Start with a like-for-like comparison
Set the amount you need and a term you can manage. Then check each result's rate conditions, security and known fees. The first result for your chosen sort is a starting point; it is not a personalised recommendation.
Compare your actual quotes once the lenders have assessed your circumstances.
Use comparison rates as a guide
A comparison rate combines interest and certain fees for a stated loan amount and term. It is not a personalised repayment quote. Check that the examples are comparable and review any costs or conditions outside them.
Read how comparison rates work and the personal loan fees guide.
A smaller repayment can cost more overall
For a $20,000 loan at a constant 8% interest rate, extending the term changes both the repayment and the total interest:
| Term | Monthly repayment | Total interest |
|---|---|---|
| 3 years | $626.73 | $2,562.18 |
| 5 years | $405.53 | $4,331.67 |
Illustration only; fees excluded and interest calculated monthly. This is not an available rate or a loan offer. Use the calculator to test your own figures.
Consider the conditions behind a lower rate
Some starting rates depend on credit criteria, a particular purpose or an eligible asset. A secured loan puts that asset at risk if you cannot repay. An unsecured loan avoids pledging a specific asset, but still carries repayment obligations.
Check early payout charges if you expect to clear the loan sooner.