Personal Loans Snapshot: February 2022

By Rhianna Dews · · 3 min read
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Personal Loans Snapshot: February 2022

As we kick off 2022 and reflect on how personal loan interest rates have been tracking over the past couple of months, we saw several discounted rates come out.

We also saw the ever-growing list of low rate loans available for environmentally friendly product purchases continue to grow, with the addition of a new Green Car Loan from MOVE Bank.

More broadly, over the past few months, there’s been a developing trend around the introduction of risk-based pricing among lenders - such as ING, who adopted the model on its single loan option.

Taking a look at the latest ABS Lending Indicators release , there was a 0.7% increase in fixed-term personal loan commitments (seasonally adjusted) in December 2021. Quite a drop when compared to November’s 4.5% increase in fixed-term personal loans from the month prior.

Additionally, the release reported a 0.6% decrease in new loan commitments for road vehicles, as well as a massive 17.4% increase in the value of new loan commitments for personal investment.

Personal loan interest rate changes:

Here’s what’s been happening lately in terms of personal loan interest rates and offer changes:

Interest rate cuts:

  • As the only lender to have made changes to its personal loan rates since our last update - Hume Bank slashed 100 basis points off its fixed Secured Personal Loan option, bringing it down to 5.95% p.a. (6.16% p.a. comparison rate*). It also cut 100 basis points off its fixed Unsecured Personal Loan, which now sits at 9.95% p.a. (10.17% p.a. comparison rate*).

Other changes:

  • Latitude has increased the application fee on both its secured and unsecured personal loans, up $49 to $299.

Ended offers:

  • Commonwealth Bank has removed its application fee waiver offer that had been available for students.

Which lenders stand out?

Once again, we see that the lenders with the lowest personal loan interest rates in the Mozo database are Community First Credit Union, Alex Bank, Transport Mutual Credit Union and Credit Union SA - showing that smaller banks and credit unions are where it’s at if you want a more competitive rate.

How about big-name lenders?

Over the past month, we’ve seen no major movements among big bank personal loan interest rates. It’s also worth noting that rates from the major banks tend to be much higher than most competitor lenders.

Currently, we see that the Commonwealth Bank’s Unsecured Variable Personal Loan interest rate sits at just 9.00% p.a., a significant jump compared to the lowest interest rate in the Mozo database of 3.99% p.a.

Variable rate big 4 personal loans:

At the moment, the lowest big bank variable rate personal loan interest rate in the Mozo database is the NAB Personal Loan (Variable, Unsecured), at 6.99% p.a. (7.91% p.a. comparison rate*).

As for the highest big bank variable rate personal loan in the Mozo database, that would be the Commonwealth Bank Unsecured Variable Personal Loan at 11.50% p.a. (12.38% p.a. comparison rate*).

Fixed rate big 4 personal loans:

In terms of fixed-rate personal loans, the lowest big bank fixed rate in the Mozo database is none other than NAB’s Personal Loan (Fixed, Unsecured), which offers a 3-year fixed rate of 6.99% p.a. (7.91% p.a. comparison rate*).

The highest fixed-rate big bank personal loan in the Mozo database once again belongs to the Commonwealth Bank, with its Unsecured Personal Loan (Fixed), which has a 3-year fixed rate of 9.00% p.a. (9.90% p.a. comparison rate*).

Personal loan rates of note in February:

  • Lowest variable rate unsecured personal loan: A tie between Community First Credit Union - Green Loan (up to 10 years, Variable, Unsecured) - 3.99% p.a. (4.99% p.a. comparison rate*) and Community First Credit Union - Home Improvement Loan (up to 10 years, Variable, Unsecured) - 3.99% p.a. (4.99% p.a. comparison rate*)
  • Lowest fixed rate unsecured personal loan: Alex Bank - Personal Loan (Unsecured, Fixed) - 4.99% p.a. (4.99% p.a. comparison rate*)
  • Lowest variable rate secured personal loan: Transport Mutual Credit Union - GreenRoad Hybrid & Electric Cars (Variable) - 4.74% p.a. (5.04% p.a. comparison rate*)
  • Lowest fixed rate secured personal loan: Credit Union SA - Online-only Special Fixed Rate Personal Loan (Secured) - 4.25% p.a. (4.73% p.a. comparison rate*)

On the hunt for more personal loan options? Then go take a look at our personal loans comparison tool, where you can start comparing personal loan options right away!

