Australian Personal Loan Calculator

Last updated: May 2026. Reflects current Australian metrics.

Estimate your personal loan repayments. Includes options to add upfront establishment fees and ongoing monthly account keeping fees for accurate comparison.

Loan Details

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Bank Fees

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Monthly Repayment

Includes principal, interest & monthly fees

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Amount Financed (Inc. Upfront Fee) $0
Total Cost of Loan $0
Total Interest $0
Total Fees Paid $0

Personal Loans in Australia

Personal loans are a versatile way to fund major purchases, consolidate debt, or cover emergency expenses. In Australia, they are generally divided into two main categories: Secured and Unsecured.

Secured vs Unsecured

A secured personal loan requires you to provide an asset as collateral—most commonly a relatively new car. Because the bank can repossess the asset if you default, the risk is lower, and the interest rate is significantly cheaper.

An unsecured personal loan does not require collateral. You are approved purely based on your credit score, income, and ability to repay. Consequently, these loans carry much higher interest rates.

Beware the Comparison Rate

Australian law requires lenders to display a 'Comparison Rate' alongside their advertised interest rate. The comparison rate merges the base interest rate with almost all upfront and ongoing fees into a single percentage figure. If you see a loan with an 8.99% interest rate but a 12.50% comparison rate, you know the bank is charging massive hidden fees (like a $600 establishment fee or $15 monthly account keeping fees).

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Personal Loan Debt Consolidation Holiday Loan

Read about personal loan consumer protections at ASIC MoneySmart.

10 Frequently Asked Questions

1. What is debt consolidation?
Debt consolidation involves taking out one new personal loan to pay off multiple existing debts, ideally at a lower overall interest rate.
2. Secured vs Unsecured personal loans?
Secured loans require an asset (like a car) as collateral and have lower rates. Unsecured loans do not require collateral but cost more.
3. Does applying affect my credit score?
Yes, submitting an application leaves a "hard inquiry" on your credit file, which can temporarily lower your score.
4. Can I pay off my personal loan early?
Variable rate personal loans usually allow unlimited extra repayments. Fixed rate loans may charge break fees.
5. What is a good credit score in Australia?
According to Equifax, a score between 622-725 is Good, 726-832 is Very Good, and 833-1200 is Excellent.
6. What are establishment fees?
An upfront fee charged by the lender to process and set up the loan. It is usually added to the loan amount.
7. How does the comparison rate help?
It merges the interest rate and fees into a single figure, making it easier to compare the true cost of different loans.
8. What is the maximum I can borrow?
Most Australian unsecured personal loans max out between $50,000 and $75,000, depending on your income.
9. Can a personal loan be used for anything?
Mostly yes (weddings, holidays, medical), but lenders generally restrict using personal loans for business purposes.
10. What happens if I miss a payment?
You will incur late fees and it will be recorded on your Comprehensive Credit Reporting (CCR) file.