Personal Loans Perth

If you're in Perth and you’re wanting to fund a holiday to Bali or even your own wedding, a personal loan could be the easiest way to make things happen. Start comparing now!

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Perth personal loan comparisons on Mozo - last updated 20 April 2024

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  • 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
  • Express Personal Loan

    Secured

    interest rate
    comparison rate
    Monthly repayment
    14.95% p.a.to 27.95% p.a.
    29.30% p.a.to 42.8% p.a.based on $10,000
    over 3 years

    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.

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    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.

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    Details
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Personal loans in Perth

With over 3,000 hours of sunshine per year, Perth is one of Australia’s most liveable cities. While making the most of those endless beaches and suburban sprawl, you might find yourself a little strapped for cash. It’s no problem though, because like in any of Australia’s capital cities, options for personal loans are plentiful.

Not all personal loans are alike though. With so many different loans on offer, each with their own varying rates, fees and features, it makes sense for anyone wanting a personal loan in Perth to weigh up their options before diving into an application.

That’s where Mozo comes in. Our handy comparison tables, calculators and guides are here to help you grab the right loan deal for your situation and save you money along the way! If you’re after some more information, read on to find out a little bit more about Perth personal loans.

How do Perth personal loans work?

When you take out a personal loan, you will be borrowing a lump sum of money and paying it back (plus interest) over a set loan term. Most commonly that means monthly repayments over a 1-7 year period, but this can differ depending on the loan and amount. 

Generally, a personal loan will be for a sum less than you would use for a home loan. It is useful for lump sums between $2,000 and $100,000, which are too big to put on a credit card

Most personal loans are available Australia-wide, including in Perth and across WA, but to find Perth loans you can search Mozo’s personal loan database and limit your location to WA.

What are personal loans used for in Perth?

There are lots of ways to use a personal loan in Perth, and lots of different kinds of loan to fit the bill. Some of the most common uses are:

  • Debt consolidation: Though the cost of living is lower in Perth than in some of Australia’s other big cities, it has experienced some of the largest growth in recent years. Debt consolidation loans are used to bring together multiple debts (e.g. credit card, store, car loans) into one more manageable loan with one set of repayments.

  • Holiday loans: Aussies have well and truly caught the travel bug, and a holiday loan makes Perth feel that little bit less isolated. Though Perth might be quite far from other Australian cities, it’s well located for international travel.

  • Home renovation loans: Property in Perth tends to be fairly expensive due to high earnings, so it’s no surprise that people are keen to add value to their places with home renovation loans.

  • Medical loans: Specialist care in Australia is extremely expensive, despite our top notch public health system. Medical loans are quite commonly used to pay for these services, as well as cosmetic surgery loans for specialist care.

  • Car loans: With Perth’s spaced out city and more suburban feel, a car is an absolute staple - taking you from home, to work, to the beach on the weekend! Car loans are extremely common in Perth, along with motorcycle loans.

  • Special occasions: The price tag can climb quickly when it comes to a wedding or other special occasion in Perth. Personal loans are often used on all sorts of events, from engagement parties to funerals. 

Where to get personal loans in Perth

Being Australia’s major Western capital, Perth loans are easy to find. Whether you’re looking to borrow a large or small amount, for any reason, most lenders should be able to get you sorted with the type of loan you’re looking for.

That means you’ll be able to find loans from major banks along with peer-to-peer lenders and specialist financers. Peer-to-peer lending tends to be quicker for approval than going via a bank if you’re looking for quick loans in Perth, but this all depends on your personal circumstances and how much you plan to borrow.

Work out how much you can budget to borrow with our personal loans repayment calculator, and then check our personal loans database for all the loans that fit your needs.

How much can I borrow with a personal loan?

Depending on the project you’re wanting to fund, a big or small personal loan could provide a cash injection of anywhere from thousands to tens of thousands of dollars. Typically, borrowers in Perth and Western Australia use personal loans to help fund things like overseas holidays, home renovations, weddings, car purchases and even cosmetic surgery procedures!

Like any type of loan, there are a number of factors that will go into the amount you’ll be able to borrow though. These include:

  • Your income and savings
  • Any debt you may have
  • Your credit score

But just because you have the means to take out a personal loan doesn't mean you should jump at the first option you see. It’s important to seriously weigh up the benefits and drawbacks of a personal loan before you make an application, including your capacity to pay it back and whether or not there are alternative borrowing options for your own situation.

Are there different types of personal loans?

There sure are! Personal loans generally fall into three categories: secured, unsecured and debt consolidation.

