Secured personal
loans made simple

Simple secured loans that reward your good credit history.

  • Enter between $2,001 to $45,000
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  • Get a personalised rate that rewards your good credit.
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award winning personal loans

Getting a secured loan is as easy as 1, 2, 3.

Get your personalised rate

Get your rate

Discover your personalised interest rate in 1 minute (without impacting your credit score) with our quick and easy online RateEstimate.

Apply for a personal loan

Apply in minutes

Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.

Get your personal loan funds

Enjoy your funds

After your loan has been approved and funded, you will receive your funds on the next business day. It really is as simple as that.

You’ve got questions we’ve got answers.

What is a secured personal loan?

A secured personal loan is ‘backed up’ by a piece of collateral property, such as a car, boat or even funds in a bank account. In the event that you default on your loan, the collateral can be repossessed by the lender for them to sell to help recoup their losses. Because of this, secured loans are seen by lenders as ‘safer’ and usually have a lower interest rate than an unsecured loan. A secured personal loan can be a very versatile source of credit: you can use it to pay for a holiday, renovate your house, plan a wedding, and much more.

Why consider a secured personal loan?

By securing your loan, you may be able to access lower interest rates and a higher borrowing limit. This can make a secured loan the smarter financial decision if you’re looking to access funds at the lowest possible rate. On the other hand, the lender is, of course, entitled to take possession of your collateral if you default on the loan. For this reason, it’s generally easier to qualify for a secured loan, which can make it an appealing option if you have a poor credit history.

How does a secured personal loan work?

A secured personal loan works just like a standard personal loan. That is, you borrow a specific amount of money and then pay it back with interest over an agreed term. To qualify you’ll need to submit an application and provide us with information to verify your identity and financial circumstances (such as a bank statement). As part of this process we will take into account your borrowing history, employment status, credit score, and other factors.

What can I use my secured personal loan for?

You can use a secured personal loan for many reasons, including:

  • Consolidating debt – paying off credit card debt or bank overdraft charges
  • Auto – buying a new or used car, ute, van, truck, motorbike, scooter or jetski
  • Home renovation – financing that new kitchen, bedroom, bathroom or backyard makeover
  • Wedding – making your dream day come true
  • Holiday – booking that next getaway, whether it be overseas, or somewhere more local
  • Study – paying those student loan fees, whether it be for high school or university
  • Investment – buying shares or bonds
  • Green – purchasing renewable energy products, such as solar panels or a home battery pack
  • Medical – covering medical bills, whether it be dental, optical or something else

How much does a secured personal loan cost?

Secured personal loans generally have three components that that affect the total cost over the life of the loan:

  • the interest rate (this may be fixed or variable)
  • a one-time establishment fee
  • ongoing fees (such as account maintenance fees, late payment fees, and other charges)

These costs are often combined to create a comparison rate that represents the total price of a loan. This allows you to compare different secured personal loans to find the one that best suits your needs. 

For an overview of fees and charges (including interest rates) associated with RateSetter’s secured personal loans, see the table below:

Term 1 yr2 yr3 yr4 yr5 yr
Loan typeVariableVariableFixedFixedFixed
Interest rate
from
5.92% p.a.
from
5.92% p.a.
from
7.70% p.a.
from
10.23% p.a.
from
10.29% p.a.
Comparison rate*from
7.53% p.a.
from
7.90% p.a.
from
9.75% p.a.
from
11.11% p.a.
from
11.11% p.a.
Credit Assistance Feefrom
$249
from
$299
from
$299
from
$299
from
$299
Monthly fees$0 $0
$0$0$0
Early Repayment Fees$0$0$0$0$0

Comparison rates for 1, 2 and 3 year loans are based on an unsecured personal loan of $10,000 over a 36 month term. Comparison rates for 4 and 5 year loans are based on an unsecured personal loan of $30,000 over a 60 month term. Comparison rates shown assume a customer with an excellent credit history. Rates current as at 4am, 25 June 2019. 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.

Am I eligible for a secured personal loan?

RateSetter provides secured and unsecured loans to Australian-resident individuals and businesses. If you are an individual, you can borrow for any worthwhile purpose, including a new car, home improvementsconsolidating debt, a major event or holiday.

Save time before applying by making sure: 

  • You are aged 21 or over
  • You are an Australian citizen or permanent resident
  • You have a regular source of income that you can demonstrate
  • You have a good credit history

To see if you may qualify for a RateSetter secured personal loan, you can get a RateEstimate – it only takes 1 minute, and won’t affect your credit score. If you request a RateEstimate, we will ask you a few questions so we can calculate an initial estimate of your borrowing potential, and the rates, fees and charges that may apply to your loan.

What do I need to apply?

To apply for a secured personal loan, you will need to complete our identity verification process successfully, as well as considering how suitable a secured personal loan is to your current circumstances.

To complete identity verification you will need to provide one or more of the following documents:

  • Australian State or Territory-issued driver’s licence
  • Australian or foreign passport
  • Address verification document such as a utility bill or tenancy agreement

These details can either be entered on our website during the application process and automatically verified online or you can upload or email them to us at contact@ratesetter.com.au.

When assessing your application, we are looking for evidence of how suitable the loan is to your current circumstances and the purpose for which you require funds. Among other things, we’ll assess your:

  • Employment stability;
  • Income;
  • Expenses;
  • Repayment history;
  • Credit bureau information; and
  • Other details you communicate to us.

You will also be asked to verify your income and expenses, and may be asked to provide supporting documentation such as bank statement information or payslips. The documents you will need to provide will be displayed to you during the application process.

newsworthy personal loans
personal loans worth talking about

Representative example: Based on $10,000 loan with a 36 month term for a borrower with a excellent credit history at a comparison rate of 7.70% p.a. the estimated total amount payable including all applicable fees is $11,567. RateSetter loan repayment terms range from a minimum of 6 months to a maximum of 5 years. Interest rates range from 5.92% p.a. (comparison rate 7.53% p.a.) to 19.46% p.a. (comparison rate 20.38% p.a.). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 4am, 25 June 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.