Your selected personal loans
Excellent Credit, $5,000 - $75,000
Competitive low rates for borrowers with excellent credit on 1-7 year loans from $5,000 up to $75,000, plus free extra repayments. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
Read reviews and learn more about OurMoneyMarket personal loans
Your selected personal loans
Fixed
Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023 & 2024^'
Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,430.23 including fees.
Read reviews and learn more about NOW Finance personal loans
Your selected personal loans
Fixed
Competitive rates depending on credit score. No monthly or early repayment fees. No penalties for paying your loan off sooner. Borrow from $5,000 to $80,000. Your choice of 3, 5 or 7 year terms. You will be given the option to use a vehicle as collateral to secure your loan. One upfront fee applies.
Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.90% would cost $35,025.41 including fees.
Read reviews and learn more about MoneyPlace personal loans
Your selected personal loans
$5,000-$75,000
Competitive fixed rates on loans up to $75,000 depending on your credit score. Zero monthly account keeping fees, no exit fees and no early repayment fees. Make weekly, fortnightly or monthly repayments, over 1 to 7 years managed entirely online, at any time. Fast and easy, 100% online application.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
Your selected personal loans
Unsecured
Enjoy a competitive rate on the initial balance that you request to be transferred to your bank account within 3 months of approval. Choose your repayments each month above the minimum payment due. Apply online in as little as 10 minutes. Only pay interest on the amount you have used, not on your whole credit limit. A one-off establishment fee of $249. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.
Read reviews and learn more about Citi personal loans
Your selected personal loans
Fixed
Competitive rates depending on credit score. No monthly or early repayment fees. No penalties for paying your loan off sooner. Borrow from $5,000 to $80,000. Your choice of 3, 5 or 7 year terms. One upfront fee applies.
Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.55% would cost $35,261.24 including fees.
Read reviews and learn more about MoneyPlace personal loans
Your selected personal loans
There are worthwhile reasons for borrowing a large amount of money, including funding an overseas holiday, tackling a home renovation or consolidating multiple debts.
However, borrowing $50,000 (or a similar amount) is a rather big commitment, demanding that you’re in a good financial position and are able to handle the ongoing cost of repaying the loan.
This cost can differ from loan to loan and depends on key factors such as:
So crunching the numbers on personal loans is worth doing from the get-go. To start with, let’s compare two loans with different interest rates (assuming they are fixed).
| Loan 1: 9.00% p.a. interest rate | Loan 2: 7.50% p.a. interest rate | |
| Amount: | $50,000 | $50,000 |
| Interest rate: | 9.00% p.a. | 7.50% p.a. |
| Term: | 3 years | 3 year |
| Monthly repayment: | $1,590.00 | $1,555.00 |
| Total interest paid: | $7,240.00 | $5,991.0 |
Here we see a significant difference in the total interest paid. This highlights the importance of finding a lower interest rate where possible.
Now let’s change the timeframe. A longer term might make it easier to handle regular repayments by reducing them. But keep this in mind: the longer you have the loan the more interest you’ll accrue overall.
Let’s have a look.
| Loan 1: 4 year term | Loan 2: 7 year term | |
| Amount: | $50,000 | $50,000 |
| Interest rate: | 7.00% p.a. | 7.00% p.a. |
| Term: | 4 years | 7 years |
| Monthly repayments: | $1,209.00 | $767.00 |
| Total interest paid: | $8,029.00 | $14,421 |
So, yes the monthly repayments typically come down with a longer term, but as we can see in this example, the total interest increases from $8,029 to $14,421, a difference of $6,392!
Comparing a few loans side by side is a sensible way to begin, and you can easily do this with some of the loans listed in the table above. Try our handy repayments calculator!
Next, let's touch on a couple of the key differences between personal loans.
There are differences between loans, including the fact that some are ‘secured’, while others are ‘unsecured’.
Briefly, with a secured personal loan the lender will require you to put up an asset like a car or your house as security against the loan, should you ever default on it. Alternatively, with an unsecured personal loan, you won’t have to put up any asset as collateral on the loan.
The other option some providers offer is the choice between fixed or variable interest rates on personal loans. Fixed rates stay the same for the term of the loan, while variable rates can be impacted by movements in the official cash rate set by the Reserve Bank. You can read more about the differences in our Personal Loans hub page.
Learn more about both secured and unsecured loans, as well as other differences in fees and charges on our Personal Loans hub page. View
Taking out a $50,000 loan, or any personal loan for that matter, requires thorough research and comparison.
Besides this, you first need to meet the lender’s set criteria for borrowing money and this can include:
If everything lines up financially, that's great. But still knowing how personal loans work and why borrowing $50,000 is be a big financial commitment, should be part of your decision making process.
Personal loan terms typically range anywhere from 1 to 7 years. However, many lenders will let you choose your preferred loan term if you can prove you’re able to meet regular repayments.
Yes. A debt consolidation loan lets you combine multiple debts into one loan with just one interest rate. If you’re looking for a $50,000 loan for this purpose, be sure to check out our personal debt consolidation loans guide.
If your credit history stacks up and you meet the eligibility criteria, you should be able to get an unsecured loan for $50,000 with some lenders. However, keep in mind that you might pay higher interest rates with an unsecured loan than a secured loan.
The best loan for you will depend on your financial circumstances. If you’re someone who likes to know exactly how much your loan repayments will be each month, you might prefer a fixed rate loan. If this is less of a priority for you, then you might opt for a variable rate loan which can be impacted by the official cash rate set by the Reserve Bank.
Aside from a low interest rate, there are other important features to look for in a personal loan, including fees such as upfront application or monthly service fees. Repayment flexibility is another feature worth checking, as is the ability to redraw on extra repayments.
Once you’ve compared personal loans and found the lender and loan you’re interested in, you’ll need to submit an application. Every lender has different lending criteria, but generally, you’ll need to submit the following information:
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