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Fixed
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.
Read our Mozo Review to learn more about the NOW Finance Unsecured Personal Loan
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Fixed
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.
Read our Mozo Review to learn more about the Harmoney Unsecured Personal Loan
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Excellent Credit
Competitive low rates for borrowers with excellent credit on 1-7 year loans from $5,000 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.
Read our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
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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.
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See more personal loan providersYou can use a holiday loan to pay for a wide range of things, not just the cost of a flight. That's good news because these days there are plenty of expenses to consider, from city-wide tours to long days shopping.
In fact, the average Aussie aims to spend about $5,000 on an overseas trip, according to CommBank data from 2022. Budget Direct’s numbers (in 2023) show that many Aussies (30%) budget even more - $5,000 to $10,000.
With personal loans for travel tending to run between $2,000 and $100,000, you should be able to find one that fits your needs.
Here are some things you can use your holiday loan on:
Flights
Accommodation
Food
Shopping
Transfers
Tours
Travel experiences
If you want to crunch some numbers a bit more, the Mozo travel loan repayment calculator can help you work out how much to borrow.
While the right choice comes down to your specific needs, there are some things to consider when applying for a holiday or vacation loan.
Given that most loans tend to start at around $2,000-$5,000, they probably aren’t ideal for people looking to spend a smaller amount on their trip. For smaller sums, you could consider using money from your savings or creating a budget plan. If you would prefer to borrow as you go, you might find a travel credit card is a better fit.
However, based on rather high travel costs these days, a personal loan can be very useful. The best thing to do is check your budget and go from there.
Before applying for a holiday loan you’ll need a good idea of your travel costs and how to plan for them.
Some quick sums can help around the following:
- flights
- accommodation
- visa charges
- food and drink
- activities
- tour packages
- car rental
Remember, it’s always best to have a little more money than your planned budget to allow for unexpected costs or changes. Be sure to factor that in as you compare loans, too.
The overall cost of a holiday loan is impacted by a few things, including the size of the loan, the interest rate type and whether it’s secured or unsecured. Let’s explore these closer.
There are some other important things to compare with holiday loans.
Fees: Checking on fees can lead to a lot of money saved. Almost all loans will have an application fee attached, but some holiday loans can have other fees hidden along the way. Look out for break cost fees, late repayment fees, and early repayment fees.
Loan term: This is how long the loan goes for. Most personal loans last between 1-7 years, and this impacts how much interest you will pay overall. If you wanted to pay off the loan faster, you could consider increasing your repayment amounts or frequency.
Comparison rate: A comparison rate factors in the interest rate and the fees you’ll be charged with a specific loan. Comparing holiday loans based on the comparison rate (rather than the advertised rate) gives you a more accurate idea of the full cost. Note that the comparison rate is generally based on a set scenario (ie. either a $30,000 loan paid off over 5 years or a $10,000 loan paid over 3 years). So your actual loan will vary in its specifics - especially if it’s for a smaller amount.
Extra features: Sweeten the deal for yourself with additional perks like free extra repayments or a flexible repayment schedule, all of which can give you the opportunity to pay off your loan earlier, saving on interest.
The application process for a holiday loan will differ from loan to loan.
Generally speaking, you will need to show evidence of your financial standing and credit history for the lender to make an accurate risk assessment.
If you have good credit, you should be able to apply without issue. Most lenders have options for those with poor credit as well, though it may mean higher interest rates or more rigid terms and conditions.
If you're ready to compare loans, jump back up to the top of this page to see some of the top personal loans in the Mozo database.
My bank is not very easy to deal with! I am looking to change banks at some stage
Read full reviewMy bank is not very easy to deal with! I am looking to change banks at some stage
Commonwealth bank has easy to apply for loans with great rates and very easy to get..excellent five star bank for all types of loans
Read full reviewCommonwealth bank has easy to apply for loans with great rates and very easy to get..excellent five star bank for all types of loans
Great Southern Bank’s fixed personal loan offers competitive rates, flexible terms, and excellent customer service. Pros include stable rates and responsive support. Cons are potential early repayment fees and fewer online features compared to some competitors.
Read full reviewGreat Southern Bank’s fixed personal loan offers competitive rates, flexible terms, and excellent customer service. Pros include stable rates and responsive support. Cons are potential early repayment fees and fewer online features compared to some competitors.
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