Best Personal Loan Rates From 5.67%
Rates updated 23 August 2026 - Check out the latest low rate personal loans to help you fund your next holiday, renovation, wedding or debt consolidation. Savings.com.au helps you compare interest rates, fees, repayment options and more.
| Lender | Car Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Interest Type | Secured Type | Early Exit Fee | Ongoing Fee | Upfront Fee | Total Repayment | Early Repayment | Instant Approval | Online Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.76% p.a. | 5.76% p.a. | $384 | Fixed | Unsecured | $0 | $0 | $275 | $23,066 |
| ||||||||||
7.24% p.a. | 8.37% p.a. | $398 | Variable | Secured | $0 | $8 | $400 | $23,898 |
| Disclosure | |||||||||
5.95% p.a. | 5.95% p.a. | $386 | Fixed | Unsecured | $0 | $0 | $0 | $23,171 | Disclosure | ||||||||||
6.24% p.a. | 6.95% p.a. | $389 | Variable | Unsecured | $0 | $10 | $495 | $23,334 | |||||||||||
6.30% p.a. | 6.30% p.a. | $389 | Fixed | Unsecured | $0 | $0 | $0 | $23,367 | |||||||||||
6.49% p.a. | 6.84% p.a. | $391 | Fixed | Secured | $0 | $0 | $250 | $23,474 | |||||||||||
7.24% p.a. | 7.59% p.a. | $398 | Fixed | Secured | $0 | $0 | $250 | $23,898 | |||||||||||
7.25% p.a. | 8.65% p.a. | $398 | Fixed | Unsecured | $0 | $15 | $0 | $23,903 | |||||||||||
7.44% p.a. | 8.27% p.a. | $400 | Fixed | Unsecured | $0 | $0 | $595 | $24,011 | |||||||||||
8.49% p.a. | 8.49% p.a. | $410 | Fixed | Unsecured | $0 | $0 | $0 | $24,614 | |||||||||||
8.54% p.a. | 9.67% p.a. | $411 | Fixed | Secured | $0 | $8 | $400 | $24,643 | Disclosure | ||||||||||
7.49% p.a. | 7.49% p.a. | $401 | Fixed | Unsecured | $0 | $0 | $0 | $24,040 | |||||||||||
7.99% p.a. | 7.99% p.a. | $405 | Fixed | Unsecured | $0 | $0 | $0 | $24,326 | |||||||||||
8.24% p.a. | 9.27% p.a. | $408 | Fixed | Secured | $20 | $5 | $150 | $24,470 | |||||||||||
8.69% p.a. | 9.19% p.a. | $412 | Fixed | Secured | $0 | $0 | $350 | $24,730 |
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Hot August Personal Loan Rates and Deals
One of the lowest personal loan rate in our database is currently 5.67% (comparison rate 6.10%) from Liberty Financial with their Secured Personal Loan (3 Years).
According to recent RBA data, the average rate for new fixed term personal loans is around 9.00% p.a. Many borrowers may find their rate is either much lower or much higher than this, depending on their credit rating and whether the loan is secured or unsecured.
Some of our top picks of products among the lowest rates on the market for personal loans this month are:
Unsecured personal loans
- Harmoney - Unsecured Personal Loan (Excellent credit) (5 Years) with 5.76% p.a. (5.76% p.a. comparison rate)
- NOW Finance - No Fee Personal Loan (secured) (5 Years) with 5.95% p.a. (5.95% p.a. comparison rate)
- OurMoneyMarket - Low Rate Personal Loan Unsecured (Exceptional Credit) ($5k-$100k) (5 Years) with 5.95% p.a. (5.95% p.a. comparison rate)
- ING - Personal Loan (5 Years) with 6.19% p.a. (7.03% p.a. comparison rate)
- Liberty Financial - Unsecured Personal Loan (5 Years) with 6.30% p.a. (6.30% p.a. comparison rate)
Secured personal loans
- Liberty Financial - Secured Personal Loan (5 Years) with 5.67% p.a. (6.10% p.a. comparison rate)
- Bendigo Bank - Green Secured Personal Loan (5 Years) with 6.24% p.a. (6.61% p.a. comparison rate)
- Great Southern Bank - Unsecured Green Personal Loan (Exceptional) (5 Years) with 6.49% p.a. (6.49% p.a. comparison rate)
- Newcastle Permanent - Personal Loan Secured (5 Years) with 6.49% p.a. (6.84% p.a. comparison rate)
- BankSA - Secured Personal Loan (5 Years) with 6.49% p.a. (7.90% p.a. comparison rate)
Until next month 🫡
For more information on how we’ve selected these products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of 24 August 2026. View disclaimer
What is a personal loan?
