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.

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sydney personal loans

Sydney personal loan comparisons on Mozo - last updated 13 June 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
  • 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
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^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.

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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.

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

How do personal loans work in Sydney?

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: Sydney is one of the most expensive cities in the country, so it’s unsurprising that many Sydney-based Aussies 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 help get 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 pretty expensive – even more so in major cities like Sydney. Medical loans are 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, and thus, car loans and motorcycle loans are quite common in Sydney.

  • 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 as well as peer-to-peer lenders and specialist financiers. If you’re looking for quick loans in Sydney, peer-to-peer lending tends to be quicker for approval than going via a bank, but it all depends on your circumstances and how much you want 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 factors to consider when taking out 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, you’ll need to choose between either a variable or a fixed interest rate (more on this below).

  • Fees: Personal loans can come with a range of different fees. Some of the fees are upfront fees, like application fees, while others are ongoing, like monthly service fees. Some loans charge fees if you miss a repayment or decide to terminate your loan before the term ends.

  • 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 a loan that comes with 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 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’s a chance it could increase at some point during your loan, like if funding costs go up, for example. This would mean your personal loan could end up costing you more than anticipated. 

There are pros and cons to both options – it all depends on which option is best for your individual financial situation.

How much will my personal loan repayments cost?

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 wants to escape Sydney for a few months and is setting off for a few relaxing weeks in Southeast Asia. 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 contribute $79 a month to her 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. These lenders tend to 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 ensure 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 apply for a personal loan, it’s a good idea to check your credit file to ensure everything 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 regular 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 opt for a peer-to-peer lender, you’ll generally only be able to submit your application online as they typically 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: 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

Newcastle Permanent Unsecured Personal Loan
Overall 9/10
Good

Overall they are good but they don't take into account people work and can't answer phone calls even after you've asked to email instead

Read full review

Overall they are good but they don't take into account people work and can't answer phone calls even after you've asked to email instead

Price
7/10
Features
7/10
Customer service
8/10
Convenience
8/10
Trust
8/10
Less
Shaye, New South Wales, reviewed 29 days ago
Commonwealth Bank Unsecured Personal Loan
Overall 3/10
At least help us out with ATM fees

Overall I'm not too happy with the banks in general. I think they are greedy and don't offer much incentives

Read full review

Overall I'm not too happy with the banks in general. I think they are greedy and don't offer much incentives

Price
2/10
Features
3/10
Convenience
4/10
Trust
3/10
Less
Justin, Western Australia, reviewed 29 days ago
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 2 months ago

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