Rate cut review time! Personal loan rates fall during lockdown

By Ava Crawford · · 1 min read
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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

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 233 personal loans.
Last updated 11 July 2025 Important disclosures and comparison rate warning*
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.45% p.a.to 26.95% p.a.
    6.45% p.a.to 26.95% p.a.based on $30,000
    over 5 years

    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^'

    Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.45% would cost $35,176.93 including fees.

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  • Low Rate Personal Loan

    Exceptional Credit, $5,000 - $75,000, or up to $100,000 for eligible purposes

    interest rate
    comparison rate
    Monthly repayment
    6.28% p.a.to 18.99% p.a.
    6.28% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    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.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.28% would cost $35,033.88 including fees.

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  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.74% p.a.to 24.54% p.a.
    7.57% p.a.to 25.32% p.a.based on $30,000
    over 5 years

    Borrow $5,000 to $62,000. Transparent terms and online tools. Fast Online Application. 3, 5 and 7 year loan terms. Zero early repayment and exit fees. Fast online application process.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.74% would cost $36,016.77 including fees.

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    Details
  • Express Personal Loan

    Secured

    interest rate
    comparison rate
    Monthly repayment
    16.95% p.a.to 29.95% p.a.
    32.99% p.a.to 45.5% p.a.based on $10,000
    over 3 years

    Access fast finance on loans from $3,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 25-36 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.

    Repayment terms from 2 years to 3 years. Representative example: a 3 year $10,000 loan at 16.95% would cost $14,952.03 including fees.

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    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.76% p.a.to 24.03% p.a.
    6.55% p.a.to 24.03% 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 5.76% would cost $35,173.52 including fees.

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    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.

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