A personal loan is any financial product where you borrow money from a lender and pay it back over time with interest. The loan can be secured - i.e. the lender has the right to repossess an asset should you default on the loan - or unsecured.
In Australia, there are a wide range of providers that offer personal loans, including the big four banks, customer-owned banks and non bank lenders. The loan amount can range from about $500 to over $100,000, depending on the lender.
Personal loans v credit cards
Personal loans are less flexible than credit cards and don't offer the same benefits, however the interest rates can be significantly lower.
Credit card interest rates average around 20% p.a. while personal loan rates tend to be under 10% p.a.
What can you spend a personal loan on?
There are a variety of reasons you might take out a personal loan. Some of the most common include:
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A wedding
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Car
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Emergency expenses (e.g. unexpected medical costs)
Personal loans in Australia
Personal loans are common in Australia, and the demand for them appears to be growing. From June 2015 to the start of 2022, between $4 billion and $6.6 billion was written each quarter in personal loans, according to the ABS. Since then, the value of new personal loans written has steadily increased - April to June 2025 saw over $9 billion worth of new personal credit.
How to compare personal loans
The most important things to consider when comparing personal loan products are:
Interest rate
Personal loans generally have a range of possible interest rates, depending on the borrower. This range can be very wide - for example, Commonwealth Bank personal loan rates at the time of writing range from 7% p.a. to 22% p.a. In general, lenders assess the risk prospect of the borrower, considering factors including:
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Your income and expenses
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Your debts, including your debt-to-income ratio
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Your credit score
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The loan details (how much you're borrowing, what you're using the loan for etc.)
Personal loan rates can also be fixed (where the interest rate won't change for the loan term) or variable (can fluctuate over time).
As of August 2025, the average rate for fixed personal loans written in Australia was 10.23% p.a., and 7.91% p.a. for variable rate loans.
Fees
Personal loans usually come with a few fees. There might be a one off loan establishment fee, regular account keeping or servicing fees, as well as charges for late or early repayments.
These fees can be a significant portion of the overall loan amount, particularly for smaller loan sizes. For example, a $200 establishment fee is 4% of a $5,000 loan. The comparison rate, which takes these extra charges into account, can help to reflect these costs relative to the loan's interest rate.
Fees for secured personal loans are often lower than fees for unsecured loans because of the reduced risk to the lender.
Extra repayments
Most variable rate personal loans and some fixed rate products allow you to make extra repayments, but there may be a limit on the amount that can be repaid early. You may also be charged early repayment fees and an early exit fee for repaying the loan earlier than the initial loan term.
It can sometimes be worth paying a few extra percentage points worth of interest for a loan that allows you to make extra repayments without incurring an early repayment fee.
Other things to consider
There are a few other things to look out for when it comes to finding a personal loan:
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Flexibility: Some lenders charge fees for making extra repayments, while others do not. If you want to get ahead, it could be a good idea to find a loan that doesn't penalise you for paying it off early.
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Minimum and Maximum Loan Amount: Some lenders are only willing to lend between a certain band, with most lenders requiring a minimum loan size of around $2,000 - any less and you venture into payday lending territory. Conversely, most lenders have a lending cap, too, with many hovering around $50,000.
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Eligibility Criteria: Most creditors require you be at least 18 years of age, and an Australian citizen or permanent resident. Many have minimum income requirements, too.
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Loan Term: This usually varies anywhere from six months to five years. Some car loans now are offered over seven years. The longer your loan term, the more interest you ultimately pay, but the lower your monthly repayment.
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Redraw facility: Some personal loan products will allow you to make extra repayments, and then give you the option to take this extra money out if needs be. This gives you added confidence if you are trying to pay the loan off quickly.
How to get approved for a low-rate personal loan
If you're in the market for a personal loan there are a few things you might be able to do that could help you qualify for a lower rate:
Reduce your debt-to-income ratio
Another thing lenders will consider is how much debt you already have relative to your income. A higher debt-to-income ratio may mean you'll be considered a riskier borrower, and you might be charged a higher rate or simply have your application rejected.
Compare your options and shop around
When you're comparing different products, keep in mind that the advertised rate is generally the lowest end of the spectrum. To get a more accurate sense of the rate a lender will actually charge you, you may need to get in touch - shopping around and getting a few different quotes can give you a better idea of your best option. However, you'll also need to keep in mind that these enquiries may be recorded on your credit score.
