowed. Furthermore there is no need to reapply for another loan should you need more money, you can redraw on your available balance. A line of credit usually has a minimum and maximum amount that you can access, however the limit is usually higher than the maximum amount usually available with an overdraft loan.


Debt Consolidation Loan

Debt consolidation loans offer the opportunity to bring all your debts into a single personal loan with the objective of saving money on interest charges and fees, whilst simplifying the process of managing multiple debts. A wide range of debts can be consolidated into these loans including credit cards, store cards, personal loans and car loans.


What is the difference between the Personal Loan providers?


  1. Banks - All the major Australian Banks offer Personal Loans that can be applied for online or in branch, often with a decision on your application within 20 minutes. If you apply on line its likely that you will be asked to attend a branch to provide documentation in support of your online application
  2. Credit unions - Credit unions offer a full range of Personal Loans like the banks, but unlike banks, they are highly member-focused and operate on a not-for-profit basis, which generally translates to lower interest rates and fees on their range of loan products.
  3. Peer to peer (P2P) lending - P2P lenders offer a new approach for attaining a personal loan which is aimed at delivering a totally online service with highly competitive interest rates for all types of borrowers.

Once you have selected your preferred loan type and lender you should limit the number of applications you make as all applications that are submitted are registered on your credit report. By submitting a number of applications within a short period of time your behavior maybe interpreted by the lenders as a sign of desperation, a trait not looked up on positively by any lender.


Selecting the best personal loan

Understanding the personal loan options relevant to the purpose of your loan, carrying out thorough research and comparing the available deals will certainly help you select the best personal loan deal for you.

Once have worked through the 2 key initial decisions on the loan amount type you require and the type of personal loan which best fits your needs the next step is to start selecting and comparing the products which meet your criteria.

The Select the Best comparison tool has been designed to take the strain out of personal loan comparison and enable you to compare the options side by side to clearly access the similarities and differences of each of the personal loan options.

Our Personal Loan Comparison tables also allow you to calculate the monthly payment for each of the products, simply enter your loan amount and preferred loan term and we’ll calculate the estimated monthly repayment for ease of comparison. Once you find the personal loan that best meets your criteria, you can apply online, with a decision generally emailed to you from the lender within 20 minutes of submitting your application.


Best* Personal Loans with Low Rates Compared

Compare the best* 5 personal loan rates 

Personal Loan

Minimum Current Interest Rate

Comparison Rate

   St George Unsecured Personal Loan Fixed 12.99% p.a. 13.87% p.a.
   Latitude Low Rate Personal Loan (Secured) 9.99% p.a. 11.22% p.a.
   MoneyPlace Unsecured Loan - Excellent Credit History 8.90 % p.a. 8.90% p.a.
   Westpac Unsecured Personal Loan 12.99% p.a. 14.01% p.a.
   RateSetter Unsecured Personal Loan 4.20% p.a. 9.67% p.a.


How to compare and select the best personal loan 

Well over 100 personal loans are available from the major personal loan providers so it can be daunting and difficult to work out which personal loan is best for your circumstances. To help you navigate through the choices a good starting point is to consider the following points relative to your current financial cirmstances: 

Secured vs Unsecured Personal Loan
A secured personal loan will offer amongst the lowest interest rates, but to secure these rates you'll need to gurantee the loan with some form of security in the form of an asset which the loan provider is willing to accept. Should you encounter difficulties repaying the secured loan you run the risk of losing the asset you used as security, as the loan provider has the right to recover their loses by taking pocession of the asset. An unsecured personal loan features no such risk though typically will attract a higher interest rate.

What is the interest and comparison rate?
Not all personal loans offer the same interest rate, so compare the interest rates of multiple loans before signing on the dotted line. The comparison rate is designed to make comparing the rates of the loans easier as the comparison rates are calculated based on a standardised approach.

What are the fees and charges you'll be paying?
Some personal loans attract prepayment penalties, late charges can vary from loan to loan, and some even require you to pay application fees. Comparing these extra costs is important as your decion on which personal loan to choose should be based on the full cost of the personal loan.

What will the term of your loan be?
While a lower interest rate might seem promising at first, you should also compare loan terms, as the shorter the loan’s duration, the less you will pay in interest over the life of the loan.


Consider these Personal Loan features in your loan comparison.

