Compare Loans

Personal Loans Compared
Provider Account Name Min Rate Min Comparison Min Term Max Term Application Fee Balance  
St.George
Shadow
9.99% p.a
10.88% p.a
1 year(s) 5 years
$195

Additional Information

  • A personal loan with an attractive interest rate and flexible repayment options. Plus, if you're one of the first 200 to also take out car insurance, you'll receive a $25 fuel card.
Provider Account Name Min Rate Min Comparison Min Term Max Term Application Fee Balance  
Bank of Melbourne
Shadow
9.99% p.a
10.88% p.a
1 year(s) 5 years
$195

Additional Information

  • Apply for a personal loan with Bank of Melbourne and get a fixed rate for the life of the loan. You can borrow up to $80,000 and getting a decision is super quick!
Provider Account Name Min Rate Min Comparison Min Term Max Term Application Fee Balance  
Citibank
Shadow
10.99% p.a
N/A
N/A 3 years
$69

Additional Information

  • Get an unsecured line of credit of up to $30,000 with a low establishment fee of just $69. Use the fixed payment option as an economical way to make your dreams reality.
Provider Account Name Min Rate Min Comparison Min Term Max Term Application Fee Balance  
Aussie
Shadow
12.99% p.a
13.94% p.a
1 year(s) 7 years
$199

Additional Information

  • A Personal Loan from Aussie comes with great fixed rates and repayments so you know exactly what you'll be paying back. Also when you apply online you'll get an instant response and could have access to your money the next day.
Provider Account Name Min Rate Min Comparison Min Term Max Term Application Fee Balance  
Westpac
Shadow
14.39% p.a
15.41% p.a
1 year(s) 7 years
$250

Additional Information

  • Apply for up to $50,000 with this fixed interest Personal Loan for debt consolidation, a holiday, household purchases, education costs, a wedding or for any combination of purposes
Provider Account Name Min Rate Min Comparison Min Term Max Term Application Fee Balance  
Citibank
Shadow
14.50% p.a
0.00% p.a
1 year(s) 10 years
$69

Additional Information

  • The Citibank Personal Credit give you a personal cash flow solution with a low ongoing rate. Includes the convenience of a Visa Debit Card to access your account for purchasing or cash withdrawals.
Provider Account Name Min Rate Min Comparison Min Term Max Term Application Fee Balance  
Westpac
Shadow
14.69% p.a
N/A
1 year(s) 5 years
$150

Additional Information

  • Westpac Flexi Loan is a convenient, reusable, unsecured personal loan. Withdraw additional funds up to your approved limit when you need them without reapplying and only pay interest on your outstanding balance, not your assigned credit limit

Personal Loans Explained

A personal loan is an agreement to borrow money between a consumer and a lender. The financial institution lends the consumer cash for a specified period of time and in return gets paid interest on the loan.

People can borrow using a personal loan for many reasons, they can use the money to finance a new purchase, pay for renovation or consolidate existing debt. Once the loan has been approved there is no restriction on how the cash can be used.

In general personal loans are unsecured debt which means they cost more than a secured loan. The difference between the two is unsecured loans do not require the borrower to post collateral whilst a secured loans do require collateral. Therefore the lender charges higher interest on unsecured loans than they would for a loan that is secured by collateral.

There are two main types of personal loans, one is a line of credit the other a closed end loan. Lines of credit work in the same way as a credit card does, the amount of credit available is fixed but rotates, that is to say you can borrow the cash but once you pay the debt off, the available credit remains. Most people will be familiar with over draft facilities which are personal lines of credit. A closed end loan is a onetime grant for a fixed amount of cash made through a contract between borrower and lender that once paid off would need to be renewed through a new contract if the consumer wishes to borrow money again.

Unsecured personal loans are typically only offered to borrowers with a good credit score. Some banks will lend money to people with low credit scores but such loans tend to cost a lot of money and really should be avoided. Secured lines of credit are a better way to borrow when there is a low credit scores and can be used to improve the credit rating.

Latest Loans News from the Money-AU Consumer Finance Blog

Mortgage Brokers
Australians Increasingly Turning To Mortgage Brokers For Home Loans

Australians are increasingly turning away from their banks and opting for mortgage brokers when seeking a home loan according to the results of a new study.

The report, authored by the Market Intelligence Strategy Centre claims that mortgages originated by brokers rose by 7 per cent during the quarter ending December, and stood at $14.18 billion.

Application approved
Australian Home Loan Approvals Fall To Their Lowest Level In A Decade

The number of mortgages declined for the second consecutive month during February with the state of New South Sales posting its biggest drop in over 14 years.
According to the Australian Bureau of Statistics the number of mortgages declined by 5.3 per cent during February and stood at 45,393, which is the lowest ever figure for home loan approvals since February 2001.

RBA Warns Australian Banks Lowering Mortgage Lending Standards
RBA Warns Australian Banks Lowering Mortgage Lending Standards

The central bank is warning that Australian lenders have begun to lower their mortgage lending standards as they seek to achieve the turbo charged pre financial crisis growth rates, an objective the RBA says is unrealistic.

The Reserve Bank of Australia says that as lenders compete for new mortgage borrowers, they were increasing their maximum loan to valuation ratios.

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