Enjoy a low rate travel 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.
- 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.
Australia’s most loved personal loan.
Over 2175 borrowers have rated us 4.8/5 on ProductReview. Here’s what those happy customers have to say about borrowing with us.
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.
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.
Applying for this car loan was so easy, very simple uploading the documents if you have everything ready when starting. I did it in no time at all. Thank you so much for your help and emails updating me.
I am very satisfied with my experience. I found all persons I spoke with to be very professional and knowledgeable. The whole application process is efficient to a level that far surpasses any bank.
I was stressing over my debt on my credit cards. I am so happy I found your website. Within hours, I am not kidding, within 3 hours, I was approved of my Personal Loan. Will highly recommend RateSetter.
Getting a loan is as easy as 1, 2, 3.
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 in minutes
Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.
Receive your funds
After receiving your approval, complete our simple online settlement process to receive your loan funds.
You’ve got questions we’ve got answers.
What is a travel loan?
A travel loan is a form of unsecured personal loan that you can use to finance a holiday. It may be used to pay for flights, accommodation, insurance, tours, and other costs associated with your trip.
According to the Australian Bureau of Statistics, more than 10 million Australians travelled abroad in 2017, with New Zealand, Indonesia, and the United States ranking as the most popular holiday destinations. Compared with credit cards, bank overdraft or mortgage redraw, A holiday loan can be a convenient and cost effective way to finance such trips, so you can play your honeymoon, overseas vacation, or domestic flight without needing to pay for it all upfront.
A holiday loan works just like a 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.
Personal loans, including holiday loans, can allow you to enjoy a lower interest rate than you would receive with a credit card and also offer a consistent repayment schedule. RateSetter personal loans also give you the flexibility to make early repayments, allowing you to reduce the length of your loan helping minimise the amount you pay in interest.
What can I use it for?
You can use a holiday loan for a number of different purposes, including:
- Flight costs
- Hotel / accommodation costs
- Travel insurance
- Spending money
- Sightseeing / Tours
- Visas / New passports
If you are approved for a loan and you accept your loan contract, we’ll pay funds into your nominated bank account on the next business day. This gives you the flexibility to manage and pay for your travel costs any way you like
How much does it cost?
Travel 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 may be displayed to you as a comparison rate that represents the total effective price of a loan. This allows you to compare different loans to find the one that best suits your needs.
See below for an overview of fees and charges (including interest rates) associated with RateSetter’s holiday and travel loans:
|Term||1 Year||2 Year||3 Year||Year 4||Year 5|
|Interest Rate||from 6.89% p.a.||from 6.89% p.a.||from 6.89% p.a.||from 9.79% p.a.||from 9.89% p.a.|
|Comparison Rate*||from 8.55% p.a.||from 8.92% p.a.||from 8.92% p.a.||from 10.66% p.a.||from 10.75% p.a.|
|Credit Assistance Fee||from $249||from $299||from $299||from $299||from $299|
|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 9pm, 18 November 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?
RateSetter provides secured and unsecured loans to individuals. 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 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 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 RateSetter loan, you will need to complete our identity verification process successfully. 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 uploaded as part of the application process.
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.
When assessing your application, we are looking for evidence of how suitable a loan is to your current circumstances. 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 6.89% p.a. the estimated total amount payable including all applicable fees is $11,430. RateSetter loan repayment terms range from a minimum of 6 months to a maximum of 5 years. Interest rates range from 6.89% p.a. (comparison rate 8.55% p.a.) to 14.49% p.a. (comparison rate 25.10% p.a.). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 9pm, 18 November 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.