Personal loans

Award-winning, low rate personal loans from 7.49% p.a. (comparison rate 8.33% p.a.)* with no ongoing fees.

Personal Loans
Enjoy a low rate loan that is made for you

Enjoy a low rate that is 100% made for you

We reward your good credit history with even better rates. It means the loan you end up with has been tailored for you in every way.

Our personal loans come with our market-leading Rate Promise. Borrow with confidence knowing you have the best deal for you.

We’ve won Canstar’s Outstanding Value Award five years running. We think that’s pretty outstanding.

Enjoy no monthly or early repayment fees. It’s just one of the ways we help you save more and pay off your loan faster.

Apply for a loan in 3 simple steps

Get your personalised rate

Get your rate

Discover your personalised interest rate in just 1 minute. It’s fast, simple and won’t have any impact on your credit score.

Apply for your personal loan

Apply in minutes

You can apply for a loan online in under 10 minutes. Make sure you have your driver’s license and bank details handy.

Drawing down on your personal loan

Enjoy your funds

We’ll review your application. Once your loan is approved and funded your funds will be with you the next business day.

You’ve got questions we’ve got answers

What is a personal loan?

With a personal loan, you agree to borrow a sum of money (usually under $50,000) and pay it back with interest over an agreed term (usually 1 to 5 years). Personal loans, on average, offer borrowers lower interest rates than credit cards. They come with a set repayment schedule with some allowing you to make early repayments. This gives you the flexibility to reduce the time to repay your loan whilst saving on interest costs. Learn more about personal loans.

At RateSetter, we offer simple online loans powered by peer-to-peer lending. You can borrow between $2,001 to $45,000 over 1 to 5 years. There are no monthly or early repayment fees. This gives you the freedom to save more by making extra repayments on your loan. Finally, the interest rate you receive is 100% tailored to you. The better your credit history, the better your final rate will be.

What can I use a personal loan for?

Your loan purpose is considered when we assess how suitable a personal loan is for you. Whilst we will consider most lawful purposes, popular uses include:

How much can I borrow with a personal loan?

At RateSetter, we offer secured and unsecured personal loans from $2,001 to $45,000. When you complete your RateEstimate, we’ll provide you with an initial estimate of your borrowing capacity. You will be eligible to apply for a loan up to the maximum amount provided in your estimate.

How much does a personal loan cost?

There are three key features that make up the cost of a personal loan. They are the:

  • Interest rate (e.g. fixed or variable rate)
  • Upfront fees (e.g. establishment fee)
  • Ongoing fees (e.g. monthly fees, late payment fees, and other charges)

These costs can be combined to create a measure called a comparison rate. This blended rate represents the total cost of the loan over a standard term (e.g. $10,000 over 3 years). This makes it a useful tool for comparing loans on a like-for-like basis.

At RateSetter, we use risk-based pricing to set the overall cost of your loan. This means we look at a range of factors, including your credit history, to provide you with a personalised interest rate. The better your credit history, the better the rate we are able to offer. We also don’t charge any fees for early repayments. As a result, if you are able to pay back your loan early through additional repayments, you’ll benefit from lower interest repayments.

For an accurate estimate of the costs of your loan, we recommend completing a RateEstimate. We’ll provide you with a summary of your repayment amount and options across different loan terms. You can also use the comparison table below to compare personal loans and see how a RateSetter Personal Loan stacks up against some of the most popular personal loans in Australia.

