Personal Loans Sydney

On the hunt for a low rate personal loan? Here 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, home reno or new car.

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Choosing a personal loan provider

Personal loan providers in Sydney, and across the  Australia range from big banks such as NAB and Westpac to credit unions like CUA. But you’ll also find a host of online lenders and peer to peer providers in our comparison tables so no matter who you want to borrow from, we’ve got you covered.

What can I use my personal loan for?

Sydneysiders can use a personal loan for a variety of reasons. Maybe you need to bolster your holiday budget, fund a car shopping spree or just want to crush some debt - no matter what your specific money need, there is a personal loan in our database that is just right for you.  

How do I apply for a personal loan?

Even though you live in Sydney, the great news is that with most banks and personal loan providers now having an online presence you don’t have to be physically in Sydney to get the best interest rates. Many of the providers listed on our website allow you to apply for your loan entirely online. You’ll still need to submit documents that prove your identity and income but this too can now be done online. You can apply direct with providers on our site where you see the blue “go to site” button.

Sydney personal loan comparisons on Mozo - last updated 12 May 2021

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure.
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    Mozo Experts Choice 2021
    No Fee Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 17.95% p.a.
    5.95% p.a.to 17.95% p.a.based on $30,000
    over 5 years

    Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.

    Pay ZERO fees on loans up to $50,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee. What’s more, get your guaranteed, tailored interest rate in two minutes with no impact on your credit score! Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.

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    Go to site
    Details
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    Unsecured Personal Loan

    Excellent Credit, Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 8.99% p.a.
    5.95% p.a.to 12.32% p.a.based on $10,000
    over 3 years

    Terms from 2 to 3 years. Representative example: a 3 year $10,000 loan at 5.95% would cost $11,438.74 including fees.

    Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.

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    Go to site
    Details
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    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.99% p.a.to 24.79% p.a.
    7.79% p.a.to 25.74% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,208.67 including fees.

    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'll likely qualify.

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    Go to site
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    Personal Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    6.99% p.a.to 18.99% p.a.
    7.91% p.a.to 19.83% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,383.67 including fees.

    Get same day approval on flexible personal loans from $5,000 to $55,000 on 1-7 year loan terms with NAB. Enjoy no fees for extra early repayments and get funds in your account fast. To be eligible you must be over 18 and be an Australian resident.

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    Go to site
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    Mozo Experts Choice 2021
    Low Rate Personal Loan (Fixed, Unsecured)

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.29% p.a.to 8.48% p.a.
    6.36% p.a.to 8.69% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.29% would cost $35,192.28 including fees.

    OurMoneyMarket offer competitive low rates on loans up to $75,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.

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    Go to site
    Details
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    Unsecured Personal Loan - Excellent Credit

    Fixed over 5 years

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 9.99% p.a.
    5.95% p.a.to 10.7% p.a.based on $30,000
    over 5 years

    5 year term only. Representative example: a 5 year $30,000 loan at 5.95% would cost $35,252.21 including fees.

    Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.

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    Go to site
    Details
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    Personal Loan

    interest rate
    comparison rate
    Monthly repayment
    6.25% p.a.to 19.95% p.a.
    7.64% p.a.to 21.35% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.25% would cost $36,103.67 including fees.

    Enjoy flexibility with the ability to make additional repayments. Borrowers with excellent credit rating can receive interest rates as low as 6.25% fixed rate (7.64% comparison rate*). Loan terms between 1 to 5 years.

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    Go to site
    Details
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    Personal Loan

    Unsecured, Fixed, Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.39% p.a.to 7.49% p.a.
    6.39% p.a.to 8.19% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 including fees.

    With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. To qualify, simply earn above $25,000 and you’ll be on the way to start spending.

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    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    8.99% p.a.
    9.13% p.a.based on $30,000
    over 5 years

    Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 8.99% would cost $37,456.30 including fees.

    If you're after a low cost loan, this could be the one. There's no surprises, just flexible repayment options, a one-off upfront fee and no exit or ongoing fees. You can also have your upfront fee waived just by having an active Everyday Orange account.

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    Go to site
    Details
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    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.49% p.a.to 19.95% p.a.
    6.76% p.a.to 20.26% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,405.64 including fees.

    Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. Borrow between $5,000 and $63,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!

    Compare
    Go to site
    Details
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    Mozo Experts Choice 2021
    Personal Loan

    Unsecured, Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.49% p.a.to 19.99% p.a.
    5.49% p.a.to 19.99% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 5.49% would cost $34,373.78 including fees.

    Excellent credit score needed to obtain this rate. Enjoy no-fuss personal loans of up to $30,000 with Alex. No hidden early repayment penalties. Terms from 6 months to 5 years. Convenient and fast 100% online approval. Must be over 18 to be eligible. Winner of Mozo's Experts Choice Best New Loan Product award 2021^.

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    Details
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    No Fee Secured Personal Loan

    interest rate
    comparison rate
    Monthly repayment
    4.45% p.a.to 15.45% p.a.
    4.45% p.a.to 15.45% p.a.based on $30,000
    over 5 years

    Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 4.45% would cost $33,516.53 including fees.

    Pay zero fees on loans up to $100,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee. What’s more, get your personalised interest rate in two minutes with no impact on your credit score!

    Compare
    Go to site
    Details
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    Mozo Experts Choice 2020
    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    9.39% p.a.
    9.64% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 9.39% would cost $37,881.66 including fees.

    No account keeping fees. Apply online and get a fast decision, normally within 24 hours. Winner of Mozo's Experts Choice Award for Australia's Best Large Credit Union 2020.

    Compare
    Go to site
    Details
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    Standard Personal Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    7.99% p.a.
    8.62% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a n/a year $0 loan at 7.99% would cost $6,988.90 including fees.

