Variable personal loans made simple

Low rate variable personal loans from 4.98% p.a. (comparison rate 6.59% p.a.)* with no ongoing fees. Now that’s simple.

award winning peer-to-peer lending
award winning personal loans

Enjoy a low rate variable personal loan that is 100% made for you

  • We reward your good credit history with even better rates ensuring the loan you end up with has been tailored for you in every way.
  • Winner of Canstar’s Outstanding Value Award for four years running (2015, 2016, 2017 and 2018). We think that’s pretty outstanding.
  • Flexible loan terms from 6 months to 5 years for loans between $2,001 and $45,000. Use funds to consolidate debt, renovate, travel and more.
  • No monthly or early repayment fees help you save more and pay off your loan faster. Because nobody has ever said ‘yes please’ to fees.
Low Rate Personal Loans

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

Get your personalised rate

Get your quote

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

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

Settle your loan

After receiving your pre-approval and finding your new car, complete our simple online settlement process.

Get your personal loan funds

Enjoy your car

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

You’ve got questions we’ve got answers.

What is a variable personal loan?

Personal loans always involve interest, and that interest can be fixed or variable. A variable personal loan offers an interest rate that is subject to change over time due to market fluctuations. RateSetter personal loans from six months to two years are variable rate loans.

Why consider a variable personal loan?

A variable rate loan could help you to save money. After all, you stand to benefit from lower interest payments if the rate declines over time. Of course, you could also end up paying more. As a result, variable rates are generally preferable for short-term loans that you know can pay off relatively quickly: this allows you to take advantage of a competitive market rate and avoid the risk that it might increase in the future.

How does a variable rate personal loan work?

A variable rate 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 for a personal loan, you must submit an application and agree to a credit check that takes into account your borrowing history, employment status, credit score, and other factors.

What are the benefits of a variable rate personal loan?

RateSetter’s personal loans offer you access to a versatile form of credit: you can use it to pay for a holiday, renovate your house, plan a wedding, and much more. Our loans also give you the flexibility to make early repayments, allowing you to reduce the length of your loan and minimise the amount you pay in interest.

What can I use my variable personal loan for?

You can use a variable 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 variable personal loan cost?

If you’re considering a variable personal loan, you may be unsure of how much it will cost. Fortunately, our variable personal loans are priced in a relatively straightforward way. The total cost of a travel loan comprises three main factors:

  • 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 variable 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 variable personal loans, see the table below:

Term 1 yr2 yr3 yr4 yr5 yr
Loan typeVariableVariableFixedFixedFixed
Interest rate
from
4.98% p.a.
from
4.98% p.a.
from
6.86% p.a.
from
9.92% p.a.
from
10.01% p.a.
Comparison rate*from
6.59% p.a.
from
6.97% p.a.
from
8.83% p.a.
from
10.75% p.a.
from
10.84% 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 1pm, 24 August 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 variable 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.

In making a final decision, we consider a number of factors, including your credit file as provided to us by Equifax and/or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.

What do I need to apply?

To apply for a variable personal loan, you will need to complete our identity verification process successfully, as well as considering how suitable a variable 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 drivers 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.
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 6.86% p.a. the estimated total amount payable including all applicable fees is $11,424. RateSetter loan repayment terms range from a minimum of 6 months to a maximum of 5 years. Interest rates range from 4.98% p.a. (comparison rate 6.59% p.a.) to 12.58% p.a. (comparison rate 20.46% p.a.). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 1pm, 24 August 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.