Don’t get stung by high personal loan rates

By Polly Fleeting ·
Advertiser disclosure
australian cash in jeans pocket

Many Aussie personal loan lenders have slashed rates over the last 12 months, with many hitting all-time lows. But the truth is, some rates remain stubbornly high, which means that you could be missing out on a better deal by not shopping around.

According to the Mozo database, the lowest unsecured personal loan variable rate for low-risk customers sits at 4.15% p.a. (5.09% p.a. comparison rate*) while the highest rate skyrockets to 16.00% p.a. (16.31% p.a. comparison rate*). That’s a massive 11.85% difference!

You may be asking yourself, with the curveball of COVID-19 is it still possible to get your hands on one of these low interest personal loans? If you have a solid credit history and a steady income, then the answer is yes! 

So if you need a hand to start your search for a killer personal loan to avoid paying too much in interest, we are here to help. Scroll down for some of the top low interest personal loan options right now.

LOW RATE PERSONAL LOANS JUNE 2021 - rates updated daily

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure.
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    Mozo Experts Choice 2021
    No Fee Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 17.95% p.a.
    5.95% p.a.to 17.95% p.a.based on $30,000
    over 5 years

    Pay ZERO fees on loans up to $50,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee. What’s more, get your guaranteed, tailored interest rate in two minutes with no impact on your credit score! Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.

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    Details
  • Hot DealMozo exclusive! A discounted rate of 5.40% p.a. for the first 12 months (comparison rate 6.36%) will apply for all eligible applicants
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    Mozo Experts Choice 2021
    Special Offer Low Rate Personal Loan

    Fixed, Unsecured, 12 Month Introductory Rate

    interest rate
    comparison rate
    Monthly repayment
    5.40% p.a.
    6.36% p.a.based on $30,000
    over 5 years

    OurMoneyMarket offer competitive low rates on loans up to $75,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.

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    Details
  • Featured ProductHot DealEarn up to 50,000 Qantas Points with a more rewarding personal loan from Symple
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    Personal Loan

    Variable, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    5.75% p.a.to 25.99% p.a.
    6.47% p.a.to 29.2% p.a.based on $30,000
    over 5 years

    Borrow up to $50,000 with a personalised interest rate from 5.75% p.a. and earn 1 Qantas Point for every $1 borrowed (T&Cs apply). Get a personalised rate quote in just 2 minutes, apply in just 7 minutes.

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    Details
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    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.49% p.a.to 19.95% p.a.
    6.76% p.a.to 20.26% p.a.based on $30,000
    over 5 years

    Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. Borrow between $5,000 and $63,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!

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    Details
  • placeholder
    Personal Loan

    interest rate
    comparison rate
    Monthly repayment
    6.25% p.a.to 19.95% p.a.
    7.64% p.a.to 21.35% p.a.based on $30,000
    over 5 years

    Enjoy flexibility with the ability to make additional repayments. Borrowers with excellent credit rating can receive interest rates as low as 6.25% fixed rate (7.64% comparison rate*). Loan terms between 1 to 5 years.

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    Details
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    Unsecured Personal Loan

    Excellent Credit, Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 10.49% p.a.
    5.95% p.a.to 12.83% p.a.based on $10,000
    over 3 years

    Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.

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    Details

* 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.