$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.

Page last updated May 27, 2019

$50,000 personal loan comparisons on Mozo - rates updated daily Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

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*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. WARNING: 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.

**Representative example figures and monthly repayment figures are estimates only, based on the advertised rate, mandatory fees, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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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

Westpac
Westpac Personal Loan (Fixed, Unsecured) Personal Loan review
Overall
10/10
An exceptional bank too deal with

I have had two personal loans with Westpac and am extremely satisfied with the product and...

I have had two personal loans with Westpac and am extremely satisfied with the product and service given. On the odd occasion that I have needed a short extension on the due payment date this bank has been very understanding and happy too oblige to my request within a reasonable timeframe. I would strongly recommend this bank to anyone who is in a financial position to obtain a loan. The staff are courteous and professional, a pleasure to deal with.

Price
7/10
Features
-1/10
Customer service
10/10
Convenience
10/10
Trust
10/10

Richard | Victoria

reviewed 3 months ago

Westpac
Westpac Personal Loan (Fixed, Unsecured) Personal Loan review
Overall
2/10
Horrible products but staff are friendly

They sold me a dud insurance and also put me on an extremely high interest rate loan.

They sold me a dud insurance and also put me on an extremely high interest rate loan.

Price
2/10
Features
1/10
Customer service
7/10
Convenience
2/10
Trust
1/10

Dan | Queensland

reviewed 4 months ago

Commonwealth Bank
Commonwealth Bank Unsecured Personal Loan (Variable) Personal Loan review
Overall
9/10
Great

Good. Would recommend to others.

Good. Would recommend to others.

Price
10/10
Features
-1/10
Customer service
6/10
Convenience
10/10
Trust
8/10

Beris | Queensland

reviewed 4 months ago

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