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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 December 27, 2024. View disclaimer.
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.
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.
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.
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.
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We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements.
Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes.
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For home loans, the base criteria include a $400,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.
Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.
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We may include products and services from loans.com.au, CarLoans.com.au, OnlineAuto.com.au, and YourMortgageBroker Pty Ltd, all associated with the Firstmac Group. Importantly, these brands are treated like any other commercial partner.
The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. Before acquiring any financial product, obtain and read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), and any other offer documents.
Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).
Harrison Astbury
Harry O'Sullivan
