Personal Loans Sydney

On the hunt for a low rate personal loan in Sydney? At Mozo, we compare personal loans from Australia’s banks and non-bank lenders so that you can find a personal loan to help you fund that dream Sydney wedding, get an edge in the Sydney property market with a home reno or buy that new car.

Fact Checked
sydney personal loans

Sydney personal loan comparisons on Mozo - last updated 19 March 2024

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure
  • 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.

    Compare
    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.

    Compare
    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.

    Compare
    Details
image of houses

Need the help of a personal loans expert?

We've partnered with LoanOptions.ai to help you get the personal loan that suits you.

Learn more
Search now

^See information about the Mozo Experts Choice Personal loans Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

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.

Hey, before you continue…

Lenders on our site have strict lending criteria. We want you to find the right loan so before proceeding with a loan application, be sure that at a minimum you:

If you don’t know your credit rating, try using our rate matcher tool, where we run a free credit check to help you find a loan you may qualify for.

Personal loan lenders we compare at Mozo

Save with deals from the following well-known brands and many more...

See more personal loan providers

Personal loan resources

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

Getting a personal loan in Sydney

If you’re looking to borrow money for something personal like purchasing a new car, a home renovation project or a once-in-a-lifetime holiday – then a personal loan might be an option worth considering for you.

If you’re based in Sydney, we’re here to help you through the ins and outs of personal loans.

How do Sydney personal loans work?

A personal loan lets you borrow a lump sum of money and then pay it back (plus interest) over a set period of typically 1-7 years. Personal loan repayments are typically paid monthly. However, this will depend on your specific loan and loan amount.

Personal loans are generally for amounts smaller than a home loan and can be 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 Sydney and across NSW. However, to find Sydney loans, you can search Mozo’s personal loan database and limit your location to NSW.

What do people use personal loans for in Sydney?

There’s no shortage of things you can do with a personal loan in Sydney. Some of the most common uses are:.

  • Debt consolidation: With Sydney being one of the most expensive cities in the country, it’s unsurprising for many Sydney-based Aussies to carry debt. A debt consolidation loan can be used to merge various debts (from credit cards, stores, existing loans and more) into one manageable loan.

  • Holiday loans: Australians love to travel, and a holiday loan can be used to take you from Sydney to your dream holiday destination.

  • Home renovation loans: Property in Sydney is a hot market, so it’s no surprise that people love to add value to their homes with the help of a home renovation loan – whether for their enjoyment or to give them an edge in the market.

  • Medical loans: While we do have public healthcare in Australia, specialist care can be quite expensive - even more so in major cities like Sydney. Medical loans are quite commonly used to pay for these services, as well as cosmetic surgery loans for specialist care.

  • Car loans: Sydney’s sprawled-out nature, hilly terrain and unpredictable public transport make personal vehicles very popular. Car loans are extremely common in Sydney, along with motorcycle loans.

Special occasions: A Sydney wedding can be a major affair, racking up a major price tag! Personal loans are often used on all sorts of special occasions, from weddings to funerals to extravagant engagements.

Where to get personal loans in Sydney

As the largest city in Australia in terms of population, you can get loans in Sydney from almost all lenders. That means whether you’re looking to borrow a large or small amount in Sydney, most lenders should be able to get you sorted with the right loan for you. 

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

Work out how much you can afford to borrow with our personal loans repayment calculator, and then check our personal loans database for all the loans that might be appropriate.

What are the key features of a personal loan? 

There are generally three main parts to consider in a personal loan: the interest rate, the fees and the loan features. We’ll go into each one in a little more detail here: 

  • Interest rate: The interest rate will determine the amount of interest you’ll pay for every dollar you borrow. So, if you borrow $100 and your interest rate is 10%, you’ll need to pay back $110. With personal loans, there are variable interest rates and fixed interest rates (more on this below).
  • Fees: With personal loans, there can be a range of fees. Some of the fees are upfront fees, like application fees. Others need to be paid on an ongoing basis, like monthly service fees. There can also sometimes be fees if you miss a payment or decide to terminate your loan.
  • Loan features: Some features to look for in a personal loan are flexible repayment options (usually a choice between weekly, fortnightly or monthly repayments), the ability to make extra repayments or a redraw facility. The key with loan features is that you only want to pay for the ones you’ll use. No point in paying a higher interest rate for an extra repayment facility if you’re never going to use it.

