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Personal Loan Calculator Australia 2026
Calculate your exact repayments, total interest and see how much extra repayments save. Compare secured vs unsecured rates and find the best personal loan for your situation.
Enter your loan amount, rate and term โ instant repayment result.
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Choose repayment frequency โ weekly, fortnightly or monthly.
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See full schedule, extra repayment savings and loan comparison in the results tabs.
Reviewed by the ozfinancecalc.com.au editorial team ยท Last reviewed: May 2026 ยท Rates verified against lender dataSources: ASIC MoneySmart ยท RBA
๐ฐ Calculate Repayments
๐ฆ How Much Can I Borrow?
โ๏ธ Compare Two Loans
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Personal Loan Repayment Calculator
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Avg unsecured rate: ~11.5% ยท Best secured: ~6.99%
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One-off upfront fee charged by lender
Weekly
Fortnightly
Monthly
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Maximum loan amount at your budget
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Total repaid: โ
Enter Loan A details above in the Repayment tab, then set Loan B below to compare total costs.
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๐ Summary
๐ Repayment Schedule
โ Extra Repayments
โ๏ธ Rate Scenarios
Per ASIC MoneySmart, always compare the comparison rate โ which includes most fees โ not just the advertised rate. The comparison rate is based on a $30,000 loan over 5 years.
Year
Repayments
Principal Paid
Interest Paid
Balance
๐ก Extra Repayment Calculator
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How different interest rates affect your repayments and total cost on the same loan amount and term.
Rate
Monthly Repayment
Total Interest
Total Repaid
vs Your Rate
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๐ณ Carrying Credit Card Debt?
A personal loan at 10-12% p.a. could save you thousands vs credit card rates of 19-22% p.a. On $15,000 at 19.99%, minimum payments take 8+ years and cost $15,000 in interest.
Rates indicative May 2026 โ best available for good credit. Always compare comparison rates. โญ = best in category.
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Personal Loan Tips โ Australia 2026
Always compare the comparison rate
The comparison rate includes most fees and gives a true annual cost. A loan advertised at 8.99% with high fees may have a comparison rate of 12%+. Required by law to be displayed per ASIC.
Check your credit score first
Free at CreditSavvy or GetCreditScore. Scores 700+ access the best rates. If your score is below 650, 6-12 months of on-time payments can improve it meaningfully before applying.
Shorter terms save significant interest
A 3-year term at 11% saves approximately $1,800 in interest vs a 5-year term on a $15,000 loan โ with repayments only $270/month higher. Use the scenarios tab to compare.
Pre-approval before shopping
Getting pre-approved shows you a confirmed rate without a hard credit inquiry. Hard inquiries from multiple full applications can reduce your score and make lenders nervous.
Secured loans cost less
Using a vehicle or other asset as collateral reduces your rate by 2-4% p.a. vs unsecured. On $20,000 over 5 years, that saves approximately $3,000-$6,000 in total interest.
Check early repayment terms
Variable rate personal loans typically allow extra repayments without penalty. Fixed rate loans often charge exit fees of 1-2 months interest. If you plan to pay off early, choose variable or check exit fee costs.
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Personal Loan FAQ โ Australia 2026
What is the average personal loan interest rate in Australia 2026?
The average unsecured personal loan rate in Australia in 2026 is approximately 11.5% p.a. Secured loans (using a vehicle or asset) start from around 6.99% for borrowers with excellent credit. Online lenders typically offer more competitive rates than traditional banks. The best rate available depends on your credit score, income stability and the lender's risk assessment.
What is the maximum personal loan amount in Australia?
Most Australian personal loan lenders offer up to $50,000โ$100,000 for unsecured loans to qualified borrowers. Secured loans (using a vehicle as collateral) may allow higher amounts. The amount you're approved for depends on your income, existing debts, credit score and the lender's responsible lending assessment. Per ASIC MoneySmart, borrow only what you can comfortably repay.
How long does personal loan approval take in Australia?
Online personal loan lenders in Australia typically provide conditional approval within minutes and full approval within 24-48 hours after document verification. Traditional bank personal loans may take 3-5 business days. Funds are typically available 1-2 business days after approval. Having your tax returns, payslips and bank statements ready speeds up the process significantly.
Can I use a personal loan to consolidate debt in Australia?
Yes โ debt consolidation is one of the most common uses for personal loans in Australia. Combining multiple credit card balances (typically 19-22% p.a.) into a personal loan at 10-12% p.a. can save thousands in interest. The critical rule: close or significantly reduce the credit limits on cards you pay off, otherwise you risk accumulating new debt on top of the consolidation loan.
What is a comparison rate on a personal loan?
A comparison rate is a single percentage rate that includes most fees and charges (establishment fees, monthly fees) in addition to the interest rate. It gives a more accurate picture of the true annual cost of a loan. Per ASIC requirements, all Australian lenders must display the comparison rate alongside their advertised rate. The comparison rate is calculated on a $30,000 loan over 5 years. Always compare comparison rates when comparing loans.
