More Aussies taking out personal and car loans than before the pandemic

The numbers are in - Aussie personal loan and car loan customers have borrowed more now than before the pandemic began.
This is according to the Australian Bureau of Statistic’s latest lending indicators data, which tracks the total value of new loan commitments month on month.
Over the month of May 2021, the total value of new loan commitments for personal fixed term loans came to $1.986 billion, a growth from $1.397 billion in May 2020 (during the pandemic) and $1.599 billion in May 2019 (pre-pandemic).
The ABS also broke down the data into purchase types, with things like road vehicles, other vehicles and equipment and household and personal goods all jumping over pre-pandemic levels.
As to be expected however, the total value of travel and holiday loans continues to be well below 2019 figures. While there was a small rise from 2020, these figures are historically closer in line with the numbers of the other vehicle and equipment, and household and personal goods categories, as indicated by 2019.
Here’s what some of the numbers look like:
Purchase Type | May 2021 ($b) | May 2020 ($b) | May 2019 ($b) |
Road vehicle | 1.296 | 0.916 | 1.079 |
Other vehicle/ equipment | 0.061 | 0.044 | 0.050 |
Household and personal goods | 0.100 | 0.059 | 0.056 |
Travel and holiday | 0.007 | 0.002 | 0.041 |
The numbers reveal that both road vehicles and household and personal goods have seen the largest increase, likely due to things like international and state border closures and lockdowns.
Currently, the Australian vehicle market has seen an increase in new car sales as well as the skyrocketing used car prices, with many shoppers turning to car loans as a finance option.
Similarly, as people continue to work and stay at home, more Aussies are turning to personal loans to help fund things like home renovations or upgrades, as well as supplies for a home office. Unlike the vehicle and equipment categories, the ABS found that household and personal goods actually increased in 2020 as well as in 2021.
Are you looking to take out a personal loan this month? Have a peek at these top offers available now or head to our personal loan comparison hub for more!
Compare personal loans July 2021 - last updated 9 December 2023
-
Featured Product
Mozo experts choice awards won:
- Excellent Credit Unsecured Personal Loan - 2024
Low Rate Personal Loan
Excellent Credit
interest rate
comparison rate
Monthly repayment6.57% p.a.to 8.48% p.a.7.19% p.a.to 8.84% p.a.based on $30,000
over 5 yearsOurMoneyMarket offer competitive low rates for borrowers with excellent credit on loans up to $75,000, plus free extra repayments and fee-free redraw facility. Winner of of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^.
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 8.48% p.a.
- comparison rate
- 7.19% p.a.to 8.84% p.a.based on $30,000
over 5 years
- interest rate
- 6.57% p.a.to 8.48% p.a.
- comparison rate
- 7.19% p.a.to 8.84% 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
- $2,001.00
- 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 our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
-
Mozo experts choice awards won:
- Excellent Credit Unsecured Personal Loan - 2024
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 our Mozo Review to learn more about the NOW Finance Unsecured Personal Loan
-
Unsecured Personal Loan
Fixed
interest rate
comparison rate
Monthly repayment5.76% p.a.to 24.03% p.a.6.55% p.a.to 24.98% p.a.based on $30,000
over 5 yearsFast, 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 5.76% would cost $35,173.52 including fees.
CompareCompare- interest rate
- 5.76% p.a.to 24.03% p.a.
- comparison rate
- 6.55% p.a.to 24.98% p.a.based on $30,000
over 5 years
- interest rate
- 5.76% p.a.to 24.03% p.a.
- comparison rate
- 6.55% p.a.to 24.98% p.a.based on $30,000
over 5 years
- Upfront fee
- $575.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $15.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $2,000.00
- Maximum loan amount
- $70,000.00
- Minimum loan term
- 3 Years
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- Establishment fee is $275 for loans under $5,000.
- Other restrictions
- Establishment fee is added to the loan amount and interest is charged on the total amount.
Read our Mozo Review to learn more about the Harmoney Unsecured Personal Loan
-
Personal Loan
Unsecured, Fixed, Exceptional Credit
interest rate
comparison rate
Monthly repayment6.57% p.a.6.57% p.a.based on $10,000
over 3 yearsBorrow from $5,000 to $50,000 with a Plenti Unsecured Personal Loan. Flexible loan terms of 1 - 7 years. $0 Monthly, $0 Early Repayment Fees and $0 Exit Fees. Get a rate estimate without impacting your credit score. Once approved, you could receive your funds in as little as 24hrs.
Repayment terms from 3 years to 7 years. Representative example: a 3 year $10,000 loan at 6.57% would cost $11,340.11 including fees.
CompareCompare- interest rate
- 6.57% p.a.
- comparison rate
- 6.57% p.a.based on $10,000
over 3 years
- interest rate
- 6.57% p.a.
- comparison rate
- 6.57% p.a.based on $10,000
over 3 years
- Upfront fee
- $295.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $25.00
- Repayment options
- Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 3 Years
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- Displayed interest rate is for customers with an exceptional credit history. Application fees vary between $0 and $295 depending on the loan amount.
Read our Mozo Review to learn more about the Plenti Personal Loan
-
Debt Consolidation Loan
interest rate
comparison rate
Monthly repayment6.57% p.a.to 8.48% p.a.7.19% p.a.to 8.84% 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 8.48% p.a.
- comparison rate
- 7.19% p.a.to 8.84% p.a.based on $30,000
over 5 years
- interest rate
- 6.57% p.a.to 8.48% p.a.
- comparison rate
- 7.19% p.a.to 8.84% 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
- -
- Minimum loan amount
- $2,001.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- Upfront fees from $250.
-
Standard Personal Loan
Fixed, Unsecured
interest rate
comparison rate
Monthly repayment8.99% p.a.9.35% p.a.based on $30,000
over 5 yearsHeritage Bank discounted rates for borrowers with excellent credit. Available loans starting from $5,000 to $50,000. Your choice of loan terms up to five years. Extra repayments allowed, but may incur fees.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 8.99% would cost $37,606.30 including fees.
CompareCompare- interest rate
- 8.99% p.a.
- comparison rate
- 9.35% p.a.based on $30,000
over 5 years
- interest rate
- 8.99% p.a.
- comparison rate
- 9.35% p.a.based on $30,000
over 5 years
- Upfront fee
- $250.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $30.00
- Repayment options
- Weekly, Fortnightly, 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
- -
- Other restrictions
- -
Read our Mozo Review to learn more about the Heritage Bank Standard Personal Loan
* 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.