Secured Personal Loans

Want money for a new car, holiday or to consolidate debts? Secured personal loans let you borrow against an asset and in return you pay a lower interest rate. Check out the table below for some of current secured personal loan deals on the market.

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What’s the difference between secured and unsecured loans?

A secured loan is a loan when an asset owned by you is put up as security for the loan. In return for putting up the asset as security you generally pay a lower interest rate as their is less risk to a lender. An unsecured loan is where you don’t have to put up any collateral for the loan but because there is higher risk, you generally have to pay a higher interest rate. For more info, check out our guide on types of personal loans.

What interest rate will I pay on a secured personal loan?

Most lenders will have a choice between a fixed interest rate and a variable interest rate. Variable rate secured loans often have more flexibility such as extra repayment options and redraws but rates are usually higher than fixed rates. Fixed rate loans are lower but you don’t have the ability to change your repayments.

Can I repay a secured loan out early?

Yes, but you may have to pay a fee and/or it will depend on how much time is left on the personal loan. Some lenders will waive fees if there is less than 6 months left. Variable rate loans generally also have more flexibility with early payouts. With fixed rate personal loans, you’ll generally have to pay break costs on top of an early penalty fee so this is a more expensive option.

Secured personal loan comparisons on Mozo - rates updated daily

Want more? Compare all 196 personal loans in the Mozo comparison engine.

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*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. WARNING: 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.

**Representative example figures and monthly repayment figures are estimates only, based on the advertised rate, mandatory fees, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

 

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Personal Loan Resources

Reviews, news, tips and guides to help find the best personal loan for you.

Secured personal loans FAQ

Personal loans are no longer a one size fits all bank product. Today they come in many forms (e.g secured, unsecured, debt consolidation) to suit the needs of each individual borrower. With more choice than ever, if you find the right loan you could potentially save yourself big bucks in interest or even gain some much needed flexibility.

So if you've heard the term "secured" thrown around and are wondering what the deal is, our secured personal loans FAQ rundown will help break it down for you:

1. What is a secured personal loan?

2. What are the pros and cons of secured loans?

3. How much can I borrow?

4. What should I look for in a secured personal loan?

5. Do secured loans have fees?

6. How do I find the right personal loan for me?

7. What do I need to know about my credit rating?

Personal Loan Reviews

ANZ
ANZ personal loan review
Overall
6/10
Lots of options

ANZ have flexible payment plans if you have unexpected circumstances.

ANZ have flexible payment plans if you have unexpected circumstances.

Price
7/10
Features
6/10
Customer service
8/10
Convenience
7/10
Trust
3/10

Lisa | Victoria

reviewed about 1 month ago

ANZ
ANZ personal loan review
Overall
6/10
Lots of options

ANZ have flexible payment plans if you have unexpected circumstances.

ANZ have flexible payment plans if you have unexpected circumstances.

Price
7/10
Features
6/10
Customer service
8/10
Convenience
7/10
Trust
3/10

Lisa | Queensland

reviewed about 1 month ago

Westpac
Westpac personal loan review
Overall
9/10
efficient and great customer service always

This bank has a long and strong privacy and security ethic in the 20 plus years I have banked...

This bank has a long and strong privacy and security ethic in the 20 plus years I have banked with them. They are innovative and flexible and competitive with great, always pleasant customer service.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
9/10
Trust
10/10

Julie | New South Wales

reviewed about 1 month ago

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