Personal loans are one of the most widely used financial products in Australia — covering everything from debt consolidation and car purchases to home renovations and medical expenses. Here is what you need to know about personal loan rates and repayments in 2026.
Current Personal Loan Rates — April 2026
| Lender | Rate From | Loan Amount | Term |
|---|---|---|---|
| OurMoneyMarket | 6.57% | $2,001–$75,000 | 1–7 yrs |
| Wisr | 6.95% | $5,000–$64,000 | 3–7 yrs |
| Plenti | 7.39% | $2,000–$50,000 | 3–7 yrs |
| Symple Loans | 7.75% | $5,000–$50,000 | 1–7 yrs |
| Latitude | 9.99% | $5,000–$70,000 | 2–7 yrs |
Personal Loan Repayment Examples
| Loan Amount | 3yr @ 7% | 5yr @ 7% | Total Interest (5yr) |
|---|---|---|---|
| $10,000 | $309/mo | $198/mo | $1,881 |
| $20,000 | $618/mo | $396/mo | $3,762 |
| $30,000 | $927/mo | $594/mo | $5,643 |
Secured vs Unsecured Personal Loans
Unsecured personal loans are the most common — no asset required as security. Secured loans use an asset (usually a car) as collateral and typically offer lower rates in exchange. If you default on a secured loan, the lender can repossess the asset.
What Lenders Look At — Approval Criteria
- Credit score — Most lenders require a score of 600+ for standard rates
- Income — Regular income (employment or self-employment) required
- Debt-to-income ratio — Existing debts vs income
- Employment stability — Casual or contract workers may face higher scrutiny
- Loan purpose — Some lenders restrict certain purposes (e.g. gambling)
Calculate Personal Loan Repayments
See your exact monthly repayments and compare rates from leading Australian lenders.
Disclaimer: General information only. Not financial advice. Always consult a licensed professional before making financial decisions.