Fixed, Unsecured
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 12.69% would cost $41,420.45 including fees.
Get same day approval on flexible personal loans from $5,000 to $55,000 on 1-7 year loan terms with NAB. Enjoy no fees for extra early repayments and get funds in your account fast. To be eligible you must be over 18 and be an Australian resident.
Get same day approval on flexible personal loans from $5,000 to $55,000 on 1-7 year loan terms with NAB. Enjoy no fees for extra early repayments and get funds in your account fast. To be eligible you must be over 18 and be an Australian resident.
Read our Mozo Review to learn more about the NAB Personal Loan
Fixed, Unsecured
Terms from 1 to 7 years. Representative example: a n/a year $0 loan at 7.99% would cost $6,988.90 including fees.
Heritage Bank discounted rates for loans starting from $5,000 to $25,000 and a choice of loan terms up to five years.
Heritage Bank discounted rates for loans starting from $5,000 to $25,000 and a choice of loan terms up to five years.
Read our Mozo Review to learn more about the Heritage Bank Standard Personal Loan
^See information about the Mozo Experts Choice Personal loans Awards
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If you're considering taking out a personal loan then you're probably also wondering how you find the loan that's right for you.
The good news is that in Australia, you've got a lot of choice when it comes to selecting the bank you want to go with for your personal loan. Don't get fooled into thinking that the bank you have your regular everyday transaction account with is your only choice when it comes to securing a loan. If you've got a good credit history you should definitely shop around and find a bank offering competitive loan interest rates and fees.
In addition to the four major banks - ANZ, CommBank, NAB and Westpac -challenger banks like Citibank, HSBC, ME and Bankwest will loan money for personal use, often at competitive rates.
Another option to borrow money is choosing a mutual bank. Mutual banks are mostly former credit unions and may offer low rates for their members. Providers like Bank Australia and Heritage bank are lenders that fall into this category. You don't need to live near a branch and most mutual banks have open membership so you won't need to work in a particular industry to get access to their great rates and service.
The best loan option for you will depend on a range of things from the amount of money you want to borrow to the length of time that you'll need to repay back your loan.
Most banks these days let you apply for a personal loan online, so whereas in the past you needed to have a branch locally, you don't really need to be concerned with this anymore. You can bank anywhere, anytime and do everything you need with your computer or smartphone.
What you should really focus on when taking out any loan is the interest rate, fees and the flexibility the bank offers.
Read on to find all the need-to-knows about taking out a bank personal loan.
If you’re on the hunt for a great personal loan from one of Australia’s banks, there are a few things you should know before your start your search. From secured or unsecured loans, to fixed or variable interest rates, the choice is yours, and finding a great bank loan starts with figuring out what kind of loan you need.
Your next step is comparing personal loans from different banks based on their interest rate, as well as their features. Look out for a personal loan with a low comparison rate, low fees, flexible repayment options, an extra repayment facility and the ability to redraw if need be.
Thanks to the wonders of modern technology, you no longer need to visit a bank branch in order to take out a bank loan, you can now apply and get approved online.
Remember to have on hand personal documents and statements like a form of ID, proof of income and financial statements before you apply. Even though you’ll be applying online, you’re likely to still have customer support like chat bots or phone support to help you if you run in to questions during the application process.
Whether you’re after a small personal loan or a big one, banks offer personal loans of many different sizes. Banks can typically lend more than P2P lenders, with personal loans ranging from a few hundred dollars to upwards of $100,000 with approval. Of course, how much you’ll be able to borrow will depend on your financial circumstances so try our loan repayments calculator to get an indication of how much you’ll be able to afford.
It’s a good idea to compare personal loans using the comparison rate, as this rate takes into account the fees as well as the interest rate to give you an indication of the true cost of a loan. Once you’ve reviewed the repayment estimates from different banks, next is to compare the features such as extra repayments or repayment frequency options so that you can find the best option for you. Read our guide for more info about demystifying personal loan fees and features.
Most banks will have a range of loan options for personal lending. Here is the main types of personal loans.
When it comes to personal loans, you'll typically have two options. Ultimately, the type of rate you choose will depend on your circumstances, but it's always a good idea to weigh up your options:
Fixed interest rate - A fixed interest rate will lock in the rate over the course of your loan. This means that your rate will not change regardless of the market's fluctuation, leaving you to budget more effectively.
Variable interest rate - A variable interest rate will change over time, depending on fluctuations in the market.
When you compare or apply for a personal loan you will also notice a rate called a Comparison rate. This rate is important and should be the rate you use to compare your choices as it shows you the true cost of the loan as it takes into account a number of factors including ongoing fees, other charges and the provider's interest rate.
Of course, the key feature of any personal loan is the interest rate as this will determine just how much money you'll have to pay the bank to lend you the money but it's also a good idea to watch out for the following when comparing bank personal loans:
Now let's get to the bit that no one enjoys, fees. Here are some common fees you could be paying if you decide to take out a bank personal loan:
Like applying for a home loan, you will need several pieces of documentation, these include:
#1 Educate yourself - Before you head to a bank, you should already have a good idea of the amount you can borrow and what you repayments might look like. You can use our personal loan repayment calculator for this.
#2 Go in with a positive credit file - Another way to prove yourself as 'credible' to a bank is by maintaining a positive credit history. Request a copy of your credit file to make sure there aren't any blemishes on your file, then take care of any outstanding debt along with paying bills on time.
#3 Only apply for the amount you need - While this may seem obvious, applying for an amount more than you need may seem risky to your bank. Keep in mind that your credit history and the amount you are applying for can mean the difference between being approved or declined, so avoid the temptation to borrow more than you need.
#4 Understand the risks - Like any financial decision, things have the potential to go wrong. As you prepare all necessary documentation before applying, you'll need to consider all risks associated with a personal loan. For instance, while it's a smart idea to set up automatic payments, make sure that you'll have enough leftover for your daily expenses.
I took out a personal loan to buy a musical instrument. I paid the loan out early and now it attracts administration fees of $12 per month. I thought they would just close the loan once I paid it out but apparently they will let it run its full term and charge me for doing nothing.
Read full reviewI took out a personal loan to buy a musical instrument. I paid the loan out early and now it attracts administration fees of $12 per month. I thought they would just close the loan once I paid it out but apparently they will let it run its full term and charge me for doing nothing.
Never have I ever been so stressed in my life. I called to get a payout figure and pay the personal loan out as a requirement of my mortgage. I explained this to ME Bank during our phone conversation, that the fund would be coming from a 3rd party to pay it out, once this hit I would then close the account. Not sure what happened, but ME Bank took the outstanding loan amount from my personal bank account which then left in in a massive $6k negative with no money at all for the weekend. No resolution at all other than, they would pay the the fees that would be charged for the account being in such a huge debit. Absolutely disgusted is an understatement, I will never use this bank again and will strongly urge everyone I know to steer clear.
Read full reviewNever have I ever been so stressed in my life. I called to get a payout figure and pay the personal loan out as a requirement of my mortgage. I explained this to ME Bank during our phone conversation, that the fund would be coming from a 3rd party to pay it out, once this hit I would then close the account. Not sure what happened, but ME Bank took the outstanding loan amount from my personal bank account which then left in in a massive $6k negative with no money at all for the weekend. No resolution at all other than, they would pay the the fees that would be charged for the account being in such a huge debit. Absolutely disgusted is an understatement, I will never use this bank again and will strongly urge everyone I know to steer clear.