$50,000 Loans

Shopping around for a lender to fund a $50,000 personal loan? Compare some of the loans available from a range of Australia’s lenders including banks, peer to peer lenders and non-bank lenders in our personal loan comparison table below based on your borrowing needs.

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What will my repayments be on a $50,000 loan?

This is easy with our handy personal loan repayments search tool. We can give you an estimate of your monthly repayments based on how long you want to take the loan out for. Most personal loans are paid back over a period of 1 to 7 years, so depending on your budget you’ll need to select a loan term that will suit your needs. Have a play around with our repayments tool to see which loan term suits you. 

Are big banks better for bigger loan amounts?

The temptation may be to opt for a big four bank when choosing a $50,000 personal loan, but there’s also a host of smaller lenders including peer to peer lenders that offer large loan amounts, often at cheaper interest rates than the big banks so it is definitely worth your while to shop around. Why pay more interest than you absolutely need to? If you can get a cheaper interest rate you may be able to cut down the time it takes to pay back the loan.   

Can I apply for $50,000 personal loan online?

Yes, these days the vast majority of personal loans are applied for, approved and paid off through online avenues which means you can get started right now from the comfort of your couch. To get the ball rolling, compare a range of $50,000 loans in the table below.

$50,000 personal loan comparisons on Mozo - last updated 17 June 2021

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure.
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    Mozo Experts Choice 2021
    No Fee Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 17.95% p.a.
    5.95% p.a.to 17.95% p.a.based on $30,000
    over 5 years

    Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.

    Pay ZERO fees on loans up to $50,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee. What’s more, get your guaranteed, tailored interest rate in two minutes with no impact on your credit score! Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.

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    Personal Loan

    Unsecured, Fixed, Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    5.44% p.a.to 7.49% p.a.
    5.44% p.a.to 8.19% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 5.44% would cost $34,332.26 including fees.

    With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. To qualify, simply earn above $25,000 and you’ll be on the way to start spending.

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    Mozo Experts Choice 2021
    Low Rate Personal Loan (Fixed, Unsecured)

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.29% p.a.to 8.48% p.a.
    6.36% p.a.to 8.69% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.29% would cost $35,192.28 including fees.

    OurMoneyMarket offer competitive low rates on loans up to $75,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.

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    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.49% p.a.to 19.95% p.a.
    6.76% p.a.to 20.26% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,405.64 including fees.

    Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. Borrow between $5,000 and $63,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!

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    Personal Loan

    interest rate
    comparison rate
    Monthly repayment
    6.25% p.a.to 19.95% p.a.
    7.64% p.a.to 21.35% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.25% would cost $36,103.67 including fees.

    Enjoy flexibility with the ability to make additional repayments. Borrowers with excellent credit rating can receive interest rates as low as 6.25% fixed rate (7.64% comparison rate*). Loan terms between 1 to 5 years.

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    Unsecured Personal Loan

    Excellent Credit, Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 10.49% p.a.
    5.95% p.a.to 12.83% p.a.based on $10,000
    over 3 years

    Terms from 2 to 5 years. Representative example: a 3 year $10,000 loan at 5.95% would cost $10,943.74 including fees.

    Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.

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    Personal Loan

    interest rate
    comparison rate
    Monthly repayment
    6.75% p.a.
    7.10% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,680.23 including fees.

    Handypay offer flexible home improvement loans up to $75,000. Handypay is a specialist home improvement plan provider.

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    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.35% p.a.to 24.79% p.a.
    6.14% p.a.to 25.74% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,832.61 including fees.

    Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you'll likely qualify.

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    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    9.39% p.a.
    9.64% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 9.39% would cost $37,881.66 including fees.

    No account keeping fees. Apply online and get a fast decision, normally within 24 hours. Winner of Mozo's Experts Choice Award for Australia's Best Large Credit Union 2020.

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    No Fee Secured Personal Loan

    interest rate
    comparison rate
    Monthly repayment
    4.45% p.a.to 15.45% p.a.
    4.45% p.a.to 15.45% p.a.based on $30,000
    over 5 years

    Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 4.45% would cost $33,516.53 including fees.

    Pay zero fees on loans up to $100,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee. What’s more, get your personalised interest rate in two minutes with no impact on your credit score!

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    Personal Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    6.99% p.a.to 18.99% p.a.
    7.91% p.a.to 19.83% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,383.67 including fees.

    Borrow from $5,000 to $55,000 with a 1 - 7 year flexible loan term with NAB. Enjoy no fees for extra repayments and no early exit fees. NAB accepts documents online so you can get your funds fast.

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    Standard Personal Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    7.99% p.a.
    8.62% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a n/a year $0 loan at 7.99% would cost $6,988.90 including fees.

    Heritage Bank discounted rates for loans starting from $5,000 to $25,000 and a choice of loan terms up to five years.

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^See information about the Mozo Experts Choice Personal loans Awards

*WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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FAQ

Borrowing must knows - your guide to a getting loan approval

A $50,000 personal loan could well be the key to a fabulous once in a lifetime holiday or help you to secure that boat you’ve been hanging out to buy for years now, but a $50K loan is a serious financial commitment, so to make sure you’re as well prepared as possible we’ve answered some of the most commonly asked questions people have about borrowing and getting loan approval below.

How long can I take it to pay off a loan?

The good news is that personal loan terms can be as long as seven years or be as short as one year and many lenders will often let you choose your preferred loan term as long as you can prove you’ll be able to meet the regular payments.

If you’re borrowing $50,000 it’s likely that you’ll be paying this off over several years and it is better to opt for repayment term that you will be able to comfortably meet than one that puts you under a lot of financial pressure.