TOP COMPARISON TIP: When comparing personal loans, if you want to check how much a personal loan charges in fees, be sure to check the loan’s ‘comparison rate’. The comparison rate takes the interest rate plus any fees – giving you the true cost of the loan.

Is a fixed or variable interest rate better?

One of the big decisions to make when taking out a personal loan is whether you want a fixed or variable interest rate. Fixed rates are generally higher than variable rates because the lender is affording you the certainty of knowing exactly how much interest you’ll pay over the life of the loan. 

While you can usually snag a lower variable interest rate, there is the chance that it could increase - if funding costs go up, for example - at some point during your loan term, meaning your personal loan ends up costing you more than first anticipated. There are pros and cons to both options – it all depends on which option if best for your individual financial situation.

How much will my repayments be on a personal loan?

That’s the million-dollar question because your repayments will depend on your interest rate, loan term and repayment frequency. 

Luckily for you, Mozo’s personal loan repayments calculator can give you a good idea of whether or not you’ll be able to meet your weekly, fortnightly or monthly repayments based on the loan amount, term and interest rate you’re able to secure. Here’s how it works.

SCENARIO:

Sally is looking to escape Sydney for a few months and is setting off to Southeast Asia for a few relaxing weeks away. The trip will cost her $2,500. 

After some research into the market, Sally has found a personal loan with an advertised interest rate of 8.50% p.a. that she plans on paying for three years. Using our personal loan repayments calculator.

Sally finds out she’ll have to pay $79 a month in repayments, amounting to $341 in interest over the three years.

Can I use a personal loan to upgrade my home in Sydney?

Yes, personal loans can be used for renovations or property upgrades like landscaping, painting, or even updating a 70s Sydney kitchen. If you’ve already got a home loan, however, you might want to consider refinancing as a finance option, especially if you are looking to borrow a large amount.  

In fact, if that’s the reason you’re in the market for some finance, why not read up on all things home renovation loans using our fact-filled guide.

Which lenders in Sydney offer personal loans?

If you live in Sydney (or anywhere in Australia, for that matter), you’ll generally have a lot of choice in terms of personal loan options. Personal loan lenders typically fall into three main categories:

  • Big banks: Think NAB, Commonwealth Bank or Westpac, as well as some of the global players like Citi and HSBC. Throughout Sydney, you’ll be able to visit a local Big Bank branch to get a loan or apply online. Loans from the big banks won’t be the cheapest on the market, but they can have competitive choices. Another benefit of a big bank is that if you need to borrow a larger amount of money, they usually have higher loan limits than some of the smaller lenders in our database.
  • Customer-owned banks and credit unions: These lenders generally have competitive loans in the market because, unlike the bigger banks, they put their profits back into delivering low-rate products for their customers.
  • Peer-to-peer lenders. The new kids on the block in the Australian personal loan market are peer-to-peer players like Harmoney, Ratesetter and Society One. You’ll find that these lenders have different rate tiers depending on your credit rating, so the better your credit history, the better your interest rate will be.

How can I make sure my personal loan application is approved?

Unfortunately, there is no surefire way to be certain a personal loan provider will give your application the all-clear once you hit send. But in saying that, there are a few steps to take beforehand to help give you the best possible chance of securing your funds quickly.

  • Check your credit history: Before you decide to apply for a personal loan, It is a good idea to check your credit file to make sure that everything in it is correct and up-to-date.
  • Demonstrate good financial habits: In the months leading up to your loan application, it’s a good idea to make sure that you can demonstrate to a lender that you’ll be able to meet the loan repayments. Start putting some extra money away into a savings account equal to the amount of money you’re looking to borrow, and always be sure to pay any utility bill on time and in full.
  • Set a borrowing limit and stick to it: While your bank may be willing to loan you $20,000 for a new deck for your Sydney home, if you only need to borrow $10,000, stick to this amount.

What will I need to apply for a personal loan?

