Personal loan rate cut roundup: where they sit this month

Over March, a bunch of lenders slashed personal loan rates across secured, unsecured and car loans. And it looks like April is also off to a cracker start.  

Today Australian Military Bank cut one of its personal loans by a massive 1.55%, making it the lowest personal loan rate in our database. 

The Unsecured Green Loan offered by Australian Military Bank dropped to a hot 3.15% (4.10% comparison rate*) and can be used for the domestic installation of environmentally-friendly items such as solar energy systems, water capture or energy efficient heating and cooling.  

But Australian Military Bank isn't alone in dropping ‘green rates’.

Last month Bank First cut its personal loan rate by 25 basis points for its Green Personal Loan with rates starting from 8.75% (9.78% comparison rate*), plus loans.com.au chopped its Clean Green Car Loan down to an impressive 3.97% (4.51% comparison rate*). 

But that’s not all… Who else cut personal loan rates recently? 

‘Green rates’ aren’t the only personal loans to be pruned back lately, here’s who else made rate cuts last month: 

  • Qudos Bank made changes to three of its personal loan offerings: its Car Loan was slashed by 0.25% and now sits at 6.19% (6.40% comparison rate*), its Unsecured Loan also dropped by 0.25% and now offers 10.74% (11.79% comparison rate*), plus it slashed its Qantas Points Car Loan rate by 0.10%, leaving it at 7.59% (7.80% comparison rate*).  
  • Loans.com.au, along with its Green Car Loan, also cut its New Car Loan by 22 basis points, now sitting at a pretty 4.67% (5.22% comparison rate*). 
  • Goldfields Money stripped its rates down by 25 basis points for both its New Car Loan, now at 5.59% (6.22% comparison rate*), and its Unsecured Personal Loan, now at 12.59% (12.81% comparison rate*). 
  • CommBank dropped its Unsecured Personal Loan variable rate to 11.50% (12.38% comparison rate*).  

RELATED ARTICLE: 5 sure-fire ways to dumb debt fast

Want to find out how these rates compare to others on the market? Take a look at the table below or head over to our personal loan comparison tool for even more options!

Personal Loans 2020 - last updated 14 May 2022

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.35% p.a.to 19.09% p.a.
    6.14% p.a.to 19.99% p.a.based on $30,000
    over 5 years

    Fast, 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 5.35% would cost $34,832.61 including fees.

    Details
  • Home Improvement Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    5.75% p.a.
    5.96% p.a.based on $30,000
    over 5 years

    Handypay 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 5.75% would cost $34,840.18 including fees.

    Details
  • Personal Loan

    Unsecured, Fixed, Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.39% p.a.to 7.89% p.a.
    6.39% p.a.to 8.49% p.a.based on $30,000
    over 5 years

    With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. You could qualify by simply earning above $25,000 and you’ll be on the way to start spending (other eligibility criteria may apply).

    Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 including fees.

    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 17.45% p.a.
    6.79% p.a.to 17.86% p.a.based on $30,000
    over 5 years

    Wisr 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 $79,000. 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 5.95% would cost $35,352.21 including fees.

    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.