Does a personal loan application affect my credit score?
Yes โ a full personal loan application results in a hard credit enquiry, which typically reduces your credit score by 3-10 points temporarily. Multiple applications in a short period look worse to lenders. Comparison tools that perform soft checks (preliminary assessment without full inquiry) let you see indicative rates before committing. Your score typically recovers within 3-6 months if you don't miss any payments.
What is the difference between a secured and unsecured personal loan?
A secured personal loan uses an asset (typically a vehicle) as collateral. If you default, the lender can repossess the asset. Secured loans offer lower interest rates (6.99โ10% p.a.) because the risk to the lender is lower. An unsecured personal loan requires no collateral โ approval is based on your income and creditworthiness alone. Unsecured loans are more common but have higher rates (8.99โ20%+ p.a.) and the lender may pursue legal action if you default.
๐ฐ Compare repayments across rates and terms
๐ณ Debt consolidation โ save on credit card rates
โฌ๏ธ Extra repayments โ cut interest significantly
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Get matched with personal loan options across Australian lenders, with the rate based on your profile โ free, no obligation, no impact to your credit score to check.
Some links are referral/affiliate links โ we may be paid if you proceed, at no cost to you.
Personal loan interest rates in Australia (2026)
Personal loan rates vary more than any other consumer loan because they're risk-priced โ your rate depends on your credit profile, whether the loan is secured, and the lender. As of mid-2026 the RBA's average fixed-term personal loan rate is about 9.06% p.a. In practice, strong borrowers with a secured loan can land in the 7โ9% range, while unsecured loans for average profiles commonly sit 10โ16%+ p.a. Enter a rate and term above to see the real monthly repayment and total interest.
Secured vs unsecured, fixed vs variable
Secured loans are backed by an asset (a car, term deposit) and carry lower rates; unsecured loans have nothing backing them, so they cost more.
Fixed rates lock your repayment for certainty; variable rates can move but usually allow free extra repayments and early payout. If you plan to clear the loan early, variable often wins.
The biggest win: consolidating high-interest debt
The strongest case for a personal loan is debt consolidation. Credit cards commonly charge ~20%+ p.a.; rolling that balance into a personal loan around 9โ12% can cut your interest cost dramatically and give you a fixed payoff date instead of an endless minimum-repayment cycle. On $15,000 of card debt, moving from 20% to 10% saves roughly $1,500 in the first year alone. The catch: it only works if you stop using the cards โ consolidating and then re-running the balances up leaves you worse off. Treat it as a one-time reset, not a habit.
Compare the comparison rate
As with all Australian credit, focus on the comparison rate, which bundles the interest rate with standard fees (establishment, monthly) into one annual figure. Personal loans often carry establishment and ongoing fees, so a low headline rate with high fees can lose to a higher-rate, no-fee loan.
Worked example: $20,000 over 5 years
A $20,000 unsecured loan at 11% p.a. over 5 years costs about $435/month and roughly $6,100 in total interest. Secure the same loan at 8% and the repayment drops to about $406/month with ~$4,300 interest โ a ~$1,800 saving. Shorten the term to 3 years and you pay far less interest overall but a higher monthly amount. The calculator above lets you test each combination before you apply.
5 ways to get a lower personal loan rate
Secure the loan against an asset if you can โ it's the biggest single rate cut.
Borrow only what you need over the shortest term you can afford โ less interest overall.
Check your credit score first and fix errors; risk-based pricing rewards a clean file.
Avoid multiple applications โ each hard enquiry can dent your score. Use lenders that offer a no-impact rate estimate.
Compare via a broker or marketplace rather than applying lender-by-lender.
Indicative rates only, mid-2026 โ not an offer. Some links are referral/affiliate links; we may be paid if you proceed, at no cost to you.
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Personal loan FAQs (2026)
What's a typical personal loan rate in 2026? The RBA average fixed-term rate is about 9.06% p.a. Secured/strong-credit borrowers can do better (7โ9%); unsecured average-credit loans run 12โ16%+.
Is a personal loan good for paying off credit cards? Often yes โ swapping ~20% card interest for a ~9โ12% loan with a fixed payoff date can save a lot, provided you stop adding to the cards.
Will checking a rate hurt my credit score? A formal application is a hard enquiry that can. Many lenders offer a no-impact rate estimate first โ use those to compare before applying.
Fixed or variable? Fixed gives certainty; variable usually allows free extra repayments and early payout. If you'll clear it early, variable often costs less.
Can I repay early? Variable loans usually allow it freely; fixed loans may charge break/early-payout fees. Check before signing.
How much can I borrow? Most lenders offer roughly $2,000โ$50,000+ for personal loans, subject to income, expenses and credit assessment.
Some links are referral/affiliate links โ we may be paid if you proceed, at no cost to you. This calculator gives general information only, not financial or credit advice, and figures are estimates โ confirm rates and repayments with a licensed lender or broker.