Secured Loan: Secured personal loans tend to come with lower interest rates and fees than unsecured loans, but the trade off is that you’ll need to provide some sort of asset in order to secure the loan. This could be something like your car or your house.

Unsecured Loan: On the other hand, unsecured personal loans are more likely to come with higher interest rates but without the need for any security - making them a more attractive option for borrowers without assets.

Debt Consolidation Loan: A bit different from the other two types of personal loan which you’d typically use to fund holidays or some renovations, a debt consolidation loan does just that - it allows you to merge debt from any other personal loans or credit cards you may have into the one loan, with a better rate to boot!

While each of the above will appeal to different types of personal loan borrowers in Perth, one thing that’s always worth comparing, no matter which type of loan you need, is the interest rate.

Here’s an example using the Mozo personal loan comparison calculator which demonstrates just how much money you could save by comparing personal loans with different rates:

Pete and Laura have been saving up for a major kitchen renovation on their home in Fremantle, but have decided that they need a bit of extra help in terms of funding. Because the couple are able to secure their home against the loan, they’re looking at taking out a secured personal loan for their home renovation to the tune of $20,000.

If the couple decided to opt for a personal loan with a typical interest rate of 8.50% over a four year term, they would need to make monthly of $493 and would end up paying $3,662 in total interest over that period.

However, if they opted for a personal loan with a lower rate of 6.00% instead, they would need to make monthly payments of $470 and would end up paying $2,546 in total interest - a considerable $1,116 less!

What are the personal loan features I should consider?

Whether you’re looking for a personal loan deal in Perth, Sydney or even Melbourne, aside from the interest rate itself, there are a number of other features that are worth comparing before you lock down a loan deal.

Fees

While there are fee-free offerings on the market, it’s not uncommon for a personal loan to come with a number of fees attached. Like the interest rate, comparing loans and looking for low fee options is always a good idea to help cut down the amount you pay.

Upfront fees: An upfront fee is the fee charged (you guessed it) when you apply for the loan. These generally range between $0 and $500 depending on the loan.

Ongoing fees: An ongoing fee is essentially a service fee, usually charged on a monthly basis, and typically ranging from $0 to $10. While this may seem a small amount compared to a monthly fee, they can add up quickly over the life of a loan.  

Late payment fees: These are charged in the event that you don’t make a repayment by the due date, and are generally a flat fee of around $30.

Early repayment fee: Also known as a break cost fee, this is a cost you may be charged if you choose to pay off your loan early - although not all personal loan lenders will charge a fee in this case.  

Type of interest rate

Another consideration to make when choosing a loan is the type of interest rate.  

Fixed rate: The interest rate on a fixed personal loan will stay the same for the life of the loan, making it a good option for any borrowers looking for stability and certainty with their regular repayments.

Variable rate: On the flip side, variable rate personal loans can move up or down at any time. This can be great if you end up paying a lower rate than you started with, but if rates move up you should be prepared for a greater hit on your wallet.  

Repayment options

Interested in a bit of flexibility when it comes to paying off your personal loan? Well one of the following repayment features may be worth looking at:

Extra repayments: While a low interest rate and lower fees are useful features to help cut down your overall costs, another way to reduce the amount you pay is by making use of free extra repayments. Many loans will come with the option of making extra repayments, but just watch out for any fees associated with them!   

Repayment frequency: Do you get paid on a monthly basis? Then a loan with flexible repayment frequency which can help you line up your repayments with your salary may be your best bet. Typically you’ll be able to choose between weekly, fortnightly or monthly repayment options.

Redraw facility: Say that you do end up making extra repayments on your personal loan, you’ll be able to dip into those extra repayments if your loan comes with a redraw facility.

Loan term

Generally the period of time you’ll be able to take out a personal loan over stretches between one and seven years. And while it may seem tempting to opt for a loan with a longer term to avoid having to make higher monthly repayments, just bear in mind that the interest you’ll pay is likely to add up over those extra years.

How do I choose between different personal loan lenders in Perth?

You’re probably already familiar with names like Bankwest and major banks like NAB or ANZ, but when it comes to taking out a personal loan in Perth there are also a heap of others lenders at your disposal. Some of the different types of lenders you’ll be able to choose between include:

Major banks: Like doing your banking with a familiar face? Well good news, because there are plenty of competitive personal loan rates on offer from the major banks including the likes of ANZ, Westpac, NAB and the Commonwealth Bank.

Peer to peer lenders: Because they are run online and source their funding from everyday investors, peer to peer lenders are often able to offer some of the most competitive rates for their personal loans. They also reward borrowers with great credit history, meaning you might be able to snag an even better deal.

