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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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Secured
Access fast finance on loans from $5,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 24-48 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.
Repayment terms from 2 years to 4 years. Representative example: a 3 year $10,000 loan at 14.95% would cost $14,324.71 including fees.
Read our Mozo Review to learn more about the Jacaranda Finance Express Personal Loan
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Excellent Credit
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.
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.
Your selected personal loans
^See information about the Mozo Experts Choice Personal loans 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.
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See more personal loan providersIf you live in Melbourne, you’ll find that you’re spoilt for choice when it comes to finding a personal loan for all your spending needs, making the task much harder.
But don’t worry! We’ve taken the hassle out of choosing a loan with our handy comparison table, so you’ll be cruising down the Nepean Highway in your brand new car or booking your next holiday in no time - equipped with all the information you need to make your choice.
A personal loan lets you borrow an amount of money and then repay that amount over a set period of time - plus interest. Usually, you’ll be repaying in monthly instalments over a period of 1 - 7 years, but this can differ depending on the loan and amount.
People will generally take out a personal loan for a lower amount than a home loan and an amount too large for a credit card - usually between $2,000 and $100,000.
Most personal loans are available Australia-wide, including in Melbourne and across Victoria, but to find Melbourne loans you can search Mozo’s personal loan database and limit your location to Victoria.
You won’t be short of ways to spend money in Melbourne. People take out loans for all sorts of reasons, and some of the most common uses are:
Debt consolidation: Melburnians are no exceptions to Australia’s national debt, being one of the country’s most expensive cities. Debt consolidation loans are used to bring debt from different areas (credit cards, store, existing loans, etc) into one manageable loan with one set of repayments.
Holiday loans: Most Aussies have long caught the travel bug, and can reach for a holiday loan to fulfil their dreams. These loans will see you making your way from Melbourne to Mexico or Monaco with a little bit of cash in your pocket.
Home renovation loans: The creative streak in Melbourne extends to the property market with home renovation loans being popular. In fact, on average, Victorians spend the most on home renovations in the country!
Medical loans: Even though we have Medicare in Australia, specialist care and procedures in Melbourne can be pricey. Medical loans are quite commonly used to pay for these services, as well as cosmetic surgery loans for that very specific kind of procedure.
Car loans: Even though Melbourne is known for its trams, a car is still helpful for getting around. Car loans are common in Melbourne, along with bike loans.
Occasion loans: Plan the perfect Melbourne wedding or honour someone with a grand gathering - a personal loan can make event-planning a much smoother process.
As one of Australia’s metropolitan centres, you can get Melbourne loans from almost all of the country’s lenders. No matter whether you’re looking to borrow a large or small amount, for any occasion, most lenders should be able to get you sorted with the right loan for you.
This means you will be able to access lenders from major banks along with peer-to-peer lenders and specialist financers. Peer-to-peer lending tends to offer quicker approval than a bank if you’re looking for quick cash loans in Melbourne, but it depends on your personal circumstances and the situation..
If you’re looking for a loan, you can plan it out by working out how much you can afford to borrow with our personal loans repayment calculator. Check our personal loans database for all the loans that will suit your needs - including Mozo’s best personal loans.
Generally personal loans fall into two broad categories, secured and unsecured. Each have their pros and cons, so it’s worth comparing both before picking the one that will work best for you.
Something crucial to any loan is the interest rate and while finding a low rate might be top priority, deciding on which is best for you is also important. There are two types of interest rates:
No matter if you live in Perth or Melbourne, personal loans come with some features you’ll need to take into account before you pick your loan. They include:
Fees
It’s not uncommon for a personal loan to come with a few fees, but it is possible to cut down on how many you pay. Here are some of the fees you should keep an eye out for when shopping around on personal loans:
Repayment options
Since you’ll be paying off your personal loan for years to come, it makes sense to have a few extra loan features on your side to help you better manage your budget and save money. Some of the personal loan features you might come across include:
The loan term
Personal loans usually last between 1-7 years and which loan term you pick will make a difference. A shorter loan term will mean that your monthly repayments are larger, while a longer loan term will mean smaller repayments each month, but you’ll fork out more on interest in the long run.
While you will be asked to specify the purpose of the loan, whether it’s to buy a new car or to have your dream Melbourne wedding, lenders generally don’t have any restrictions on what you can and can’t use the loan for, unless you’re looking at a car loan product. However, it’s a good idea not to use a personal loan to pay for everyday expenses, like groceries or utility bills, as it’s probably not the most cost effective strategy.
A lender will mostly want to see that you’ll be able to make your repayments on time. You can use our personal loan repayments calculator to work out if a personal loan suits your budget.
This question can be tricky to answer, as each lender has both their pros and cons. You also need to consider that each type of lender works differently for different budgets. So, we’ll let you be the judge on which lender is the best choice for you.
The big banks
We all know the big banks, Westpac, ANZ, CommBank, etc. One of the big benefits of going with a big bank is that you’ll get to visit a branch and speak to a bank manege face-to-face. You also might be offered more generous personal loan terms and have access to higher loan limits. The downside is that big banks also usually mean big rates and big fees, so you’ll need to consider whether your budget would be able to manage.
Credit Unions
Think of credit unions as an alternative to a traditional lender because they’re not for profit organisations. This means you could be offered more competitive rates and fees, since these organisations tend to pass on their profits to members. Which brings us to the catch with credit unions, in order to have access to a personal loan, you will have to become a member and pay a small fee.
Peer to peer lenders
Last up are peer to peer (P2P) lenders, where strangers help strangers with their spending needs. One of the big benefits you’ll find with peer to peer lenders is the competitive interest rates and lower fees. However, we should mention that these competitive interest rates are often reserved for the most creditworthy customers. P2P lenders also have lower borrowing limits of up to $30,000 and short terms of up to 3 years.
Although personal loans can help you fund big ticket items, there are a few traps you’ll want to avoid, such as:
So you’ve found the perfect loan and you’re ready to apply, now you’ll need to gather all the necessary documents to lodge your application. While every lender is different, some of the most common things you’ll need are:
Poor customer service. Not clear with fees. Increased fees. Not flexible with repayments.
Read full reviewPoor customer service. Not clear with fees. Increased fees. Not flexible with repayments.
I have been with defence bank for quite a few years and I really enjoy them
Read full reviewI have been with defence bank for quite a few years and I really enjoy them
Commbank has a great reputation, good customer service and app is excellent, very convenient experience.
Read full reviewCommbank has a great reputation, good customer service and app is excellent, very convenient experience.
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