Personal Loans Snapshot: November 2021
As we enter the final month of Spring, it’s time to take a look at our November 2021 personal loans market update.
Over the past month, we’ve seen a handful of personal loan interest rates and offer changes take place. Of these changes, most were rate cuts and a $250 application fee reinstatement from the Commonwealth Bank on its Secured Personal Loan.
In other news, the latest ABS Lending Indicators release reported a 0.4% increase in fixed-term personal loan commitments (seasonally adjusted) in September 2021. A slight change in direction compared to August’s 2.5% decrease in fixed-term personal loans compared to the month prior.
The ABS release also reported a 1.9% decrease in new loan commitments for road vehicles and a 9.4% drop in the value of new loan commitments for personal investment.
Personal loan interest rate changes:
Here’s what’s been happening lately in the world of personal loan interest rates and offer changes:
Interest rate cuts:
- The Commonwealth Bank has cut 250 basis points off its variable rate Unsecured Personal Loan, bringing it down to 8.99% p.a. (9.89% p.a. comparison rate*) until 27 February 2022.
- Gateway Bank has taken 20 basis points of its variable rate Eco Personal Loan which now sits at 5.75% p.a. (5.96% p.a. comparison rate*).
- Newcastle Permanent has dropped its secured fixed rate Personal Loan by 80 basis points, bringing it to 5.89% p.a. (7.60% p.a. comparison rate*).
- QBANK has reduced the variable rates on its Discounted Car Loan rate for cars under 5 years old by 86 basis points to 3.99% p.a. (4.63% p.a. comparison rate*) and its Car Loan rate for cars up to 10 years old by 100 basis points to 5.99% p.a. (6.62% p.a. comparison rate*).
Interest rate increases:
- Loans.com.au has increased the rate on its Clean Green and New Car Loans by 32 basis points - to 3.29% p.a. (3.83% p.a. comparison rate*) for the Clean Green option and 3.99% p.a. (4.53% p.a. comparison rate*) for the New Car option. Both now also have rates that are set 100 basis points lower if the borrower owns their home.
Which lenders stand out?
Once again, we see that the lenders with the lowest personal loan interest rates in the Mozo database are Alex Bank, Community First Credit Union, Credit Union SA and Transport Mutual Credit Union - showing that smaller banks and credit unions are where it’s at if you want a more competitive rate.
How about big-name lenders?
Although we’ve seen some movement here and there among big bank personal loan interest rates, keep in mind that rates from the major banks are generally much higher than most competitor lenders.
Right now, the Commonwealth Bank’s Unsecured Variable Personal Loan interest rate sits just 9.00% p.a. - a fair jump compared to the lowest interest rate in the Mozo database of 3.99% p.a.
Variable rate big 4 personal loans:
Currently, 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*).
The highest big bank variable rate personal loan in the Mozo database, on the other hand, 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:
When it comes to 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 comes with a 3-year fixed rate of 6.99% p.a. (7.91% p.a. comparison rate*).
As for the highest fixed-rate big bank personal loan in the Mozo database, that would be the Commonwealth Bank’s Unsecured Personal Loan (Fixed), despite having recently cut its 3-year fixed rate down to 9.00% p.a. (9.90% p.a. comparison rate*).
Personal loan rates of note in November:
- 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*)
Written by: Rhianna Dews, Personal Loans writer, 1 November 2021.
Compare Personal Loans today - last updated 29 March 2024
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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
- Eligible customers who apply and settle by 1 March 2024 can receive a gift card of up to $200 depending on the amount borrowed. Choice of gift card from Bunnings, Red Balloon, Supercheap Auto and Webjet.
- 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
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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
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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 yearsCompetitive low rates for borrowers with excellent credit on 1-7 year loans from $2,001 up to $75,000, plus free extra repayments. 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.
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
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Express Personal Loan
Secured
interest rate
comparison rate
Monthly repayment14.95% p.a.to 27.95% p.a.29.30% p.a.to 42.8% p.a.based on $10,000
over 3 yearsAccess fast finance on loans from $5,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 24-48 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.
Repayment terms from 2 years to 4 years. Representative example: a 3 year $10,000 loan at 14.95% would cost $14,324.71 including fees.
CompareCompare- interest rate
- 14.95% p.a.to 27.95% p.a.
- comparison rate
- 29.30% p.a.to 42.8% p.a.based on $10,000
over 3 years
- interest rate
- 14.95% p.a.to 27.95% p.a.
- comparison rate
- 29.30% p.a.to 42.8% p.a.based on $10,000
over 3 years
- Upfront fee
- $990.00
- Monthly fee
- $24.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- 0
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $25,000.00
- Minimum loan term
- 2 Years
- Maximum loan term
- 4 Years
- Security required
- Various, Vehicle
- Other benefits
- -
- Other restrictions
- Application fee from $475 to $990. Additional Risk Fee of $0 to $995 applies.
Read our Mozo Review to learn more about the Jacaranda Finance Express Personal Loan
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Debt Consolidation Loan
interest rate
comparison rate
Monthly repayment5.76% p.a.to 24.03% p.a.6.57% p.a.to 24.99% p.a.based on $30,000
over 5 yearsRoll 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).
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
- 6.57% p.a.to 24.99% p.a.based on $30,000
over 5 years
- interest rate
- 5.76% p.a.to 24.03% p.a.
- comparison rate
- 6.57% p.a.to 24.99% 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
- 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
- -
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* 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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