$50,000 Personal Loan

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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Last updated 18 June 2024 Important disclosures and comparison rate warning*
  • Mozo Expert Choice Badge
    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.75% p.a.to 26.95% p.a.
    6.75% p.a.to 26.95% p.a.based on $30,000
    over 5 years

    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.

    Compare
    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.76% p.a.to 24.03% p.a.
    6.55% p.a.to 24.98% p.a.based on $30,000
    over 5 years

    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 could qualify (other eligibility criteria may apply).

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.76% would cost $35,173.52 including fees.

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    Details
  • Debt Consolidation Loan

    interest rate
    comparison rate
    Monthly repayment
    5.76% p.a.to 24.03% p.a.
    6.57% p.a.to 24.99% p.a.based on $30,000
    over 5 years

    Roll multiple debts into one loan to streamline your finances with one set of repayments and one interest rate. Competitive fixed interest rates with no monthly or early repayment fees and flexible repayment options. Easy online application and funding in as little as 24 hours (subject to approval).

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.76% would cost $35,173.52 including fees.

    Compare
    Details
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Personal loan resources

Reviews, news, tips and guides to help find the best personal loan for you.

There are lots of reasons why you might consider taking out a $50,000 personal loan, from funding your dream holiday, home renovation plans or a medical procedure

In Australia, there are just as many loan and lender options as there are reasons for wanting a loan! Which can make the decision-making process a bit tricky. This can all be made much easier by knowing which features to look for in a loan.

One of the most important features to look for in a personal loan is a low interest rate. 

Personal loan interest rates:

When choosing a personal loan, it's essential to consider both the headline interest rate and the comparison rate. The comparison rate considers both the interest plus any fees on the loan, providing a more accurate picture of the total cost. So be sure to check both rates.

Be aware that the comparison rate is typically based on specific scenarios, like a $30,000 loan paid off over 5 years or a $10,000 loan over 3 years. Your actual loan might have slight variations, so use our loan repayments calculator to get a clearer picture.

Here’s a look at some of the lowest personal loan interest rates in the Mozo database right now:

  • Lowest fixed rate, unsecured loan: Harmoney’s Unsecured Personal Loan from 5.76% p.a. (6.55% p.a. comparison rate*).

  • Lowest variable rate, unsecured loan: Community First Bank’s Home Improvement Loan - rates from 5.54% p.a. (6.53% p.a. comparison rate*) for home renovations. 

  • Lowest fixed rate, secured loan: Commonwealth Bank Secured Personal Loan from 5.99% p.a. (7.41% p.a. comparison rate*).

  • Lowest variable rate, secured loan: Illawarra Credit Union’s Online Personal Loan Package from 6.00% p.a. (6.64% p.a. comparison rate*).

  • Lowest rate green loan: Community First Bank’s Green Loan from 5.54% p.a. (6.53% p.a. comparison rate*) and Bendigo Bank’s Green Personal Loan from 5.49% p.a. (5.84% p.a. comparison rate*).

For more personal loan options, be sure to check out our best personal loans page to find some of our Mozo Experts Choice Award-winning and editor’s choice personal loans or head over to our personal loan interest rates page for more info on the average interest rates for personal loans so that you can be sure you are getting a good deal.

Types of $50,000 Loans

Let’s take a look at some of the different types of personal loans you’ll have to choose from.

Secured personal loans:

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. The benefit to this is that secured loans generally come with lower interest rates – however, you run the risk of losing your asset should you default on your payments.

Unsecured personal loans:

Alternatively, with an unsecured personal loan, you won’t have to put up any asset as collateral on the loan. The payoff with this is that you won’t risk any of your important assets. The downfall, however, is that unsecured loans tend to come with higher interest rates than secured loans.

Debt consolidation loans:

Another reason people take out personal loans is to consolidate multiple debts into one loan. With a debt consolidation loan, instead of managing multiple payments and due dates, you roll them into one loan – meaning you’ll only have one regular loan repayment with one interest rate. However, it's worth noting that you might pay more interest in the long run with a larger loan amount.

Pros & Cons of a $50,00 personal loan

Let’s take a look at some of the pros and cons of taking out a $50,000 personal loan:

Pros:

  • Financial flexibility: A $50,000 personal loan could provide the financial flexibility to cover various significant expenses, such as home improvements, medical bills, or debt consolidation.

  • Better interest rates for credit-worthy borrowers: If you have a good credit history, you might qualify for more competitive interest rates, reducing the overall cost of the loan.

  • Fixed repayment period: Personal loans often come with fixed repayment terms, so you generally know what to expect from your regular repayments – making it easier to plan and budget accordingly.

Cons:

  • Higher interest rates: While you might get lucky and snag a more competitive rate by comparing personal loans and by hopefully having a better credit history, personal loan interest rates generally tend to be much higher than home loans or other loan types.

  • Eligibility criteria: To be eligible for a $50k personal loan, you’ll generally need a good credit score and a stable financial history and income, making it less accessible for some people.

  • Risk of Default: Missing your regular personal loan repayments could harm your credit score and potentially lead to your lender having to pursue legal action or repossess the asset you used as collateral if you have a secured personal loan. 

If you’re looking to take out a $50,000 personal loan to help fund a significant upcoming expense, make sure to use our free personal loan comparison tool to see what options are around so you can choose one to suit your needs.