Online lenders: If you’d rather find and apply for a personal loan from the comfort of your home, an online personal loan provider may be the match for you. Plus with lower overheads, they are often able to offer great rates for borrowers.

I’ve already got a personal loan, but can I refinance?

You sure can! Refinancing your personal loan to a deal to a lower rate could be a great way to reduce your monthly repayments and the amount of interest you pay, especially if you still have a few years to run on the loan.

Interested in knowing how much you could be saving? A great place to start is by plugging your current loan amount, monthly repayments, provider, state and type of loan into the Mozo Personal Loan Switch and Save Calculator which will then be able to show you just how much you could save by making the switch to a better value deal. 

Is a personal loan the best funding option?

While personal loans can be one of the best funding options for anything from your dream wedding in Perth to purchasing a new or used car, they’re not always going to be the best value option or most convenient way to pay.  

For example, if you’re making extensive renovations to a property in Perth it may be worth considering redrawing any extra payments you’ve made on your home loan or even using your home’s equity to finance the renovations, rather than taking out an entirely new loan. The same goes for smaller purchases, where cash (ideally) or even a credit card may be a more convenient way to pay. 

What can I do to improve my chances of getting approved?

Whether this is the first time you’re applying for a personal loan or the fiftieth (well, probably not that many), there are always steps you can take to improve your chances of approval:

  1. Meet the criteria: It sounds simple, but most personal loan providers will have minimum requirements you’ll need to meet in order to be approved. These include being 18 years old, having Australian citizenship or holding permanent residency, being employed or receiving a regular income and meeting any minimum income requirements.
  2. Have a positive record: Your history of saving and level of debt are both factors personal loan providers may consider when assessing you for a loan, and they’ll certainly look at your credit history as a borrower. So the more you can do to demonstrate a positive savings record and an ability to pay off debt, the better.
  3. Apply for the right amount: There’s little point in applying for a personal loan which you’re not going to be able to finance, because your bank is very likely to reject your application. A good way to judge how much you’ll be able to pay back, and therefore borrow, is by plugging in your desired loan amount and term into the Mozo personal loan repayment calculator. You’ll be able to adjust the interest rate to show you just how much you’ll need to make in terms of repayments, and therefore how much you can afford!

Personal Loan Reviews

Commonwealth Bank Personal Loan
Overall 6/10
Easy service but not the best fees

Commonwealth bank being the largest bank has the comfort of being reliable and was also willing to provide a loan when other banks were not. Customer service is easy to get in contact with. I wouldn't say the fees are the best in the market though.

Read full review

Commonwealth bank being the largest bank has the comfort of being reliable and was also willing to provide a loan when other banks were not. Customer service is easy to get in contact with. I wouldn't say the fees are the best in the market though.

Price
5/10
Customer service
6/10
Convenience
9/10
Trust
7/10
Less
Joshua, Victoria, reviewed 18 days ago
ING Personal Loan
Overall 7/10
Simple, no stress personal loan

It was east to obtain, good customer service and fast processing. No issues throughout loan term and can pay down as quick as you like with no hidden fees or charges.

Read full review

It was east to obtain, good customer service and fast processing. No issues throughout loan term and can pay down as quick as you like with no hidden fees or charges.

Price
7/10
Features
6/10
Customer service
6/10
Convenience
9/10
Trust
9/10
Less
Jen, Queensland, reviewed 18 days ago
ANZ Unsecured Personal Loan
Overall 10/10
Anz Personal loan

I decided to go with another bank for a unsecured personal loan as the commonwealth bank had some good perks being offered. I will never ever do this again not only was it extremely frustrating gathering all the correct documents again and again and again being conditionally approved to being rejected after alot effort and things were looking fine on my end. To get that rejection after all the stress and also making me feel like it's definitely going through to end up being rejected. I went onto to go back to my bank which I should have done fro. The beginning everything was smooth sailing quick and completed with all ticks in a matter of days. I love everything about anz it's always efficient and easy to navigate

Read full review

I decided to go with another bank for a unsecured personal loan as the commonwealth bank had some good perks being offered. I will never ever do this again not only was it extremely frustrating gathering all the correct documents again and again and again being conditionally approved to being rejected after alot effort and things were looking fine on my end. To get that rejection after all the stress and also making me feel like it's definitely going through to end up being rejected. I went onto to go back to my bank which I should have done fro. The beginning everything was smooth sailing quick and completed with all ticks in a matter of days. I love everything about anz it's always efficient and easy to navigate

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Cassandra, Tasmania, reviewed 18 days ago

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