Variable personal loans made simple
Simple variable loans that reward your good credit history.
Variable loans that are made for you.
With more flexible features and fewer fees, we’ve designed a variable personal loan that is tailored to your needs and not the other way around.
Fit for purpose
You stand to benefit from lower interest payments if the rate declines over time with variable rate personal loan.
No early repayment fees
We don’t punish you for paying off your loan faster. Our loans have no early repayment fees, so you can save more.
Flexible loan terms
We offer flexible loan terms from 6 months to 5 years so you can tailor your repayments to suit your needs.
Borrow between $2,001 and $45,000 for any purpose: consolidate debt, renovate, travel, get married and more.
We reward your good credit score with an even better interest rate so you save more each and every month.
Fast online approvals
Get your personalised estimate back in 1 minute, complete an application in 5 minutes, your loan approved in 24 hours.
Australia’s most loved variable loan.
Over 1,898 borrowers have rated us 4.8/5on ProductReview. Here’s what those happy customers have to say about our variable loans.
Great interest rate! It has made me feel a lot better about paying off my loans, knowing how much I will have to pay each month and knowing when it will all be finished. Customers service was excellent.
The process of applying was very easy having to only fill out a couple of questions. The application fee was less than advertised so happy days and the interest rate is cheaper than the big 4 banks.
When I came across RateSetter everything was laid out in front, all the costs were clear. They explained every aspect of the loan from start to finish. All questions I had were answered fast and honestly.
I was so pleased how easy it was to apply. RateSetter staff were in regular contact to assist and take the stress away. I feel a weight has been lifted off my shoulders. Very thankful.
Approved and great rate matched with lender in 24 hours. Process was simple, feedback great with everything very well explained. Funds deposited in nominated account in less than 2 business days.
I can’t fault this service. Application process was smooth. I received a courtesy call within hours. Approved the same day with funds received shortly after. Service has been nothing short of exceptional.
Getting a variable loan is as easy as 1, 2, 3.
Get your rate
Discover your personalised interest rate in 1 minute (without impacting your credit score) with our quick and easy online RateEstimate.
Apply in minutes
Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.
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 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 yr||2 yr||3 yr||4 yr||5 yr|
|Credit Assistance Fee||from|
|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 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 improvements, consolidating 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 firstname.lastname@example.org.
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;
- Repayment history;
- Credit bureau information; and
- Other details you communicate to us.
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.