    Heritage Bank discounted rates for loans starting from $5,000 to $25,000 and a choice of loan terms up to five years.

    Compare
    Go to site
    Details

^See information about the Mozo Experts Choice Personal loans Awards

*WARNING: 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. 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.

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.

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Personal loan resources

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

FAQ

Getting a personal loan, what you’ll need to know

If you are looking to borrow money for a personal reason, like to purchase a new car, get married or even take a once in a lifetime holiday, then one of your best borrowing options could be a personal loan that you pay back over a period of time.

Of course when you’re borrowing money from a bank or other financial services provider like a peer to peer lender, you’ll be paying interest (and possibly fees) on any money that you borrow. 

If this is your first time getting a personal loan or you’re just in need of a bit of a refresher course, we’ve outlined some of the key things you’ll need to consider below.

Key features of a personal loan, what are they?

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

  • Interest rate: The interest rate is the amount of interest you’ll pay for every dollar you borrow. So if you borrow $100 and your interest rate is 10%, you will 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 needs to be paid on an ongoing basis like a monthly service fee. Other fees are usually charged when you either miss a payment or decide to terminate your loan.
  • Loan features: These range from a choice of repayment options like weekly or monthly repayments, through to the ability to make extra repayments or access to a redraw facility. The key with loan features is that you only want to pay for the ones you’ll use. No point paying a higher interest rate for an extra repayments facility if you’re never going to use it.

TOP COMPARISON TIP: If you want to quickly know how much a particular personal loan charges in fees compared to another, check out the comparison rate displayed above. This will give you the true cost of a loan - including both the interest rate and any fees - so that you can properly compare personal loans.

Is a fixed rate or variable interest rate better?

One of the major decisions when taking out a personal loan is whether you want it to be on a fixed or variable interest rate. Fixed rates are generally higher than their variable compatriots because the lender is affording you the certainty of knowing exactly the rate you’ll pay over the life of the loan. And while you can usually snag a lower variable interest rate, there is the chance that it could go up - 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. Choosing between these two is really up to you and the lender you choose to go with. If you’d like to know exactly what your monthly repayments will be, a fixed rate personal loan could be right for you.

How much will my repayments be on a personal loan?

That’s the million dollar question because your repayments will depend on, the interest rate, the loan term and your repayment frequency. Luckily for you, Mozo’s personal loan repayments calculator can give you a solid 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 South East Asia for a few relaxing weeks away. The trip will cost her $2,500 and after some research into the market, she has found a personal loan with an advertised interest rate of 8.50% that she plans on paying for three years. Using our personal loan repayments calculator, Sally finds out that she’ll have to contribute $79 a month to her repayments, amounting in $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 70’s 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?

The great news is that when it comes to getting a personal loan if you live in Sydney or anywhere in Australia for that matter is that you’ve got a tonne of choice. Generally personal loan lenders 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 you’ll also be able to apply for these loans online. Loans with the big banks won’t be the cheapest on the market but they do have competitive choices. One of the other benefits of a bank big is that if you need to borrow a larger amount of money, they usually have higher loan limits that 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.

Is there anyway to 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 definitely a few steps to take beforehand that’ll give you the best possible chance of securing your funds quickly.

  • Check your credit history. Before you decide to apply for a personal loans 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.   
  • Give yourself 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 is 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 our application online. And if you’re opting for a peer to peer lender, this is the only option you’ll have as they 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 drivers 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?

Of course. In fact, personal loan providers operate all over the country, so no matter where you live you can get your hands on the cash needed to tick off important life goals. 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

Suncorp Personal Loan review
Overall 1/10
Avoid this bank.

Stay away from this bank. Worst customer service for existing customers. Go out of their way to get your business but then make everything very difficult as a customer. Not enough branches across Australia and those that are available are inefficient and don't have enough authority to actually help. Online service is almost non existent and had to sit on hold for nearly an hour on the phone, only for the guy to tell me that the department I need to talk to have gone home for the day!! You need to wait months for things to happen and it will all go through the post. Have reported to the ombudsman. Avoid this bank, there are better options available with far better customer service.

Read full review

Stay away from this bank. Worst customer service for existing customers. Go out of their way to get your business but then make everything very difficult as a customer. Not enough branches across Australia and those that are available are inefficient and don't have enough authority to actually help. Online service is almost non existent and had to sit on hold for nearly an hour on the phone, only for the guy to tell me that the department I need to talk to have gone home for the day!! You need to wait months for things to happen and it will all go through the post. Have reported to the ombudsman. Avoid this bank, there are better options available with far better customer service.

Price
4/10
Features
5/10
Customer service
1/10
Convenience
1/10
Trust
2/10
Less
Ashley, Western Australia, reviewed 6 days ago
Commonwealth Bank Unsecured Personal Loan review
Overall 1/10
Baaaaaad

N/A

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
John, New South Wales, reviewed 7 days ago
Harmoney Unsecured Personal Loan review
Overall 6/10
Average rates, high fees

Easy application process, send monthly reminders 5 days prior to loan payment due, i have a great credit rating and given 10.99% interest rate where i should have gotten a lower one at 6.99, $400 fee to top up your loan, send you out invitations yearly to top up your account. Each time it goes on your credit report. No complaints except interest rate i was given and the very high fees.

Read full review

Easy application process, send monthly reminders 5 days prior to loan payment due, i have a great credit rating and given 10.99% interest rate where i should have gotten a lower one at 6.99, $400 fee to top up your loan, send you out invitations yearly to top up your account. Each time it goes on your credit report. No complaints except interest rate i was given and the very high fees.

Price
5/10
Features
1/10
Customer service
10/10
Trust
9/10
Less
Cherylin, Queensland, reviewed 8 days ago

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