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Australian Personal Loans Compared: Rates, Fees and Fit
Compare nine Australian personal loans by advertised rates, fees, terms and borrower profile before requesting a personalised quote.
Quick Picks
Best overall: Liberty Financial Personal Loan for flexible secured and unsecured borrowing, with advertised rates from 5.67% p.a.
Lowest advertised unsecured rate: Harmoney Personal Loan from 5.76% p.a., subject to personalised pricing and an establishment fee.
Best big-bank rate cap: NAB Personal Loan, with rates listed from 7.50% to 12.99% p.a.
Best for no ongoing fee: OurMoneyMarket Personal Loan, although an establishment fee of up to 6% may apply.
Rates and terms shown are representative. Your actual rate depends on your credit profile and circumstances. This is not financial advice — always read the lender's terms before applying.
The market split: low advertised rates versus predictable costs
The cheapest advertised rate in this comparison is 5.67% p.a., while the highest listed rate reaches 24.03% p.a. at Harmoney for higher-risk applicants. That gap matters more than a lender's headline claim: on a A$30,000, five-year loan, the difference between a low single-digit rate and a rate near 20% can add thousands in interest before fees.
Australian borrowers also need to separate the interest rate from the comparison rate. The latter includes certain fees and gives a better indication of total borrowing cost, although it still may not capture every personal circumstance. For example, NAB lists a rate range of 7.50% to 12.99% p.a. and comparison rates of 8.54% to 13.96% p.a., while ING starts at 6.19% p.a. but has a comparison rate from 7.03% p.a.
One trend is obvious in the supplied offers: fintechs compete aggressively on starting rates and online applications, while major banks compensate with branch access, established servicing and, in NAB's case, a relatively narrow advertised rate band. The lowest number is not automatically the cheapest loan once establishment and monthly account fees enter the calculation.
Lowest starting rates, with the most important fine print
Three lenders sit below 6% p.a. on their advertised starting rates. Each targets a different borrower profile, so comparing only the first number would be misleading. Liberty and Harmoney provide secured options, while OurMoneyMarket focuses on low-cost unsecured borrowing for stronger credit profiles.
Liberty Financial Personal Loan
Liberty Financial starts at 5.67% p.a. for secured loans and 6.30% p.a. for unsecured borrowing, with amounts up to A$80,000 over three, five or seven years. According to the lender's personal loan page, rates are personalised, so the headline figure is not a promise. The useful difference is its flexible lending criteria for borrowers who may not fit a traditional bank's profile. The downside is a short menu of terms and no branch network. Best for borrowers with non-standard income or credit circumstances who can offer security and need more than A$55,000.
Harmoney Personal Loan
Harmoney advertises unsecured loans from 5.76% p.a. and secured loans from 5.66% p.a., with up to A$70,000 available through a fully online process. The rate check is stated not to affect the applicant's credit score, which is useful when comparing several lenders. The catch is the upper range: higher-risk borrowers may receive rates up to 24.03%, and an establishment fee applies. Compared with Liberty, Harmoney gives stronger digital convenience but a lower maximum loan amount. Best for applicants with good to excellent credit who want an online application and can qualify near the advertised rate.
OurMoneyMarket Personal Loan
OurMoneyMarket lists a 5.95% p.a. starting rate and says its comparison rate matches the interest rate at entry tiers, with no ongoing monthly fee or early exit fee. That makes the recurring cost easier to assess than a loan carrying a monthly account charge. However, the establishment fee can range from 0% to 6%, and the maximum five-year term may produce higher monthly repayments than a seven-year bank loan. Best for a strong-credit borrower who can repay within five years and confirms the establishment fee before accepting.
Plenti Personal Loan
Plenti begins at 6.17% p.a. and offers loans up to A$75,000 over one to seven years, with no monthly or early repayment fees listed in the supplied details. It also advertises funding within 24 hours of approval, but that is not the same as guaranteed approval or same-day access for every applicant. An establishment fee of 0% to 6% may apply, which can erase the advantage of the low rate on a smaller loan. Best for borrowers with good credit who value a digital process, flexible terms and the ability to repay early without an exit fee.
These low-rate lenders reward strong applications, but their fees and personalised pricing deserve as much attention as the headline rate. The next group trades some rate ambition for bank infrastructure, fixed-versus-variable choice or a clearer rate ceiling.
Major banks: paying for access, structure and a rate ceiling
Major-bank loans are not automatically cheaper. Their value is different: branch support, established apps and, in some cases, a tighter spread between the lowest and highest advertised rates. That can matter if your credit profile is good but not exceptional.
NAB Personal Loan
NAB's 7.50% to 12.99% p.a. range is unusually tight beside lenders whose upper rates exceed 20%. According to NAB's official page, the A$250 application fee is being waived until 30 July 2026, but the loan still carries a A$15 monthly account fee. There are no exit fees, and terms extend to seven years. The practical insight is the ceiling: an applicant who misses the best rate may still avoid the extreme pricing seen elsewhere. Best for borrowers who want a major-bank relationship, branch access and a defined maximum advertised rate.
