COVID-19: Which lenders offer relief on personal loans?
While the news has been flooded with how the government and banks are helping small businesses and mortgage holders during COVID-19, personal loan lenders across the country are offering similar support to their customers.
The hard truth is that many Aussies have lost their jobs as a result of the pandemic.
In fact, on Monday the Australian Bureau of Statistics (ABS) released data that indicated more Australians are out of work in April than they were in March - with just 63% currently in a job compared to 66% a month ago.
And as many Aussies nestle personal debt, unemployment or a reduced income is simply another kick in the financial guts.
How have personal loan lenders responded?
Some lenders have opted to reduce interest rates, waive fees, provide flexible repayment options and even freeze loan repayments.
Bear in mind though, that in the case of frozen loan repayments, some lenders may be using ‘interest capitalisation’.
This means that while you don’t make your regular repayments for a certain amount of time, your balance still accrues interest. Then once your frozen repayment period is up you could end up facing a larger repayment and owe more in interest.
So make sure you check in with your lender to see if this is the case for your current loan.
Personal loan lenders offering coronavirus support
Currently, only some of the big banks are offering personal loan support to customers:
- NAB is allowing borrowers to apply to reduce their monthly repayment to $100 for up to 6 months, as well as allow access to a redraw facility for those that are ahead on their loan repayments.
- Westpac is providing reduced or deferred repayments to eligible borrowers (for a short period of time).
- ANZ is assisting borrowers who are ahead on their repayments by offering reduced repayments as well as a redraw facility.
- CommBank is yet to announce support for personal loan customers.
So far 35 other lenders on the Mozo database have put similar or more measures in place to assist people financially affected by coronavirus.
Here’s a full rundown of what’s on offer:
| Lender | Reduced Interest | Frozen Repayments | Waived fees |
|---|---|---|---|
| Adelaide Bank | On new loans taken out by existing Adelaide Bank customers | Up to 6 months | Consolidation fees |
| Australian Unity | x | Up to 6 months | x |
| Australian Military Bank | x | Up to 6 months | x |
| Auswide Bank | x | Up to 6 months | x |
| Bank of Australia | x | Customers can apply for repayment pauses | x |
| Bank of Queensland | x | Customers can apply for repayment pauses | x |
| Bank First | x | Up to 3 months | x |
| Bank of us | x | Up to 6 months | x |
| BankVic | x | Up to 6 months | x |
| Bendigo Bank | On new loans taken out by existing Bendigo Bank customers | Up to 6 months | Consolidation fees |
| CUA | x | x | Late fees |
| Endeavour Mutual Bank | x | Up to 6 months (with a 3 month checkpoint) | x |
| Firefighters Mutual Bank | x | Up to 3 months | x |
| Gateway Bank | x | Up to 3 months | x |
| G&C Mutual Bank | Customers get 1.00% discount on normal eligible Fair Rate Loan Tier over next 6 months | Up to 3 months | x |
| Health Professionals Bank | x | Up to 3 months | x |
| Heritage Bank | Cut all rates by 0.25% | x | x |
| HSBC | x | Up to 6 months | x |
| Hume Bank | New unsecured loans available to eligible customers at secured interest rate | x | x |
| ING | x | 3-6 months | x |
| IMB Bank | Personal line of credit interest rate cut by 1.00% (new and existing customers) | x | x |
| ME Bank | x | Up to 6 months | Late fees |
| MOVE Bank | x | Up to 3 months | Establishment fees |
| MyState Bank | x | Up to 6 months (with 3 month checkpoint) | x |
| Newcastle Permanent | x | Up to 6 months (with 3 month checkpoint) | x |
| People’s Choice Credit Union | x | Up to 6 months (with 3 month checkpoint) | x |
| QBank | Car loans reduced by 0.50% per annum (if approved by 27 March) | x | x |
| Qudos Bank | Automatically reduced personal/car loan rates by 0.10% for existing customers. New customers can apply for discount | Up to 6 months | Application fees on new loans |
| RACQ | x | Customers can apply for repayment pauses | x |
| Suncorp | x | Initial 3 months (further 3 months if required) | x |
| Sydney Mutual Bank | x | Up to 6 months (with 3 month checkpoint) | x |
| Teachers Mutual Bank | x | Up to 3 months | x |
| UniBank | x | Up to 3 months | x |
| Unity Bank | x | Initial 3 months (further 3 months if required) | x |
| Warwick Credit Union | x | Up to 6 months | x |
What if my lender isn’t in the list above?
If your current lender isn’t in the list above, get in contact with them directly and see what they can offer. You never know, they may waive some fees or even grant you a repayment holiday if you meet the right criteria.
Alternatively, another way to lessen your monthly repayment if to shop around for a better rate.
So, if you aren’t receiving a competitive interest rate at the moment you may want to consider jumping ship - it may be a simple way to make it easier for you to pay your loan repayments month to month.
RELATED ARTICLE: 5 online personal loans you can apply for right from home
Personal Loans 2020
-
Low Rate Personal Loan
Excellent Credit, $5,000 - $75,000
interest rate
comparison rate
Monthly repayment6.57% p.a.to 8.39% p.a.7.19% p.a.to 8.75% p.a.based on $30,000
over 5 yearsCompetitive low rates for borrowers with excellent credit on 1-7 year loans from $5,000 up to $75,000, plus free extra repayments. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
CompareCompare- interest rate
- 6.57% p.a.to 8.39% p.a.
- comparison rate
- 7.19% p.a.to 8.75% p.a.based on $30,000
over 5 years
- interest rate
- 6.57% p.a.to 8.39% p.a.
