Personal Loans in Australia

"Personal loans" is the single biggest search term across this entire comparison — and for good reason: it's the broadest, most flexible type of credit available in Australia, covering everything from debt consolidation to a car, a wedding or a home renovation. This page compares both bank and non-bank personal loan lenders side by side so you can see rates, loan amounts and terms before you apply.

What is a personal loan?

A personal loan is a lump sum of money you borrow from a bank, credit union or online lender and repay in fixed instalments over an agreed term — typically 1 to 7 years. Unlike a credit card, the amount, interest rate and repayment schedule are locked in from the start, which makes budgeting easier. Personal loans in Australia generally range from around $2,000 up to $100,000 depending on the lender and your circumstances.

Secured vs unsecured personal loans

A secured personal loan uses an asset (usually a car) as collateral, which generally gets you a lower interest rate because the lender's risk is reduced. An unsecured personal loan doesn't require any asset, but because the lender is taking on more risk, the interest rate is usually higher. Which one suits you depends on whether you have an asset to offer and how much you want to reduce your rate.

What determines my interest rate?

Lenders set your rate based on your credit history, income, existing debts and the loan term. Under the comparison rate requirements set by ASIC, every lender must publish a "comparison rate" that bundles the interest rate with most fees — always compare this figure rather than the headline rate alone, since a lower advertised rate can still work out more expensive once fees are included.

How do I compare personal loans properly?

• Compare the comparison rate, not just the interest rate. It's the only number that reflects the true annual cost.
• Check the establishment and ongoing fees. Some lenders charge an upfront establishment fee plus a monthly account-keeping fee.
• Look at early repayment terms. Most modern personal loans let you pay off extra or close the loan early without a penalty — confirm this before signing.
• Match the loan term to your budget. A longer term lowers your monthly repayment but increases the total interest paid over the life of the loan.

Personal loans FAQ

How much can I borrow with a personal loan in Australia?

Most lenders offer between $2,000 and $50,000 for unsecured personal loans, with some extending to $100,000 for secured loans or borrowers with a strong income and credit history.

Can I get a personal loan with bad credit?

Yes, though your options narrow and rates are typically higher. See our dedicated guide to bad credit personal loans for lenders who look beyond a simple credit score.

How fast can I get a personal loan?

Online lenders can often approve and fund a personal loan within 1 business day once you've submitted your bank statements and ID. For same-day options specifically, see our same day personal loans comparison.

What's the difference between a personal loan and a payday/short-term loan?

Personal loans are interest-rate based, generally larger ($2,000+) and repaid over 1–7 years. Payday or short-term loans are fee-based (capped establishment and monthly fees), smaller (up to $2,000–$5,000) and repaid over 16 days to 12 months — see our fast loans guide for how these compare.

Related: Browse unsecured personal loans, guaranteed personal loans, or our full loan comparison to see every offer side by side.