A flat market: how you can still get a great deal on your summer personal loan
03 Dec 2018

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.
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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.”
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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
Rates updated daily. Advertiser disclosure.
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Promoted
NOW Finance
No Fee Unsecured Personal Loan (Fixed)
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Promoted
MoneyMe
Personal Loan (Fixed, Unsecured)
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Promoted
OurMoneyMarket
Low Rate Personal Loan (Excellent Credit) (Fixed, Unsecured)
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Promoted
Plenti
Personal Loan (Unsecured, Fixed, Excellent Credit)
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Promoted
Symple Loans
Personal Loan (Variable, Unsecured)
^See information about the Mozo Experts Choice Personal loans Awards