Picture of Rhianna Dews
Rhianna Dews
RG146
Senior Money Writer

Rhianna Dews is a lending writer and millennial money expert here at Mozo. Her work aims to keep twenty-something-year-old readers up to date with the latest trends in finance and provide budgeting and debt-busting tips. She's also our social media whiz here at Mozo and manages both the Mozo and The Finance Burrito podcast's Instagram accounts. Rhianna completed a Master of Journalism and Communication at the University of New South Wales (UNSW). She is ASIC RG146 (Tier 2) certified for general advice.

FAQs about personal loans:

Considering taking out a $50,000 personal loan? Whether it's to help fund that dream holiday or boat you've been eyeing, taking out a $50k personal loan is a big commitment. So, to help you navigate the process, we've compiled a list of answers to some of the most commonly asked questions about borrowing and getting approved for a loan.

How long can I take to pay off a 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’ll be able to meet the regular repayments.

If you’re borrowing a larger amount, like $50,000, it’ll likely take longer to pay off, so it could be wiser to opt for a longer loan term that allows you to gradually pay off your loan more comfortably as opposed to a shorter loan term that could be harder to meet and might cause more financial strain.

Example:

Say you take out a $50,000 loan with a 10.75% p.a. interest rate with a 5-year loan term. According to our personal loan repayments calculator, over 5 years, you’ll have a monthly repayment of $1,081. However, if you paid it off over 3 years, your monthly repayments would jump to $1,631.

Keep in mind that depending on which personal loan you go for, many lenders allow you to make extra repayments to help pay it off quicker. If your loan allows for this with no extra charge and you’re in a position to make additional repayments, doing so could be a good way to reduce the time it takes to pay it off and, thus, the amount of interest you’ll have to pay. 

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

Yep! Getting a debt consolidation loan is a popular option for Aussies looking to combine multiple debts into one loan so they can pay it off all in one place with just one interest rate for the lot. Debt consolidation loans typically have lower interest rates than credit cards, which can be a useful way to get out of debt faster. 

If you’re looking for a $50,000 loan for this purpose, then 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, then you should be able to get an unsecured loan for $50,000 with some lenders. However, you might pay higher interest rates with an unsecured loan 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. If you’re someone who likes to know exactly how much your loan repayments will be each month, then 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.

Remember that the lower your interest rate, the less money you’ll need to pay, so when comparing $50,000 personal loans, make sure to look for one with a lower rate. Also, remember to check the comparison rate for a more accurate indication of the cost of the loan because it factors in the interest rate plus any other fees.

Another thing to keep in mind when deciding whether to get a fixed-rate loan or a variable-rate loan is that fixed-rate loans sometimes will have break fees if you pay the loan out too early. 

What features should I look for in a personal loan?

Aside from a low interest rate, here are some other cost-effective features to look for in a personal loan:

  • Low fees: Application or upfront fees might be hard to dodge when you’re looking to borrow $50,000, but there are plenty of loan options with no ongoing service fees, so look out for those. The less you pay in fees, the more money you’ll have to put towards paying off the loan.

  • Flexible repayments: The benefit of having a variety of flexible repayment options to choose from (usually either weekly, fortnightly or monthly) is that you can match it up to your pay cycle.

  • Extra repayments and redraw: Most variable and fixed-rate loans let you make extra repayments. Some loans will also have a redraw facility, which lets you redraw from the pool of extra repayments should you ever need some extra cash.

With a personal loan, Are there any restrictions on how I spend the money?

In most cases, you’ll be able to use your $50,000 personal loan however you like. Some people might put it towards crushing debt, while others might take out a personal loan to book an upcoming holiday and or buy their dream car or boat. Generally, you will need to indicate how you plan on spending the money when you apply for the loan, though.

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 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 our guides on $5,000 personal loans and $10,000 personal loans.

Personal Loan Reviews

Newcastle Permanent Unsecured Personal Loan
Overall 9/10
Good

Overall they are good but they don't take into account people work and can't answer phone calls even after you've asked to email instead

Read full review

Overall they are good but they don't take into account people work and can't answer phone calls even after you've asked to email instead

Price
7/10
Features
7/10
Customer service
8/10
Convenience
8/10
Trust
8/10
Less
Shaye, New South Wales, reviewed about 1 month ago
Commonwealth Bank Unsecured Personal Loan
Overall 3/10
At least help us out with ATM fees

Overall I'm not too happy with the banks in general. I think they are greedy and don't offer much incentives

Read full review

Overall I'm not too happy with the banks in general. I think they are greedy and don't offer much incentives

Price
2/10
Features
3/10
Convenience
4/10
Trust
3/10
Less
Justin, Western Australia, reviewed about 1 month ago
Commonwealth Bank Personal Loan
Overall 6/10
Easy service but not the best fees

Commonwealth bank being the largest bank has the comfort of being reliable and was also willing to provide a loan when other banks were not. Customer service is easy to get in contact with. I wouldn't say the fees are the best in the market though.

Read full review

Commonwealth bank being the largest bank has the comfort of being reliable and was also willing to provide a loan when other banks were not. Customer service is easy to get in contact with. I wouldn't say the fees are the best in the market though.

Price
5/10
Customer service
6/10
Convenience
9/10
Trust
7/10
Less
Joshua, Victoria, reviewed 3 months ago

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