$50,000 Personal Loans

Compare $50,000 personal loans from a range of Australia’s leading lenders to help find one that suits your needs. Start comparing now!

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$50,000 Loans Knowledge Hub

What are the monthly repayments on a $50,000 personal loan?

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:

  • the interest rate
  • the loan term 
  • and, any additional fees or charges.

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).

Comparing costs of different interest rates

Loan 1: 9.00% p.a. interest rateLoan 2: 7.50% p.a. interest rate
Amount:$50,000$50,000
Interest rate:9.00% p.a.7.50% p.a.
Term: 3 years3 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.

Comparing costs of different loan terms

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 termLoan 2: 7 year term 
Amount:$50,000$50,000
Interest rate:7.00% p.a.7.00% p.a.
Term:4 years7 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.

Secured or unsecured

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. 

Fixed or variable

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

The bottom line: Is a $50,000 personal loan right for me?

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:

  • Meeting specific personal finance requirements
  • Having a good credit history and rating

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.

FAQs

How long can I take to pay off a $50,000 loan?

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.

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

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.

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

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

Are fixed-rate loans better than variable-rate loans?

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.

What features should I look for in a personal loan?

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.

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

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:

  • 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
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JP Pelosi

RG146
Managing editor

Managing Editor Jean-Paul (JP) Pelosi leads the editorial team, with over 20 years of experience writing for top outlets like The Guardian, The Sydney Morning Herald and News.com.au. JP's expertise in home loans and property is complemented by his rich background at major financial firms including CommBank, Suncorp and Amex. Holding a Master's in Communications and international experience in journalism, JP combines passion with skill and has a unique ability to apply this editorial experience and financial knowledge to advise the team on how to create engaging financial content for Australian consumers....

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Personal loan customer reviews

Bendigo Bank Secured Personal Loan
Overall 5/10
Homeless and trying so hard to get some help

Homeless and trying to get some help with some money to pay for something two live in

Read full review

Homeless and trying to get some help with some money to pay for something two live in

Price
5/10
Features
4/10
Customer service
5/10
Convenience
5/10
Trust
3/10
Less
Tracey, New South Wales, reviewed 22 days ago
ANZ Unsecured Personal Loan
Overall 10/10
It is flexible, competitive, easy.

ANZ’s personal loan product stands out for its flexibility, competitive rates, and ease of application. One of the key advantages is the choice between a fixed or variable interest rate, allowing borrowers to select an option that best suits their financial situation. The fixed-rate loan provides certainty in repayments, making budgeting easier, while the variable rate offers the potential for savings if interest rates decrease. The application process is straightforward, with online tools that allow for quick pre-approval and loan calculations. ANZ also provides the option for extra repayments on variable loans, helping reduce interest costs over time. The ability to redraw extra repayments (for variable loans) is another plus, offering financial flexibility if needed. Additionally, the loan terms range from 1 to 7 years, giving borrowers control over their repayment period. Customer service is also reliable, with support available through online banking, branches, and phone assistance. Overall, ANZ’s personal loan product is a great choice for those looking for competitive rates, repayment flexibility, and a seamless application experience.

Read full review

ANZ’s personal loan product stands out for its flexibility, competitive rates, and ease of application. One of the key advantages is the choice between a fixed or variable interest rate, allowing borrowers to select an option that best suits their financial situation. The fixed-rate loan provides certainty in repayments, making budgeting easier, while the variable rate offers the potential for savings if interest rates decrease. The application process is straightforward, with online tools that allow for quick pre-approval and loan calculations. ANZ also provides the option for extra repayments on variable loans, helping reduce interest costs over time. The ability to redraw extra repayments (for variable loans) is another plus, offering financial flexibility if needed. Additionally, the loan terms range from 1 to 7 years, giving borrowers control over their repayment period. Customer service is also reliable, with support available through online banking, branches, and phone assistance. Overall, ANZ’s personal loan product is a great choice for those looking for competitive rates, repayment flexibility, and a seamless application experience.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Anjovanni, Victoria, reviewed 30 days ago
Commonwealth Bank Personal Loan
Overall 8/10
Reliable and user friendly, but fees can sneak up

Likes: User-friendly app with great features like spending insights and instant transfers. Convenient branches and ATMs across Australia. Strong security measures for peace of mind. Dislikes: Fees can be high, especially for international transactions. Long wait times for customer service. Interest rates on savings accounts aren’t the most competitive.

Read full review

Likes: User-friendly app with great features like spending insights and instant transfers. Convenient branches and ATMs across Australia. Strong security measures for peace of mind. Dislikes: Fees can be high, especially for international transactions. Long wait times for customer service. Interest rates on savings accounts aren’t the most competitive.

Price
6/10
Features
8/10
Customer service
9/10
Convenience
7/10
Trust
10/10
Less
Anita, New South Wales, reviewed 30 days ago

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