A flat market: how you can still get a great deal on your summer personal loan

From crafting Christmas carol playlists and putting the finishing touches on Christmas trees, Aussies are officially in the festive mood.

But while the nation hunts for the best deals on Christmas goodies, it’s not clear yet whether personal loan lenders will be getting into the Christmas spirit.

According to the Mozo database, there were few changes recorded for personal loan offers in November and no clear trend.

“November was quite the dull month for personal loans and although it seems settled for now, I wouldn’t be surprised if providers start cutting rates in the lead up to Christmas,” said Mozo Product Data Manager, Peter Marshall.

RELATED: Get Christmas ready with these 4 great personal loan deals

Nice list

One major rate change was HSBC, cutting its fixed Unsecured Personal Loan from 9.50% to 8.50%, making it one of the 10 cheapest fixed rates in the Mozo database.  

St George, Bank of Melbourne and Bank SA are also now waiving the $195 application fee on both fixed and variable Unsecured Personal Loan offers.

“With HSBC cutting their personalised fixed rate to start from 8.50%, it could be just the start for the range of new offers we’ll see this month,” said Marshall.

RELATED: 5 non-bank personal loan lenders you need to know about

Naughty list

However, a not so nice change was Heritage Bank, hiking both its Car Loan fixed rate from 5.99% to 6.99% and its Standard Personal Loan fixed rate (9.99% to 10.99%) in November, while SCU reintroduced its $100 application fee on its Special Offer Unsecured Personal Loan.

Despite the personal loan market looking flat, Marshall has reminded Aussies to exercise patience when it comes to finding a hot deal.

“While it might not seem like it now, December and January are the months where things start to heat up in the market,” he said.

“Whether it’s to help pay for Christmas, getting great end-of-year deal on a new car, a holiday or even a summer renovation, providers know this and will likely start sharpening their rates to get as much business as they can.”

RELATED: How to fund your once in a lifetime trip with a great personal loan

If you’re looking to lock in a great offer now, it still pays to do your research and look beyond the big banks.

“In the past we’ve found that smaller providers often offer customers great value on their financial products,” explained Marshall.

“Our 2018 Mozo Experts Choice Personal Loan Awards are a true testament to that, as we found that majority of our winners were either small players, peer-to-peer lenders or credit unions.”

So if you’re ready to pick up a personal loan this month, start your search by checking out some great offers down below or by heading over to our personal loan comparison tool.

5 summer personal loan options - last updated 21 May 2022

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure
  • Unsecured Personal Loan


    interest rate
    comparison rate
    Monthly repayment
    5.35% p.a.to 19.09% p.a.
    6.14% p.a.to 19.99% 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 5.35% would cost $34,832.61 including fees.

  • Home Improvement Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    5.75% p.a.
    5.96% p.a.based on $30,000
    over 5 years

    Handypay offers flexible home improvement loans for Excellent Credit or better. Handypay is a specialist home improvement plan provider and offers loans up to $75,000.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $34,840.18 including fees.

  • Personal Loan


    interest rate
    comparison rate
    Monthly repayment
    5.75% p.a.to 25.99% p.a.
    6.68% p.a.to 29.2% p.a.based on $30,000
    over 5 years

    Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $35,370.18 including fees.


* WARNING: 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. 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.

^See information about the Mozo Experts Choice Personal Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.