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Personal Loan Calculator
Personal loans are priced on risk, and unsecured risk is expensive. Before you compare rates, know what the fees add to the real cost.
Establishment and ongoing fees included
At a glance
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Loan details
Personal loans in Australia are usually 3–7 years, unsecured.
Repayment
$0per month
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What you are actually paying
Fees change the rate
A 9.5% loan with a $250 establishment fee and $10 monthly fee is 10.18% effective. The advertised rate never includes them, and the gap widens on smaller, shorter loans.
Term is the multiplier
Stretching a $30,000 loan from three years to five lowers the repayment by a third and raises the interest by more than half. The repayment feels better; the position is worse.
Secured is cheaper, if you qualify
A secured car loan or a home equity facility prices three to six points below an unsecured personal loan. If you have an asset or equity, ask before accepting the unsecured rate.
$30,000 over five years at 9.5%
Repayments are $630 a month. Interest is $7,803 and fees are $850, so the true cost of the money is $8,653 — an effective 10.18% against an advertised 9.50%.
A $250 establishment fee and $10 a month looks immaterial on a five-year loan. It is 0.68% a year, every year, on the full balance. Over three years instead of five, the repayment rises to roughly $960 and the interest falls by about $3,200.
Personal loan questions
What interest rate should I expect in Australia?
Unsecured personal loans currently price between 7% and 20% depending on the lender, your credit history and whether you are an existing customer. A clean file with a major bank typically lands at 8–11%. Anything above 15% warrants checking a secured option first.
Is a personal loan or credit card better for a large purchase?
A personal loan is almost always cheaper for a purchase you cannot repay within the interest-free period. A 20% card versus a 10% loan on $20,000 over three years is roughly $3,500 of extra interest.
Can I pay off a personal loan early?
Most Australian personal loans allow it. Some charge an early termination fee or require you to pay a portion of the remaining interest. Check the contract before assuming early repayment is free.
Does a personal loan affect my mortgage borrowing capacity?
Yes, directly. Lenders assess the repayment as a committed expense, and at the assessment rate that can reduce borrowing capacity by five to eight times the monthly repayment.
What is a good debt consolidation candidate?
High-interest card debt you have stopped adding to. Consolidating a card you keep spending on simply converts revolving debt into a longer, more expensive loan and leaves the card available.
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Turn these numbers into a decision
A calculator gives you a range. An adviser gives you a decision — pressure-tested against your super, your tax position and the life you actually want to fund.
General advice only · No obligation · No product push
Calculations assume a fixed rate and fixed term with no early repayment. Actual products may have variable rates, early termination fees and conditions. Not a credit quote or approval. Consider whether the loan is affordable if rates or circumstances change.
Reviewed November 2026 · FY2026–27 rates and thresholds