7 of the cheapest personal loans to help you hit your spending goals

Kelly Emmerton

03 Dec 2019


From holidays to home renovations, personal loans can save the day if you're ever short on cash while trying to fund your next Europe trip, a kitchen remodel or a brand new car. They’re an affordable way to access some extra funds, so that you can reach your big spending goals a lot sooner and avoid the trouble of having to wait another few years to save up enough dollars. 

But with so many personal loan providers floating around in the market these days, finding a top-notch rate is no easy feat. So to help you with your search, let’s shine the spotlight on 7 great value personal loans. That overseas holiday, sweet new ride, or chance to renovate your home could be in your hands before you know it!  


Symple Loans Personal Loan
  • Variable rates from 5.75% p.a. (6.89% p.a. comparison rate^^)

  • Fast online application process

  • Free extra repayments

Digging around for last-minute funds to pay for a medical bill or your upcoming holiday? Say hello to Symple’s Personal Loan, which lets you borrow up to $50,000 over a loan term of 1-7 years. Rates start from an ultra low 5.75% p.a. (6.89% p.a. comparison rate^^), but the goodness doesn’t stop there. There are plenty of other features to get excited about, including an online application process, funds that can be transferred in up to 24 hours, and extra repayment options with no fees attached. However, you will need to factor in a few other fees, including a $10 monthly service fee and an application fee that ranges between 1% and 5% of your loan amount (the more you borrow, the steeper the fee may be). 


OurMoneyMarket Low Rate Personal Loan
  • Fixed rates from 8.00% p.a. (8.21% p.a. comparison rate^^)

  • No ongoing fees ($150 upfront fee)

  • Free redraw facility and extra repayments

After a great-value personal loan to help cover a big expense, like a wedding or a backyard revamp? Then you’ve come to the right place. OurMoneyMarket’s Low Rate Personal Loan lets creditworthy borrowers take out loans of up to $50,000 over 1-7 years, with rates starting from a competitive 8.00% p.a. (8.21% p.a. comparison rate^^). It’s also jam-packed with flexible features, including the ability to make extra repayments and to use a free redraw facility that lets you dip into those repayments if you’re ever in need of some cash. While this loan has no service fees, keep in mind there is a $150 upfront fee. 


Harmoney Unsecured Personal Loan
  • Fixed rates from 6.99% p.a. (7.69% p.a. comparison rate^^)

  • No ongoing fees ($500 upfront fee)

  • Free extra repayments

Need a hand with financing your wedding or your dream vacation? For creditworthy borrowers looking for a low-rate deal, Harmoney’s Unsecured Personal Loan could be right up your alley. You can borrow up to $70,000 over 1-5 years at fixed rates starting from an ultra competitive 6.99% p.a. (7.69% p.a. comparison rate^^). What’s more, you get the option to choose between weekly, fortnightly or monthly repayments, and to make extra repayments if you wish to pay off your loan sooner and save on interest. There are also no ongoing fees, but you will need to budget for a $500 application fee (this drops down to $200, if you borrow less than $5,000).


MoneyPlace Unsecured Personal Loan
  • Fixed rates from 7.65% p.a. (7.65% p.a. comparison rate^^)

  • No upfront or ongoing fees

  • No early repayment penalty

Hate pesky fees with a passion? Then you’ll love Moneyplace’s Unsecured Personal Loan, which comes with no upfront or ongoing fees, and for borrowers with excellent credit scores, interest rates could be as low as 7.65% p.a. (7.65% p.a. comparison rate^^). You can borrow up to $45,000 over a loan term of 3-7 years - that’s enough money to fund a medium-sized home renovation or to make your travel plans a reality! With this loan, you can also enjoy the flexibility of free extra repayments and wave goodbye to any penalties for paying off your loan early. 


People's Choice Credit Union Discounted Personal Car Loan
  • Fixed rates from 5.64% p.a. (5.99% p.a. comparison rate^^)

  • No ongoing fees ($250 upfront fee)

  • Free redraw facility and extra repayments

If your savings goal is to buy a brand new car, then take a look at the value-packed low-rate People's Choice Credit Union Discounted Personal Car Loan. With sharp fixed rates starting from 5.64% p.a. (5.99% p.a. comparison rate^^) on amounts from $20,000 to $100,000 and features like extra repayments and a free redraw facility, the People’s Choice Credit Union Discounted Personal Car Loan could be just the thing you need to get you in the driver's seat of your dream car! Just bear in mind you’ll need to secure the personal loan against a car that’s less than 7 years old and worth at least $5,000. 


loans.com.au New Car Loan
  • Fixed rates from 4.89% p.a. (5.44% p.a. comparison rate^^)

  • No ongoing fees ($400 upfront fee)

  • Flexible repayment schedule

If you’re thinking of treating yourself to a brand new car, then you need to check out loans.com.au’s New Car Loan. With a low fixed 4.99% p.a. interest rate (5.54% p.a. comparison rate^^) and no monthly service fees, you’ll be driving down the highway in no time. This loan also features a flexible repayment schedule, so you can pay off your loan on a timeline that suits you best, whether that’s weekly, fortnightly or monthly. The only thing you need to keep in mind is that if you choose to pay off your loan early, you will be charged a massive $700 early repayment fee.


RateSetter Unsecured Personal Loan
  • Variable rates from 6.89% p.a. (8.89% p.a. comparison rate^)

  • No ongoing fees ($299 upfront fee)

  • No early repayment penalty

For loans between $2,001 and $45,000, look no further than RateSetter’s Unsecured Personal Loan, which offers super-low rates to creditworthy borrowers, starting from a competitive 6.89% p.a. (8.89% p.a. comparison rate^). This loan is available for terms of 6 months-5 years, but you can also make extra repayments to pay off your loan faster and the good news is, you won’t be penalised for paying the whole thing off early. Applying is quick and easy - you can have a personalised rate estimate in just one minute. With RateSetter, you will need to tick a few eligibility boxes, including being over 24 years old, working full time, earning over $35,000 a year, and having a good credit history for the past 5 years.

^ 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 for the amounts and terms below, 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. ^ Based on $10,000 over 3 years ^^ Based on $30,000 over 5 years

Keen on diving in to find a cheap personal loan? Check out Sydney personal loans, Melbourne personal loans, or a range of personal loans available nationally.

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