For instance, say you get a $50,000 loan with a 10.75% interest rate. Over 5 years, you’ll have a monthly repayment of $1081 according to our personal loan repayments calculator, whereas if you pay the loan off over 3 years, your monthly repayments will jump to $1,631.

It is worth remembering that in Australia these days, most personal loans whether they have a fixed or variable interest rate will allow extra repayments. So if you do find yourself with some spare cash at the end of the month or get an unexpected windfall, you can put this direct into your loan so that you can reduce the time it takes and the interest you’ll have to pay.  

Can a $50,000 personal loan be used to consolidate debt?

Absolutely. Getting a debt consolidation loan is a popular option for Australians looking to ditch debt. Debt consolidation loans generally offer lower interest rates than a credit card so they can be a useful way to get out of debt faster. If this is the reason why you’re in the market for a $50,000 loan, why not read our helpful guide to personal debt consolidation loans.

Can I get an unsecured personal loan for $50,000?

Yes, as long as your credit history stacks up you’ll be able to get an unsecured loan for $50,000 with some lenders, but you might have to pay higher interest rates than if you were getting a secured loan.  

Are fixed rate loans better than variable rate loans?

The best loan for you will depend on your financial circumstances. For some people, knowing exactly how much their loan repayment will be each month is best so they generally opt for a fixed rate loan. If you  think your budget can handle fluctuations in repayments, then a variable rate loan could suit you more.

With a $50,000 loan however, the cheaper your interest rate the less money you will need to pay, so when comparing loans you should definitely look for a loan with a low rate. Be sure that you compare loans on comparison rate, as this rate combines the interest rate with fees, so it gives you a more realistic indication of the true cost of a loan.

While generally you’ll be able to make extra repayments these days with both fixed rate and variable rate loans, just be aware that fixed rate loans sometimes will have break fees if you pay the loan out too early. 

What else should I look for in a personal loan?

A low interest rate aside, there are a few personal loan features worth seeking out so that you can be sure you’re choosing a cost-effective option that you’ll be able to successfully pay off the $50,000 within the loan period.

  • Low fees: Application or upfront fees might be hard to dodge when you’re looking to borrow $50,000, but there are plenty of loans available that come without ongoing service fees so be on the lookout for those. The less money you pay in fees the more money you have to go towards paying down your debt
  • Flexible repayments: An easy way to make sure you never miss a personal loan payment is to match up your repayment schedule with your pay cycle
  • Extra repayments and redraw: Most variable rate loans and fixed rate loans will allow you to make extra repayments. Some loans will also have a redraw facility so that if you do get a head on your repayments and you then need some extra cash you can withdraw it.

Are there any restrictions how I spend the money?

In most cases you’ll be able to use your fresh $50,000 personal loan whichever way you like. Some people opt to put it towards crushing debt, others choose to book flights and accommodation for an upcoming holiday and some use the money to finally secure a dream car or boat. All you have to do is indicate how you plan on spending the money when you apply, but usually you’ll be able to use it for any means you like.

How do I apply for a $50,000 personal loan?

Once you’ve selected the lender and loan that you’re interested in, you’ll need to submit an application. Every lender has different lending criteria but generally you will need to submit the following information:

  • Proof of ID (driver’s licence or passport)
  • Proof of income (recent payslips or tax return)
  • List of other assets and liabilities
  • Proof of employment
  • Loan amount and loan term requested

Most of the lenders listed here on Mozo take online applications so by clicking on the “go to site” button, you’ll be taken directly to the lender’s website where you can complete your application.

If you're looking for a loan of a little lower amount, check out $5000 personal loans and $10000 personal loans.

Personal Loan Reviews

ANZ Unsecured Personal Loan review
Overall 1/10
Very poor bank

Only wanted a few dollars for a week to pay bond changing house told me I would have to borrow 5,000 so went with that all the drama never had this before never do it again and they didn’t give me any respect been with them for years. I never even received an answer if I was accepted very very poor.

Read full review

Only wanted a few dollars for a week to pay bond changing house told me I would have to borrow 5,000 so went with that all the drama never had this before never do it again and they didn’t give me any respect been with them for years. I never even received an answer if I was accepted very very poor.

Price
1/10
Features
1/10
Customer service
6/10
Convenience
5/10
Trust
1/10
Less
Des, Tasmania, reviewed 20 days ago
Suncorp Personal Loan review
Overall 1/10
Avoid this bank.

Stay away from this bank. Worst customer service for existing customers. Go out of their way to get your business but then make everything very difficult as a customer. Not enough branches across Australia and those that are available are inefficient and don't have enough authority to actually help. Online service is almost non existent and had to sit on hold for nearly an hour on the phone, only for the guy to tell me that the department I need to talk to have gone home for the day!! You need to wait months for things to happen and it will all go through the post. Have reported to the ombudsman. Avoid this bank, there are better options available with far better customer service.

Read full review

Stay away from this bank. Worst customer service for existing customers. Go out of their way to get your business but then make everything very difficult as a customer. Not enough branches across Australia and those that are available are inefficient and don't have enough authority to actually help. Online service is almost non existent and had to sit on hold for nearly an hour on the phone, only for the guy to tell me that the department I need to talk to have gone home for the day!! You need to wait months for things to happen and it will all go through the post. Have reported to the ombudsman. Avoid this bank, there are better options available with far better customer service.

Price
4/10
Features
5/10
Customer service
1/10
Convenience
1/10
Trust
2/10
Less
Ashley, Western Australia, reviewed about 1 month ago
Commonwealth Bank Unsecured Personal Loan review
Overall 1/10
Baaaaaad

N/A

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
John, New South Wales, reviewed about 1 month ago

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