Brand
Interest Rate (p.a.)
Comparison Rate (p.a.)
Upfront Fees
Monthly Fees
Repayments
RACQ
RACQ Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.54% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$200

Monthly Fees

$0

Repayments

$0 per month
RAC
RAC Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 13.00% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$299

Monthly Fees

$0

Repayments

$0 per month
Pepper Money
Pepper Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.95% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $200

Monthly Fees

$13

Repayments

$0 per month
Macquarie Bank
Macquarie Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 13.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$8

Repayments

$0 per month
IMB Bank
IMB Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.54% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
Heritage Bank
Heritage Bank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 11.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$200

Monthly Fees

$5

Repayments

$0 per month
Heritage Bank
Heritage Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$200

Monthly Fees

$5

Repayments

$0 per month
Bank SA
Bank SA Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 12.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$12

Repayments

$0 per month
Bank SA
Bank SA Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$12

Repayments

$0 per month
Bank of Melbourne
Bank of Melbourne Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 12.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$12

Repayments

$0 per month
Bank of Melbourne
Bank of Melbourne Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$12

Repayments

$0 per month
NAB
NAB Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$10

Repayments

$0 per month
ANZ
ANZ Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 15.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$10

Repayments

$0 per month
Community First CU
Community First Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 11.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$0

Repayments

$0 per month
Community First CU
Community First Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$0

Repayments

$0 per month
Gateway Bank
Gateway Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 10.59% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$149

Monthly Fees

$0

Repayments

$0 per month
Gateway Bank
Gateway Bank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 9.84% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$149

Monthly Fees

$0

Repayments

$0 per month
Newcastle Permanent
Newcastle Permanent Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
Greater Bank
Greater Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.95% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$275

Monthly Fees

$0

Repayments

$0 per month
Beyond Bank
Beyond Bank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 13.45% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$0

Repayments

$0 per month
Bank Australia
Bank Australia Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 11.89% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$0

Repayments

$0 per month
People's Choice CU
People's Choice Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
Nimble
Nimble Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $195

Monthly Fees

$0

Repayments

$0 per month
BOQ
BOQ Personal Loan

Interest Rate (p.a.)

from 10.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$8

Repayments

$0 per month
ME Bank
ME Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 10.98% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
HSBC
HSBC Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.5% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$5

Repayments

$0 per month
Citibank
Citibank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 9.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$0

Monthly Fees

$0

Repayments

$0 per month
CUA
CUA Personal Loan

Interest Rate (p.a.)

from 9.89% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$0

Repayments

$0 per month
Bendigo Bank
Bendigo Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 12.79% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$5

Repayments

$0 per month
Bankwest
Bankwest Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 10.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$8

Repayments

$0 per month
Suncorp
Suncorp Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 9.49% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$5

Repayments

$0 per month
Suncorp
Suncorp Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$5

Repayments

$0 per month
Coles
Coles Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$199

Monthly Fees

$10

Repayments

$0 per month
Latitude
Latitude Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $250

Monthly Fees

$13

Repayments

$0 per month
St George
St George Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 12.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $195

Monthly Fees

$12

Repayments

$0 per month
St George
St George Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $195

Monthly Fees

$12

Repayments

$0 per month
Now Finance
Now Finance Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.95% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $495

Monthly Fees

$13

Repayments

$0 per month
ING
ING Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $100

Monthly Fees

$0

Repayments

$0 per month
Wisr
Wisr Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.95% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $595

Monthly Fees

$0

Repayments

$0 per month
Wisr
Wisr Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.95% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $595

Monthly Fees

$0

Repayments

$0 per month
ANZ
ANZ Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 12.45% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $150

Monthly Fees

$10

Repayments

$0 per month
NAB
NAB Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 9.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$10

Repayments

$0 per month
Westpac
Westpac Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $250

Monthly Fees

$12

Repayments

$0 per month
Commbank
Commbank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 11.50% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $150

Monthly Fees

$10

Repayments

$0 per month
Commbank
Commbank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.50% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $150

Monthly Fees

$10

Repayments

$0 per month

Interest Rate (p.a.)

from 8.39% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $249

Monthly Fees

$0

Repayments

$0 per month

Interest Rate (p.a.)

from 8.39% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $249

Monthly Fees

$0

Repayments

$0 per month

Interest Rate (p.a.)

from 7.49% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $249

Monthly Fees

$0

Repayments

$0 per month

Interest Rate (p.a.)

from 7.49% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $249

Monthly Fees

$0

Repayments

$0 per month

Interest Rate (p.a.)

from 7.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $199

Monthly Fees

$0

Repayments

$0 per month

Comparison rates for loans under 3 years are based on an unsecured personal loan of $10,000 over 36 months. Comparison rates for loans 4 years and above are based on an unsecured personal loan of $30,000 over 60 months.

Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

*Products shown do not represent all rates available from all lenders, or all rates available from the lenders presented. RateSetter interest rate is based on a borrower with an excellent credit history using rates and fees applicable as at 5am, 5 July 2020. All other interest rates and fees displayed are as advertised by the respective lender on their website as at 22 May 2020 and may include short-term promotional offers. Comparison rates are calculated by RateSetter. The actual product, rate, fees and charges you might be eligible for may be different based on your loan term, loan amount and credit characteristics.

Other fees and charges not shown here may apply. Rates shown are subject to change without notice. Information on this page does not constitute an offer of credit. RateSetter Australia RE Limited does not provide credit assistance in relation to all products compared on this page. The displayed order of products shows the lowest monthly repayment as default or is based on your sorting options and does not represent a suggestion that a particular credit product is appropriate for you.

Can I get a personal loan?

To be eligible for a RateSetter loan you must:

  • Be aged 21 or over
  • Be an Australian citizen or permanent resident
  • Be earning over $25,000 per year from a regular source of income that you can demonstrate
  • Have a good credit history

RateSetter will consider a loan application if you are self-employed. Additional credit assessment criteria and requirements may apply.

How do I apply for a personal loan?

Applying for a loan with RateSetter is easy. You will first need to complete a RateEstimate which will provide you with a summary of your loan options and borrowing power. This will include your personalised interest rate and fees for different loan terms. From there you will be able to select your preferred loan option and start your online application.

As part of your online application, we will need you to verify your identity. To complete this step you will need to make sure you have your Australian driver’s license handy. If you do not have a driver’s license you will need to provide us with a copy of your passport and documents verifying your current address.

During your online application, we will need to verify your income, expenses and liabilities (e.g. credit cards, loans etc). We will ask you to login to a portal which will allow you to connect to your bank account and share your data with us. You will need your bank login details on hand to complete this step. Based on the details you provide we may require you to share further information or documents (e.g.loan statements). A member of our customer service team will let you know if we require anything further from you.

Finally, we will need you to provide us with your bank account details for your loan funds to be deposited. This account will be the same account we use to set up your direct debit payment schedule. You will also have the flexibility to make extra repayments at any time.

In completing our assessment of your application, we will look for evidence of how suitable a loan is to your situation. This includes reviewing:

  • Your employment stability
  • Your income (e.g. salary, rent, interest etc)
  • Your expenses (e.g. mortgage, groceries etc)
  • Your repayment history
  • Credit bureau information
  • Other details you communicate to us

*Comparison rates for variable rate loans over 1 and 2 years are based on an unsecured personal loan of $10,000 over 36 months. Comparison rates for fixed rate loans over 3, 4 and 5 years are based on an unsecured personal loan of $30,000 over 60 months. Rates shown assume a customer with an excellent credit history and are current as at 5am, 5 July 2020. RateSetter credit criteria and terms and conditions apply. Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Representative Example: Based on a loan of $30,000 over 60 months a borrower with an excellent credit history can expect to pay a total of $36,780. This represents a comparison rate of 8.33% p.a. and includes all interest and fees included in your loan repayments over the life of the loan. RateSetter personal loans are available for a minimum of 6 months to a maximum of 5 years. Interest rates range from 7.49% p.a. (comparison rate 8.33% p.a.) to 13.89% p.a. (comparison rate 24.41% p.a.). Rates are subject to change depending on the rates offered in our Lending Markets.