Unsecured, secured and green secured personal loans all saw fixed rates lowered, with the range of interest rates lowered by 0.50% p.a.
As is usually the case with personal loan lending, there isn't a one size fits all rate, rather a range that depends on the credit worthiness of the borrower.
Unsecured fixed personal loans with CBA now have rates starting at 8.00% p.a (down from 8.50% p.a), up to 20% p.a. (down from 20.50% p.a), with the comparison rate range 9.40% p.a to 21.30% p.a*.
For those paying off a variable rate personal loan with CommBank, unfortunately there were no equivalent cuts.
It's the first time in several months Australia's largest bank has touched its range of personal loans, but the cuts follow term deposit and home loan rates also coming down more recently.
For unsecured personal loans, CommBank is now pretty much in line with Westpac (rates from 7.99% p.a to 20.49% p.a, comparison rate range 9.18% p.a to 21.61% p.a*).
ANZ still offers the most competitive unsecured fixed personal loan rates (7.49% p.a to 19.99% p.a, 8.18% p.a to 20.58% p.a comparison rate*) of the big four, while NAB is now about 50 bps behind (8.49% p.a to 20.49% p.a, 9.54% p.a to 21.49% p.a comparison rate*).
Secured personal loans with CommBank, that you might use to buy a car or another major asset, now have rates starting at 6.49% p.a, all the way up to 10.49% p.a (7.90% p.a to 11.86% p.a comparison rate*).
For eligible energy efficient cars like electric vehicles (EVs), CommBank have a single rate of 5.99% p.a (7.41% p.a comparison rate*), which is the same as Westpac, although the comparison rate is slightly lower there (7.20% p.a*).
To get the Green Option on unsecured loans, you'll need to demonstrate that the money is going towards an energy efficient purchase like solar panels.
The significant difference between the advertised rate and the comparison rate comes from the fees - all these products have a $250 loan establishment fee, a monthly $15 'servicing fee', while other charges for things like early discharge or late repayment can still apply.
Advertisement
Here are some of the top personal loan products available in Australia at the moment
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.
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 November 25, 2024. View disclaimer.
Savings.com.au provides general information and comparison services to help you make informed financial decisions. We do not cover every product or provider in the market. Our service is free to you because we receive compensation from product providers for sponsored placements, advertisements, and referrals. Importantly, these commercial relationships do not influence our editorial integrity.
At Savings.com.au, we are passionate about helping Australians make informed financial decisions. Our dedicated editorial team works tirelessly to provide you with accurate, relevant, and unbiased information. We pride ourselves on maintaining a strict separation between our editorial and commercial teams, ensuring that the content you read is based purely on merit and not influenced by commercial interests.
Learn more about our commitment to editorial integrity in our Editorial Guidelines.
Our service is free for you, thanks to support from our partners through sponsored placements, ads, and referrals. We earn compensation by promoting products, referring you, or when you click on a product link. You might also see ads in emails, sponsored content, or directly on our site.
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.
Additionally, certain products may present forms designed to refer you to associated companies (e.g. our mortgage broker partner) who may be able to assist you with products from the brand you selected. We may receive a fee for this referral.
You can customise your search using our sorting and filtering tools to prioritise what matters most to you, although we do not compare all features and some results associated with commercial arrangements may still appear.
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.
Savings.com.au is proudly part of the InfoChoice Group, which includes InfoChoice.com.au, YourMortgage.com.au, YourInvestmentPropertyMag.com.au, and PerformanceDrive.com.au. The InfoChoice Group is associated with the Firstmac Group.
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
Brooke Cooper
Jacob Cocciolone
