Personal loan rates in Australia in 2026 range from about 5.99% for excellent-credit borrowers up to 25%+ for those with poor credit history. Here is what to expect and how to make sure you get the best rate available.
Current Personal Loan Rates — April 2026
| Lender | Rate From | Loan Amount | Type |
|---|---|---|---|
| OurMoneyMarket | 5.99% | $2,001–$75,000 | Fixed |
| Wisr | 6.29% | $5,000–$64,000 | Fixed |
| Plenti | 6.57% | $2,000–$50,000 | Fixed |
| ANZ | 7.49% | $5,000–$50,000 | Fixed |
| CommBank | 8.90% | $4,000–$50,000 | Fixed |
Rates shown are advertised rates for excellent credit. Your actual rate depends on credit score, income, loan amount and term.
What Affects Your Personal Loan Rate?
- Credit score: The single biggest factor. A score above 700 gets you the best rates. Below 600 and you may face rates of 15–25%.
- Income and employment: Stable full-time employment is preferred. Self-employed or casual workers often pay higher rates.
- Loan amount: Larger loans ($20,000+) often attract better rates than small loans.
- Loan term: Shorter terms usually mean lower rates but higher monthly repayments.
- Secured vs unsecured: Secured loans (using a car or asset as security) have lower rates.
What Is a Good Personal Loan Rate in 2026?
For an unsecured personal loan with good credit in 2026, anything under 8% p.a. is competitive. Rates under 7% are excellent. If you are being quoted above 12%, it is worth checking your credit score and potentially improving it before applying.
How to Improve Your Rate
- Check your credit score before applying (free via ClearScore)
- Pay down existing debts first, especially credit cards
- Avoid multiple loan applications in a short period — each one affects your score
- Apply for the right loan amount — don’t over-borrow
- Consider a shorter term if you can afford higher repayments
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Disclaimer: General information only. Not financial advice. Consult a licensed professional before making financial decisions.