What are some great rates on personal loans right now?

woman on laptop choosing between two low interest rate personal loans

Recent ABS stats show that Aussie personal loan lending has hit a high, with people looking to combat the rising cost of living and tackle projects like home renovation

With interest rates on the rise, choosing a loan can feel overwhelming. Regardless of what type of loan you’re looking for, the interest rate is an important consideration - the lower the rate, the less money you’ll need to pay back on the loan.

Having undergone so many changes in the last few months, your existing personal loans or plans for future loans might no longer be the most attractive options on offer. We’ve pulled a few of thelow rate loans in the Mozo database right now that might be worth a look.

Low rate personal loans

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 247 personal loans.
Last updated 21 July 2024 Important disclosures and comparison rate warning*
  • Mozo Expert Choice Badge
    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.75% p.a.to 26.95% p.a.
    6.75% 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 6.75% would cost $35,430.23 including fees.

    Compare
    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 24.98% 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
  • Holiday Loan

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 8.48% p.a.
    7.19% p.a.to 8.84% p.a.based on $30,000
    over 5 years

    Travel the globe with competitive 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 award for 2024 ^. 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.

    Compare
    Details
  • Debt Consolidation Loan

    interest rate
    comparison rate
    Monthly repayment
    5.76% p.a.to 24.03% p.a.
    6.57% p.a.to 24.99% p.a.based on $30,000
    over 5 years

    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).

    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.

    Compare
    Details
  • Mozo Expert Choice Badge
    Low Rate Personal Loan

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 8.48% p.a.
    7.19% p.a.to 8.84% p.a.based on $30,000
    over 5 years

    Competitive 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.

    Compare
    Details

There is more choosing a loan than giving the interest rate a quick scan. It’s important to consider the type of loan you’re taking out - choosing between a fixed rate loan and a variable rate loan, or opting between a secured loan and an unsecured loan. Some loans are specifically for purchasing cars or for renovating your house, or designed to consolidate your debt into one loan. It’s important to select the right loan for you instead of just picking out the lowest interest rate.

Remember to check your credit score and try to balance any outstanding debt - poor credit health could result in you being rejected for a loan, or in being offered a higher rate based on the risk of not making repayments.

Things to ask when you apply for a personal loan

  • How is my credit score? If you can pay off any outstanding debts and get yourself as creditworthy as possible, you’ll have the best chance of getting approved for a loan.
  • Secured or unsecured? A secured loan can seem like a better deal, but remember that it is secured against an asset. Most car loans are secured (with the asset being the car), while others can be secured against property or valuables. This carries a risk if you find yourself unable to repay the loan.
  • Fixed or variable? Like with any loans, fixed rates are often higher but carry less risk as they’re set for the duration of the loan. Variable rates can change at any point.
  • What are the fees? Some loans have fees where you might not be expecting them! Watch out for charges on extra repayments, early payment (should you want to pay off your loan sooner than expected) and redraws.
  • What repayments can I afford? Work out what your repayments will be with our personal loan repayments calculator. Repayments should be a monthly amount that you know you’ll be able to afford, to save you from ending up with extra debt. This can help you work out what term of loan you need and how much you can borrow.

Looking to take out a personal loan? See our 2022 Best of Personal Loans, and read our guide to Personal Loan Eligibility.

* 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.