- comparison rate
- 7.19% p.a.to 8.75% p.a.based on $30,000
over 5 years
- Upfront fee
- $250.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- Rate for Excellent Credit. Establishment fee varies from $250 and is based on your OurMoneyMarket loan grade and total loan amount. The fee is added to the principal amount and paid over the loan term.
Read reviews and learn more about OurMoneyMarket personal loans
-
Unsecured Personal Loan
interest rate
comparison rate
Monthly repayment6.56% p.a.to 21.99% p.a.6.56% p.a.to 22.79% p.a.based on $30,000
over 5 yearsCompetitive fixed rates for borrowers on 1-7 year loans from $5,000 up to $50,000. $0 monthly fees and no early repayment fees to pay. Fast application process on the Revolut app. According to Revolut and subject to loan approval, you'll receive your money into your Revolut account straight away.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.56% would cost $35,768.68 including fees.
CompareCompare- interest rate
- 6.56% p.a.to 21.99% p.a.
- comparison rate
- 6.56% p.a.to 22.79% p.a.based on $30,000
over 5 years
- interest rate
- 6.56% p.a.to 21.99% p.a.
- comparison rate
- 6.56% p.a.to 22.79% p.a.based on $30,000
over 5 years
- Upfront fee
- $499.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $0.00
- Repayment options
- Monthly
- Early repayment penalty
- 0
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- For 6 and 7 year loan terms, rates are available from Revolut on request. Establishment fees range from $0-$499, are quoted on application and added to the loan amount.
- Other restrictions
- -
Read reviews and learn more about Revolut personal loans
-
Unsecured Personal Loan
Fixed
interest rate
comparison rate
Monthly repayment6.75% p.a.to 26.95% p.a.6.75% p.a.to 26.95% p.a.based on $30,000
over 5 yearsBorrow 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.
CompareCompare- interest rate
- 6.75% p.a.to 26.95% p.a.
- comparison rate
- 6.75% p.a.to 26.95% p.a.based on $30,000
over 5 years
- interest rate
- 6.75% p.a.to 26.95% p.a.
- comparison rate
- 6.75% p.a.to 26.95% p.a.based on $30,000
over 5 years
- Upfront fee
- $0.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $0.00
- Repayment options
- Weekly, Fortnightly
- Early repayment penalty
- 0
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 2 Years
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- Rates based on borrower with excellent credit score. Maximum 3 year term for loan amounts $8,000 or less.
Read reviews and learn more about NOW Finance personal loans
-
Debt Consolidation Loan
$5,000-$75,000
interest rate
comparison rate
Monthly repayment6.57% p.a.to 18.99% p.a.7.19% p.a.to 19.39% p.a.based on $30,000
over 5 yearsCompetitive fixed rates on loans up to $75,000 depending on your credit score. Zero monthly account keeping fees, no exit fees and no early repayment fees. Make weekly, fortnightly or monthly repayments, over 1 to 7 years managed entirely online, at any time. Fast and easy, 100% online application.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
CompareCompare- interest rate
- 6.57% p.a.to 18.99% p.a.
- comparison rate
- 7.19% p.a.to 19.39% p.a.based on $30,000
over 5 years
- interest rate
- 6.57% p.a.to 18.99% p.a.
- comparison rate
- 7.19% p.a.to 19.39% p.a.based on $30,000
over 5 years
- Upfront fee
- $250.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- Interest rates may vary depending on assessment of application. Establishment fee varies from $250 and is based on your OurMoneyMarket loan grade and total loan amount. The fee is added to the principal amount and paid over the loan term.
-
Home Improvement Loan
Excellent Credit, $5,000 - $100,000
interest rate
comparison rate
Monthly repayment6.57% p.a.to 8.39% p.a.7.19% p.a.to 8.75% p.a.based on $30,000
over 5 yearsGive your home a refresh with the 2025 Mozo award-winning provider OMM. Borrow up to $100,000 for loan terms 1-7 years. Flexible weekly, fortnightly or monthly repayment options. No monthly, early repayment or exit fees. Fast 100% online application.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,278.12 including fees.
CompareCompare- interest rate
- 6.57% p.a.to 8.39% p.a.
- comparison rate
- 7.19% p.a.to 8.75% p.a.based on $30,000
over 5 years
- interest rate
- 6.57% p.a.to 8.39% p.a.
- comparison rate
- 7.19% p.a.to 8.75% p.a.based on $30,000
over 5 years
- Upfront fee
- On Application
- Monthly fee
- -
- Exit fee
- -
- Late payment fee
- -
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- -
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $100,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- -
Read reviews and learn more about OurMoneyMarket personal loans
-
Express Personal Loan
Secured
interest rate
comparison rate
Monthly repayment16.95% p.a.to 29.95% p.a.32.99% p.a.to 45.5% p.a.based on $10,000
over 3 yearsAccess fast finance on loans from $3,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 25-36 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.
Repayment terms from 2 years to 3 years. Representative example: a 3 year $10,000 loan at 16.95% would cost $14,952.03 including fees.
CompareCompare- interest rate
- 16.95% p.a.to 29.95% p.a.
- comparison rate
- 32.99% p.a.to 45.5% p.a.based on $10,000
over 3 years
- interest rate
- 16.95% p.a.to 29.95% p.a.
- comparison rate
- 32.99% p.a.to 45.5% p.a.based on $10,000
over 3 years
- Upfront fee
- $1,190.00
- Monthly fee
- $26.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- 0
- Minimum loan amount
- $3,000.00
- Maximum loan amount
- $25,000.00
- Minimum loan term
- 2 Years
- Maximum loan term
- 3 Years
- Security required
- Various, Vehicle
- Other benefits
- -
- Other restrictions
- Application fee from $125 to $1,190. Additional Risk Fee of $0 to $995 applies. Minimum loan term is 25 months.
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* 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
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