Written by: Rhianna Dews, Personal Loans writer, 1 February 2022.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 232 personal loans using the filters.
Last updated 5 December 2025 Important disclosures and comparison rate warning*

Personal loan comparisons on Mozo

  • Promoted

    Unsecured Personal Loan

    • Fixed
    Interest rate from
    5.76 % p.a.
    to
    24.03 % p.a.
    Comparison rate from
    5.76 % p.a.
    to
    24.98 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $606
    Go to site

    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).

  • Promoted

    Unsecured Personal Loan

    • Fixed
    Interest rate from
    5.95 % p.a.
    to
    26.95 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    26.95 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Borrow 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 & 2025^'

  • Promoted

    Low Rate Personal Loan

    • Exceptional Credit, $5,000 - $75,000, or up to $100,000 for eligible purposes
    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Competitive low rates for borrowers with exceptional credit on 1-7 year loans from $5,000 up to $75,000 (or up to $100K for home improvements or car loans); no monthly account keeping fees, no exit fees and no early repayment fees. 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.

  • Unsecured Personal Loan

    • Fixed
    Interest rate from
    5.76 % p.a.
    to
    24.03 % p.a.
    Comparison rate from
    5.76 % p.a.
    to
    24.98 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $606
    Go to site

    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).

  • Debt Consolidation Loan

    Interest rate from
    5.76 % p.a.
    to
    24.03 % p.a.
    Comparison rate from
    5.76 % p.a.
    to
    24.98 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $606
    Go to site

    Roll multiple debts into one loan to streamline your finances with one set of repayments and one interest rate. Competitive fixed interest rates with no monthly or early repayment fees and flexible repayment options. Easy online application and funding in as little as 24 hours (subject to approval).

  • Unsecured Personal Loan

    • Fixed
    Interest rate from
    5.95 % p.a.
    to
    26.95 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    26.95 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Borrow 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 & 2025^'

  • Low Rate Personal Loan

    • Exceptional Credit, $5,000 - $75,000, or up to $100,000 for eligible purposes
    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Competitive low rates for borrowers with exceptional credit on 1-7 year loans from $5,000 up to $75,000 (or up to $100K for home improvements or car loans); no monthly account keeping fees, no exit fees and no early repayment fees. 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.

  • Secured Personal Loan

    • Exceptional Credit, $5,000-$75,000 or up to $100,000 for eligible purposes
    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Get a secured personal loan with competitive low rates for borrowers with exceptional credit. A simple fixed interest rate that can be repaid weekly, fortnightly or monthly, over 1 to 7 years (10 years for Green Loans). Managed entirely online, at any time. No monthly account keeping fees, no exit fees and no early repayment fees. Quick and easy, 100% online application. Establishment fees apply.

  • Unsecured Personal Loan

    Interest rate from
    6.17 % p.a.
    to
    21.99 % p.a.
    Comparison rate from
    6.17 % p.a.
    to
    22.79 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $610
    Go to site

    Competitive 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.

  • Personal Loan

    • Fixed
    Interest rate from
    8.99 % p.a.
    to
    29.39 % p.a.
    Comparison rate from
    10.11 % p.a.
    to
    30.29 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $636
    Go to site

    A Latitude Personal Loan offers flexibility and control for your major purchases, debt consolidation, or renovation plans. Get a personalised rate in two minutes without impacting your credit score. You'll enjoy a fixed rate, a repayment schedule that suits your budget. Plus, for Mozo customers, the $395 establishment fee is permanently waived. Latitude offers borrowing options from $5,000 over terms of 2 to 7 years. Repayments can be weekly, fortnightly, or monthly.

Showing 7 results from 232 personal loans. Use the filters to see more

* 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.

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