On Wednesday, ANZ cut the interest rates on its fixed and variable rate unsecured personal loans:

  • ANZ variable rate personal loans were cut by 249 basis points to a minimum rate of 10.50% p.a (11.38% p.a. comparison rate*)
  • ANZ fixed rate personal loans were cut by 151 basis points to a minimum rate of 8.99% p.a (9.88% p.a. comparison rate*)

ANZ's secured personal loans were not changed. 

The table below features personal loans with some of the lowest interest rates on the market.

Rates
Features
Fees
Other
Lender
FixedUnsecuredN/AN/AMore details

Unsecured Personal Loan (Excellent Credit) (5 Years)

    More details
    FixedUnsecuredN/AMore details
    • No ongoing or early exit fees
    • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
    • Get a quick decision. Funds in 24 hours if approved
    • Loan amounts of up to $75,000, and up to $100,000 for home improvement projects and motor vehicles
    Disclosure

    Low Rate Personal Loan Unsecured ($5k-$100k) (5 Years)

    • No ongoing or early exit fees
    • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
    • Get a quick decision. Funds in 24 hours if approved
    • Loan amounts of up to $75,000, and up to $100,000 for home improvement projects and motor vehicles
    More details
    Disclosure
    FixedSecuredN/AN/AMore details
    Interest rates subject to change based on your personal circumstances
    • Interest rates start at 16.95% and could be as high as 29.95% based on your personal circumstances and loan term
    • Australian residents and citizens only
    • Personal Loans from $3,000 to $25,000, with loan terms ranging from 25 - 36 months
    • Terms, Conditions and Lending Criteria apply
    Disclosure
    Interest rates subject to change based on your personal circumstances

    Secured Personal Loan (3 Years)

    • Interest rates start at 16.95% and could be as high as 29.95% based on your personal circumstances and loan term
    • Australian residents and citizens only
    • Personal Loans from $3,000 to $25,000, with loan terms ranging from 25 - 36 months
    • Terms, Conditions and Lending Criteria apply
    More details
    Disclosure
    Important Information and Comparison Rate Warning

    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

    The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

    Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of May 1, 2025. View disclaimer.

    Important Information and Comparison Rate Warning

    This change by ANZ leaves Commonwealth Bank as the only major bank to not raise or increase personal loan rates in 2021, having last done so in March of 2020. 

    In March this year, Westpac slashed various personal loan rates by 2%, before increasing some others by up to 150 basis points in April. 

    NAB too decreased interest rates on its unsecured fixed and variable personal loans by as much 300 basis points in March to its record low of 6.99% p.a (maximum 18.99% p.a, comparison rates may vary*). 

    The average personal loan interest rate among the big four banks at the time of writing is now 9.49% p.a, although that is based on the minimum interest rate available. 

    Higher interest rates can be charged based on the customer's risk profile and credit rating. 

    Plenti cuts interest rates for 'excellent' credit borrowers 

    Online lender Plenti (formerly RateSetter) has lowered the interest rate on offer for its 'Excellent Credit' loan by 91 basis points to a minimum rate of 5.48% p.a (max rate 7.49% p.a, comparison rates vary*).

    The fixed loan has a minimum term of three years, while the variable loan can have a minimum length of just one year. 

    These changes follow similar cuts last month, when Plenti cut the interest rates on its fixed and variable 'good credit' personal loans by up to 140 basis points :

    • The good credit variable personal loan now has a minimum interest rate of 8.59% p.a (comparison rate 10.27% p.a*)
    • The good credit fixed personal loan now has a minimum interest rate of 7.49% p.a (comparison rate 9.16% p.a*)

    There was also a 100 basis point drop to its Average Credit rates and a 40 basis point decrease to its 'Very Good Credit' rates. 

    Following these cuts, and other interest rate changes made by the likes of NRMA, St. George, Bank SA and Bank of Melbourne, the average personal loan rate across more 200 products is 9.88% p.a (minimum) according to Savings.com.au's research. 

    Related: What are the lowest rate personal loans

    Lender Harmoney posts big growth in personal loans 

    Personal loan applications might still be down almost 15% year-on-year according to Equifax, but there are signs this trend is reversing, especially with car loan demand rising compared to 2020's large decreases. 

    New Zealand based personal lender Harmoney has this week reported a substantial growth in Australian personal loan customers.

    According to Harmoney's latest results, new customer loans in Australia are double that of New Zealand, forecast to exceed $300m in value by the end of July 2021 at a growth rate of 180%.

    Having exceeded NZ$2bn in total loans originated, Harmoney is the biggest online personal lender in Australasia. 

    Image via ANZ