Applying for personal loans nowadays can be fairly quick and easy. While you can choose to visit a local Sydney branch of your chosen bank, you’ve also got the option of doing your application online. If you’re opting for a peer-to-peer lender, you’ll generally only be able to submit your application online as they generally don’t have physical branches around Sydney like other banks.

When you apply for any loan, you’ll generally need to provide the following info:

  • Proof of identity - Your passport or NSW driver's license.
  • Proof of income - Your pay slips.
  • Other financial details - Assets, debts and expenses.

I don’t live in Sydney, what are my options for getting a personal loan?

Personal loan providers operate all over the country, so no matter where you live, you should have access to a personal loan lender to help fund any upcoming expenses (so long as you’re eligible). 

Here at Mozo, we compare loans all around Australia, but if you want to do a city-based search, you can also check out our Melbourne and Perth loan pages.

Personal Loan Reviews

Commonwealth Bank Personal Loan
Overall 2/10
They don't care anymore

Poor customer service. Not clear with fees. Increased fees. Not flexible with repayments.

Read full review

Poor customer service. Not clear with fees. Increased fees. Not flexible with repayments.

Price
5/10
Features
3/10
Convenience
1/10
Trust
3/10
Less
Caroline, Queensland, reviewed 5 days ago
Defence Bank Personal Loan
Overall 8/10
Defence Bank is very helpful and easy

I have been with defence bank for quite a few years and I really enjoy them

Read full review

I have been with defence bank for quite a few years and I really enjoy them

Price
10/10
Features
8/10
Customer service
9/10
Convenience
1/10
Trust
7/10
Less
Bevan, Western Australia, reviewed 5 days ago
Commonwealth Bank Secured Personal Loan (Fixed)
Overall 7/10
Convenient bank with great online services

Commbank has a great reputation, good customer service and app is excellent, very convenient experience.

Read full review

Commbank has a great reputation, good customer service and app is excellent, very convenient experience.

Price
8/10
Features
4/10
Customer service
10/10
Convenience
10/10
Trust
9/10
Less
William, New South Wales, reviewed 28 days ago

More personal loan reviews

View all personal loan guides

Woman Comparing Debt Consolidation Loans
Pros & cons of a debt consolidation loan

If you’ve got multiple debts and are struggling to keep up, a debt consolidation loan can seem like a lifeline. Rolling all your debts into one can streamline your repayments and potentially reduce...

My Project (1)
Secured vs. unsecured personal loans: how to choose what's best for you

If you’re thinking about getting a personal loan, chances are that you’ve come across “secured” and “unsecured” loans, but maybe you weren’t exactly sure what the difference between the two loan ty...

Meca Banner Personal Loans 2 20231122 224052
What is a green loan and where can I get one?

With sustainability at the top of mind for many Australians, getting a green loan can be a way to make costly lifestyle changes without blowing the bank. 

Easy Personal Loans
Your guide to easy personal loans

Wouldn’t it be nice if things were all just a little bit easier? When it comes to personal loans, we sure think so.

Long Term Personal Loans
Your guide to long term personal loans

When we talk about loans, we spend a lot of time talking about what sets them apart or why you might want to go with one over another. What we don’t tend to talk about as much is why you might choo...

Personal Loan Ideas
A guide to low income personal loans

If you’re earning a lower income, a personal loan might not feel like a possibility. However, income is just one of many tools used to calculate whether or not you can get a loan. At Mozo, we’re he...

Business Handshake
Self-employed personal loans: your questions answered

The freedom of working for yourself also comes with a lot of hard work, especially when it comes to sorting out your finances.

Personal Loans   Eligibility Your Top Questions Answered Original Min
Personal loans & eligibility: Your top questions answered

We get it. Personal loan eligibility criteria aren't always so clear cut. So, before you even consider applying for a personal loan, it's super important to shop around and compare your options unt...

Credit Score, Credit File, Credit History   What's The Difference
Credit score, credit file, credit history - what's the difference?

Understanding credit and all of its terms can be confusing, especially when they all sound so similar. Terms like credit score, credit file and credit history are all as equally important to unders...

More personal loan guides

Calculators

Switch and Save

See calculator

Repayment calculator

See calculator

Comparison calculator

See calculator