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 18 August 2022
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Featured Product
Low Rate Personal Loan
Excellent Credit
interest rate
comparison rate
Monthly repayment6.25% p.a.to 8.48% p.a.6.87% 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 Mozo's Experts Choice Unsecured Personal Loan 2021 award^.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.25% would cost $35,258.67 including fees.
CompareCompare- interest rate
- 6.25% p.a.to 8.48% p.a.
- comparison rate
- 6.87% p.a.to 8.84% p.a.based on $30,000
over 5 years
- interest rate
- 6.25% p.a.to 8.48% p.a.
- comparison rate
- 6.87% p.a.to 8.84% p.a.based on $30,000
over 5 years
- Upfront fee
- $250
- Monthly fee
- $0.00
- Exit fee
- $0.00
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- $35.00
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- $2,001.00
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- $75,000.00
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Read our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
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Unsecured Personal Loan
Fixed
interest rate
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Monthly repayment5.35% p.a.to 19.09% p.a.6.14% p.a.to 19.99% 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 5 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,832.61 including fees.
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- 5.35% p.a.to 19.09% p.a.
- comparison rate
- 6.14% p.a.to 19.99% p.a.based on $30,000
over 5 years
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- 5.35% p.a.to 19.09% p.a.
- comparison rate
- 6.14% p.a.to 19.99% p.a.based on $30,000
over 5 years
- Upfront fee
- $575
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Read our Mozo Review to learn more about the Harmoney Unsecured Personal Loan
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Mozo experts choice awards won:
- Unsecured Personal Loan - 2022
Unsecured Personal Loan
Fixed
interest rate
comparison rate
Monthly repayment6.75% p.a.to 19.95% p.a.6.75% p.a.to 19.95% 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. Back to back winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021 & 2022^.
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.
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- 6.75% p.a.to 19.95% p.a.
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- 6.75% p.a.to 19.95% p.a.based on $30,000
over 5 years
- interest rate
- 6.75% p.a.to 19.95% p.a.
- comparison rate
- 6.75% p.a.to 19.95% p.a.based on $30,000
over 5 years
- Upfront fee
- $0
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- $0.00
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- $5,000.00
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- 7 Years
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Read our Mozo Review to learn more about the NOW Finance Unsecured Personal Loan
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Unsecured Personal Loan
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Monthly repayment8.20% p.a.to 18.45% p.a.9.04% p.a.to 18.87% p.a.based on $30,000
over 5 yearsWisr offers personal loans for any worthwhile purpose, tailored to your credit score to ensure you’re getting a fair deal. Plus, no ongoing or early exit fees. Loans from $5,000 to $64,000. Terms of either 3, 5 or 7 years. $595 establishment fee. Eligibility criteria applies.
Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 8.20% would cost $37,265.04 including fees.
CompareCompare- interest rate
- 8.20% p.a.to 18.45% p.a.
- comparison rate
- 9.04% p.a.to 18.87% p.a.based on $30,000
over 5 years
- interest rate
- 8.20% p.a.to 18.45% p.a.
- comparison rate
- 9.04% p.a.to 18.87% p.a.based on $30,000
over 5 years
- Upfront fee
- $595
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- $0.00
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- $0.00
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- $25.00
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Read our Mozo Review to learn more about the Wisr Unsecured Personal Loan
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Personal Loan
Variable, Unsecured
interest rate
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Monthly repayment6.99% p.a.to 18.99% p.a.7.91% p.a.to 19.83% p.a.based on $30,000
over 5 yearsBorrow up to $55,000 for that dream kitchen renovation or holiday of a lifetime and pay no exit fees if you decide to pay out your loan early or make extra repayments. Majority of NAB borrowers will receive the headline rate of 12.69%.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,383.67 including fees.
CompareCompare- interest rate
- 6.99% p.a.to 18.99% p.a.
- comparison rate
- 7.91% p.a.to 19.83% p.a.based on $30,000
over 5 years
- interest rate
- 6.99% p.a.to 18.99% p.a.
- comparison rate
- 7.91% p.a.to 19.83% p.a.based on $30,000
over 5 years
- Upfront fee
- $150
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Read our Mozo Review to learn more about the NAB Personal Loan
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Home Improvement Loan
Fixed, Unsecured
interest rate
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Monthly repayment6.99% p.a.7.62% p.a.based on $30,000
over 5 yearsHandypay 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 6.99% would cost $35,883.67 including fees.
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- 6.99% p.a.
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- 7.62% p.a.based on $30,000
over 5 years
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- 6.99% p.a.
- comparison rate
- 7.62% p.a.based on $30,000
over 5 years
- Upfront fee
- $250
- Monthly fee
- $0.00
- Exit fee
- $0.00
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Read our Mozo Review to learn more about the Handypay Home Improvement 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
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