Rate cut review time! Personal loan rates falls during lockdown

By Ava Crawford ·
Fact Checked
Advertiser disclosure
woman sitting outside at a wooden table with a black coffee on her laptop looking at personal loan rate cuts during covid

Did someone say personal loan interest rate cuts? That’s right! While COVID restrictions might have Aussies locked down at home, personal loan rates have been moving.

Since June 2021, we’ve seen a number of different lenders slash personal loan variable interest rates by as much as 4.1%.

St George, Bank SA, Bank of Melbourne and Community First Credit Union were among some of the lenders that made changes to personal loan products in the June - August 2021 period.

St George took 4.1% off its Unsecured Personal Loan, while Bank SA and Bank of Melbourne also took 4.1% from their Bank SA Personal Loan and Bank of Melbourne Unsecured Personal Loan respectively.

Community First Credit Union dropped the rates on both its Home Improvement Loan by 4% and its Green Loan  by 4%, bringing both rates to 3.99% p.a. (4.99% p.a. comparison rate) - one of the most competitive in the Mozo database.

Also in the green personal loan space, Illawarra Credit Union reduced its Green Loan rate 2%, matching Community First Credit Union’s competitive 3.99% p.a. rate (5.15% p.a. comparison rate).

If you’re looking to jump on some recent low rates, check out look at some of the top personal loans:

Low interest personal loans - rates updated daily

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Mozo Experts Choice 2021
    Personal Loan

    Unsecured, Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.45% p.a.to 19.99% p.a.
    5.45% p.a.to 19.99% p.a.based on $30,000
    over 5 years
    Go to site
    Details
  • Hot DealA special low rate starting from 5.45% (6.07% comparison rate)
    placeholder
    Mozo Experts Choice 2021
    Low Rate Personal Loan (Fixed, Unsecured)

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    5.45% p.a.to 8.48% p.a.
    6.07% p.a.to 8.84% p.a.based on $30,000
    over 5 years
    Go to site
    Details
  • Hot DealNo fees for borrowers with excellent credit
    placeholder
    Mozo Experts Choice 2021
    No Fee Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 17.95% p.a.
    5.95% p.a.to 17.95% p.a.based on $30,000
    over 5 years
    Go to site
    Details
  • placeholder
    Personal Loan

    Unsecured, Fixed, Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.39% p.a.to 7.49% p.a.
    6.39% p.a.to 8.19% p.a.based on $30,000
    over 5 years
    Go to site
    Details
  • placeholder
    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
    Go to site
    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

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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.