Comparison rate: In our personal loan comparison table at the top of this page, the loans comparison rate sits to the right of the interest rate and is a simple way of comparing the cost of the personal loan when both the interest rate and any fees are combined. The comparison rate is often referred to as showing the 'true' cost of a loan.

Extra repayments: Whilst you may not have access to spare funds at the moment, your circumstances may change during your loan term. By selecting a personal loan which permits you to make extra repayments you will have the option to accelerate the repayment of your loan with any extra funds you have, and so bring forward the date when you will have repaid the loan in full. 

Redraw facility: When money is tight a redraw facility enables you to access any extra repayments you have made on your loan.

Flexible repayment frequency: If you get paid fortnightly, its a good option to set up your loan repayments so they are in synch. The major benefit of setting up fortnightly repayments is you'll pay more off the loan by the end of the year than the monthly option. Here's an example: If your monthly repayments are $1,000 you will pay off $12,000 over a year, whereas if your fortnightly repayments are $500 you will pay off $13,000, as there are 26 fortnights in the year. So that means you will shave an extra $1,000 for each year of the life of the loan, helping to speed up the process of paying off your loan.

Important information about this website is one of Australia's leading credit card comparison websites. offers compared on this page are from our participating product providers. The Active Product List of products displayed on this site are not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms "Featured", "Best" and "Top" are not product ratings and are subject to our Terms and Conditions. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing products.

Frequently Asked Questions

What do I need to make a Personal Loan application?

The Personal Loan provider will request the following documents to support your application: 

  • Proof of income - a payslip or annual tax return
  • Proof of your current ongoing expenses - to include any rent, existing credit, bills and regular expenses
  • Copies of your current bank statements - to indicate savings and repayments being made on credit cards
  • Personal identification - your passport or driver's licence will suffice
How can I get a copy of my Credit Report?

Contact the credit reporting agencies to obtain a copy of your credit reports. You can check your credit history with Veda Advantage - visit mycreditfile

I have just turned 18 and never had credit before, am I eligible to apply for a personal loan?

Yes, now you are 18 you are eligible to apply for a personal loan, though you will need to be able to provide details of your current employment including proof of how much you earn.

I have just arrived in Australia on a 457 Business Visa. Am I eligible to apply for a Personal Loan?

Yes you are eligible to apply for a Personal Loan, a number of lenders provide Personal Loan for Temporary Residents

What documents do I need to provide when applying for a Personal Loan

To receive final approval on a personal loan application, you will need to supply your chosen lender with some or all of the following original documents, the actual documents required vary by lender, this list seeks to cover all the documents you will be required to provide by any lender:

Primary Photographic Identification
- Current Australian Driver Licence
- Photographic Proof of Age Card
- Current Australian Passport 

Primary Non-Photographic Identification
- Birth Certificate
- Citizenship Certificate
- Pension Card issued by Centrelink
- Plus one secondary ID document (see below)

Secondary Identification
- Utility/Rates bill (less than 3 months old)
- Centrelink Statement (less than 12 months old)
- Australian Tax Office assessment Notice (less than 12 months old)

Proof of income
3 of your most recent pay slips or proof of other income
If you are self-employed, your last tax returns/financial statements and your last tax assessment notices

Proof of Residency
You will need to confirm your Rent, Mortgage and possibly bank statements for a certain period, but your lender will advise you of this during the application process.

What are Personal Loans?

Personal loans are usually used for two things:

  1. High priced items including cars, furniture, weddings, home renovations or holidays
  2. Consolidating your debts into a single debt to ease the process of repayment 

A popular type of personal loan is a car loan. As car loans are geared to financing a specific type of purchase they often feature different terms and conditions and warrant comparison in isolation, so they are compared here

Debt consolidation through a personal loan is a popular option for many Australians, as personal loans tend to feature lower interest rtaes than many credit cards. Importantly, personal loans also have a fixed timeframe over which the debt must be repaid, which provides a definitive end point when the debt will be cleared. Many Australians fall into debt by having multiple credit cards and need to consolidate their debt into one place just so that they can meet the minimum repayments.

A major benefit of a personal loan is that they can be approved very quickly. Most financial institutions will approve or deny a personal loan in 1-3 working days.

Personal loans do not include loans for property, business, investment, unpaid overdue bills and fines, and court-ordered damages payments.