Personal Loans Snapshot: October 2021

By Rhianna Dews · · 4 min read
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Personal Loans Snapshot: October 2021

As we begin to reach the tail-end of the year, it’s now time to dive into our October 2021 personal loans market update.

Last month we saw fewer personal loan interest rate and offer changes take place in comparison to the previous months. Of the few changes that occurred, most of which were rate cuts and a $250 application fee reinstatement from the Commonwealth Bank on its Secured Personal Loan.

We’ve also seen Bankwest launch a long term heavily discounted rate on its unsecured personal loan option, of 8.99% p.a. (9.33% p.a. comparison rate*) available to eligible customers until 30 June 2022.

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.

In other news, the most recent ABS Lending Indicators release revealed a 2.5% drop in fixed-term personal loan commitments (seasonally adjusted) in August 2021. A change in pace from July which saw a massive 14.2% increase in new fixed-term personal loans when compared to the month prior.

The release also reported a 6.4% decrease in new loan commitments for road vehicles, as well as a hefty 16.7% rise in the value of new loan commitments for personal investment.

Personal loan interest rate changes:

Let’s take a look at what’s been going on recently with personal loan interest rates and offer changes:

Interest rate cuts:

  • Alex Bank recently chopped a whopping 46 basis points off its fixed unsecured Personal Loan, making it the lowest rate of its kind in the Mozo database (at time of writing) at 4.99% p.a. (4.99% p.a. comparison rate*).
  • Bankwest has just slashed a solid 200 basis points off its fixed Unsecured Personal Loan, bringing it down to 8.99% p.a. (9.33% p.a. comparison rate*). This new reduced rate will be available to eligible customers until 30 June 2022.
  • Community First Credit Union has taken a significant 215 basis points off its fixed Car Loan rate, now sitting at 5.34% p.a. (6.11% p.a. comparison rate*).
  • Liberty has cut 50 basis points off both its fixed and variable options for its Drive Car Loan, bringing them down to 5.99% p.a. (8.08% p.a. comparison rate*).
  • Teachers Mutual Bank has reduced its unsecured All Purpose Loan fixed interest rate down by 96 basis points, bringing it down to 8.99% p.a. (9.13% p.a. comparison rate*). It also took 120 basis points off its variable rate option, which now comes down to 11.99% p.a. (12.14% p.a. comparison rate*).

Other changes:

  • The Commonwealth Bank has officially reinstated the $250 application on its Secured Personal Loan.

Which lenders stand out?

This month we see that the lenders with the lowest personal loan interest rates in the Mozo database are yet again Community First Credit Union, Credit Union SA and Transport Mutual Credit Union, with the addition of Alex Bank following its recent rate changes.

Once again, proving that smaller banks and credit unions are where to go for a more competitive rate.

How about big-name lenders?

While there have been several shifts in major bank personal loan interest rates over the past few months, be aware that big bank rates tend to sit much higher than most competitor lenders.

Despite some movement across big bank personal loan interest rates over the past few months, keep in mind that the major banks tend to offer much higher rates than most of their competitors.

For example, at present, the Commonwealth Bank’s Unsecured Variable Personal Loan interest rate sits just under 12% - quite a significant jump when compared to the lowest interest rate in the Mozo database of 3.99% p.a.

Variable rate big 4 personal loans:

Right now, 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 belongs to NAB with its 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, on the other hand, is the Commonwealth Bank’s Unsecured Personal Loan (Fixed), which has a 3-year fixed rate of 11.50% p.a. (12.38% p.a. comparison rate*).

Personal loan rates of note in October:

  • 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 October 2021.

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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