Commonwealth Bank Personal Loan
CommBank starts unsecured personal loans at 7.25% p.a. and offers fixed or variable options from A$4,000 to A$50,000 over one to seven years. Its secured car rate starts at 6.79%, while eligible electric-vehicle buyers may access 5.79% under the EV Access Program. The fees are less appealing: a A$250 establishment fee and A$15 monthly service fee apply to unsecured loans, and fixed loans may carry an early repayment adjustment. Best for existing CommBank customers who want repayment management inside the bank's app, especially when financing an eligible vehicle.
Westpac Personal Loan
Westpac lists unsecured rates from 7.00% to 21.99% p.a. for A$4,000 to A$50,000, with one- to seven-year terms. Its median rate is listed at 16.49% p.a., a useful warning that the 7.00% starting figure is reserved for stronger applications. A A$250 establishment fee and A$15 monthly account fee increase the total cost, although unsecured variable loans have no early exit fee. Best for existing Westpac customers or electric-vehicle buyers who qualify for the discounted 6.49% car loan and value branch support.
Compared with the fintech group, the banks generally ask you to accept more recurring or upfront fees. In return, NAB's capped range is more reassuring than Westpac's 21.99% upper rate, while CommBank's fixed and variable structure gives borrowers more control over repayment certainty.
Digital bank alternative: ING
ING sits between the fintechs and the traditional banks. It offers a bank brand and fixed-rate structure, but the application is digital and there is no branch network. That middle position will suit some borrowers and frustrate others.
ING Personal Loan
ING's fixed personal loans start at 6.19% p.a. and run from A$5,000 to A$60,000 over one to seven years. The lender lists no early repayment fee and a fully online application, while the comparison rate starts at 7.03% p.a. because fees affect the total cost. There is no variable-rate option and no branch network, so borrowers wanting face-to-face help or rate flexibility should look elsewhere. Best for applicants who want a fixed repayment, digital servicing and a borrowing amount below A$60,000.
Where ANZ fits in the comparison
ANZ is the broadest conventional bank option in this set for loan size and rate type, but its minimum rate does not beat the leading fintech offers. That makes the lender's service model and existing relationship more important than the headline price.
ANZ Personal Loan
ANZ offers fixed and variable personal loans from A$5,000 to A$75,000 over one to seven years, with rates from 7.49% to 19.99% p.a. and comparison rates from 8.18% to 20.58% p.a. The larger maximum is useful for substantial renovations or debt consolidation, but fees may apply and fixed-loan borrowers may face an early repayment adjustment. Compared with NAB, ANZ provides more borrowing capacity but has a wider and higher rate range. Best for an existing ANZ customer who needs up to A$75,000 and wants to choose between fixed and variable repayments.
Comparison table: the numbers that matter
The table separates advertised interest rates from the practical features that change total cost. A lender with a lower starting rate can still be more expensive after an establishment fee, while a longer term lowers the monthly repayment but increases total interest.
| Lender | Advertised rate | Loan amount | Terms | Key fee or limitation |
|---|---|---|---|---|
| Liberty Financial | From 5.67% secured; 6.30% unsecured | Up to A$80,000 | 3, 5 or 7 years | Personalised pricing; no branches |
| Harmoney | From 5.66% secured; 5.76% unsecured | Up to A$70,000 | Not specified in supplied data | Establishment fee; up to 24.03% for higher-risk borrowers |
| OurMoneyMarket | From 5.95% | Up to A$75,000 | Up to 5 years | Establishment fee of 0% to 6% may apply |
| Plenti | From 6.17% | Up to A$75,000 | 1 to 7 years | Establishment fee of 0% to 6% may apply |
| ING | 6.19% to 19.99% | A$5,000 to A$60,000 | 1 to 7 years | Fixed only; comparison rate from 7.03% |
| Westpac | 7.00% to 21.99% | A$4,000 to A$50,000 | 1 to 7 years | A$250 establishment plus A$15 monthly fee |
| CommBank | From 7.25% | A$4,000 to A$50,000 | 1 to 7 years | A$250 establishment plus A$15 monthly fee |
| ANZ | 7.49% to 19.99% | A$5,000 to A$75,000 | 1 to 7 years | Fixed-loan adjustment may apply |
| NAB | 7.50% to 12.99% | Not specified in supplied data | Up to 7 years | A$15 monthly fee; A$250 application fee waived until 30 July 2026 |
For official terms, compare the lender pages directly: Liberty Financial's personal loan page, NAB's personal loan page and Harmoney's personal loan page. Rates and promotions can change, so confirm the current disclosure before submitting an application.
Which loan should you choose?
Choose Liberty Financial if traditional bank criteria have blocked you and you can use a secured loan or accept personalised pricing. Choose Harmoney or OurMoneyMarket if you have strong credit and want to compete for a rate below 6%, but calculate the establishment fee first.
NAB is the most defensible major-bank pick for borrowers worried about an unexpectedly high rate because its listed ceiling is 12.99% p.a. CommBank makes more sense for existing customers, particularly eligible electric-vehicle buyers, while ING suits borrowers who want fixed repayments without an early repayment fee.
Before applying, compare the comparison rate, establishment cost, monthly fee, loan term and total repayment on the exact amount you need. A personalised quote is only useful if you read the fees attached to it.