Personal Loan Calculator
Calculate your personal loan repayments and total interest costs. Compare secured vs unsecured options.
Calculate Your Loan Repayments
Personal Loan Types in Australia
| Loan Type | Interest Rate Range | Key Features |
|---|---|---|
| Unsecured Personal Loan | 7.99% - 24.99% | No collateral required, faster approval |
| Secured Personal Loan | 5.99% - 12.99% | Lower rates, requires asset security |
| Car Loan | 5.49% - 14.99% | Vehicle as security, balloon option |
| Green/EV Loan | 5.99% - 8.99% | For eco-friendly purchases |
| Debt Consolidation | 6.99% - 18.99% | Combine multiple debts |
Typical Rates by Lender Type (2025)
| Lender Type | Secured Rates | Unsecured Rates |
|---|---|---|
| Major Banks | 6.99% - 9.99% | 9.99% - 14.99% |
| Credit Unions | 5.99% - 8.99% | 8.99% - 12.99% |
| Online Lenders | 5.49% - 10.99% | 7.99% - 21.99% |
| Fintech | 6.99% - 12.99% | 8.99% - 24.99% |
Tips for Getting the Best Personal Loan
Check Your Credit Score First
- • Free credit checks don't affect score
- • Higher score = better rates
- • Fix errors before applying
- • 700+ is considered good
Compare Total Cost, Not Just Rate
- • Look at comparison rate
- • Include all fees (establishment, monthly)
- • Check early repayment penalties
- • Consider loan flexibility
Secured vs Unsecured
- • Secured = lower rates (2-4% less)
- • Risk: can lose asset if default
- • Car loans often best for vehicles
- • Unsecured = faster, simpler
Avoid These Mistakes
- • Multiple applications hurt credit
- • Don't borrow more than needed
- • Avoid payday loans (300%+ rates)
- • Read all terms before signing
Understanding Comparison Rates
The comparison rate helps you understand the true cost of a loan by including most fees and charges. It's calculated based on a $30,000 loan over 5 years.
Important: Comparison rates may not include all fees (like early exit fees) and may differ based on your loan amount and term. Always read the full terms.