Consider securing the loan
Secured personal loans tend to have lower rates than unsecured loans as they pose less risk to the lender. If you're using the loan to buy an asset like a car, it usually makes sense to secure it, but even if you're using the personal loan for something else you might be able to put something up as collateral to reduce your rate. This could be your car, a term deposit, or even equity in your property.
Personal loan interest rates may vary depending on your credit score.
Many lenders use risk-based pricing when offering personal loans.
This essentially means the perceived trustworthiness of the borrower could influence what interest rate the lender ultimately charges on the loan.
Lenders will typically look at the borrower's credit score to adjudge their trustworthiness, with the lowest interest rates usually reserved for those with excellent credit scores.
Other factors can also affect the interest rate, such as the loan amount, loan duration or whether the loan is secured, unsecured, fixed-rate or variable-rate.
Frequently Asked Questions
A fixed rate personal loan is a loan with the option to lock in or ‘fix’ your interest rate for a set period of time - between one and five years. Where a variable rate personal loan differs, is by allowing the interest rate to move or ‘vary’ with changes to the market - generally between one and seven years. This means your interest rate can rise or fall over the term of your loan with a variable rate.
An unsecured personal loan is a loan that has no security attached. Without security, the lender will review your finances, income and expenses to determine whether you meet lending criteria. Interest rates on unsecured personal loans are typically higher than secured loans as they present a greater risk due to having no security.
The maximum duration for a personal loan in Australia will vary depending on the terms of the loan. If the loan is subject to a fixed interest rate, the duration can reach up to five years. On the other hand, if the loan is subject to a variable interest rate, the duration can reach up to seven years. The longer the duration of the loan, the more interest will be paid over time.
Personal loans may be better suited to your current financial position than a credit card, particularly if you’re making a significant purchase. These typically include one-off or big-ticket items such as a new car, wedding, holiday or even consolidating debts. For many larger purchases, limits applied by the financial institution may prevent you from using a credit card and even if you can, the risk of an interest expense blow-out could potentially be high.
No, a personal loan is not considered a credit card. One main difference between personal loans and credit cards is how you receive the borrowed funds. A credit card is a revolving form of credit where you’re approved to borrow up to a set amount (the credit limit) for an unlimited time and you’re only charged interest on the portion of this you used and didn’t repay by the end of the statement cycle. Conversely, a personal loan is a one-off, lump sum debt of an agreed amount which has to be repaid by a set date.
There are a number of factors you should look at and compare when choosing a personal loan. A few of these include:
Interest rate
Comparison rate (interest rate plus fees and charges)
Type of interest rate (fixed or variable)
Whether the loan is secured or unsecured
Early repayment option
Loan term (how long you’ll have the loan)
Repayment frequency (weekly, fortnightly or monthly)
Lenders' eligibility criteria
Using a comparison site like Savings.com.au is an easy way to compare personal loan rates. Here you can compare personal loans by interest rate, fees, features and more. When comparing by interest rate, be sure to also consider the comparison rate, because this rate takes fees into account (e.g. a personal loan with a comparison rate that’s much higher than its advertised rate is likely to have high fees). Important features to consider when comparing include whether the personal loan is secured or unsecured, offers fee-free early exits, or offers instant approval. If you find a personal loan that you think might suit you, but you want to have a bit more information, you can go to the lender's website.
In 2022, most personal loan interest rates tend to range between 6% and 12%, but can be 20% or higher for those with below average credit scores. With this in mind, a 3% p.a. interest rate can be considered an incredibly good rate for a personal loan, but finding a lender that’s willing to offer a rate that low may be difficult. However, you should look at other factors such as the comparison rate, type of interest rate (fixed or variable) and loan term to determine how much you will end up paying in interest and other fees.
You may find it more difficult to secure a personal loan if you just started a new job, but that doesn’t mean it’s impossible. But generally speaking, you’d want to be in your job for at least six to 12 months before applying for a loan as this shows the lender that you have a consistent, reliable source of income.
Generally, unemployed people won’t be able to get a personal loan. This is because you need to meet certain income requirements that prove you are able to afford your repayments. If you are unable to do so, you won’t be able to secure a personal loan. If you’re unemployed but have another source of steady income, you might still be able to secure a personal loan.
Eligibility criteria for a personal loan will likely vary between lenders. But typically, you can expect to need to meet these bare minimum requirements:
Be at least 18 years old
Be an Australian citizen or permanent resident
Have a consistent form of income
You may need to meet other requirements, such as having a good credit score, but this will depend on the lender you are applying through.
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