Secured Personal Loans

Secured personal loans let you borrow against your car or other asset in return for a lower interest rate. Compare secured loans in Australia with Mozo and find a loan to fit your borrowing needs.

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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 - page last updated February 25, 2020

interest rate
comparison rate*
monthly repayment**

I want to borrow

years

  • 5.50% p.a.

    5.85% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.50% would cost $34,632.09 including fees.

      Compare
    Details
  • 4.69% p.a.

    7.16% p.a.based on $10,000
    over 3 years

    Terms from 1 to 10 years. Representative example: a 3 year $10,000 loan at 4.69% would cost $11,119.49 including fees.

      Compare
    Details
  • 8.49% p.a.

    9.60% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 8.49% would cost $37,836.08 including fees.

      Compare
    Details
  • 7.99% p.a.

    8.35% p.a.based on $30,000
    over 5 years

    Terms from 1 to 10 years. Representative example: a 5 year $30,000 loan at 7.99% would cost $36,738.90 including fees.

      Compare
    Details

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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.

^See information about the Mozo Experts Choice Personal Loans Awards

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People's Choice have always been very helpful and approachable. I can not fault their service.

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People's Choice have always been very helpful and approachable. I can not fault their service.

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I am a long time customer. They listen to what I want, answers my questions and consider my circumstances.

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Overall 9/10
Excellent.

Professional, fast, friendly service.

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