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Personal Loans: How to Compare Rates, Fees and Fit
Compare Australian personal loans by rate, comparison rate, fees, loan term and borrower profile before submitting an application.
The lowest advertised rate is not automatically the cheapest loan. A 5.76% p.a. starting rate can be less useful than a 7.50% rate if the first lender adds a large establishment fee or only approves that rate for a narrow credit profile.
This guide compares personal loans by the numbers that affect your repayment: interest rate, comparison rate, fees, term, loan size and eligibility signals.
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.
What to compare before applying
Start with the comparison rate, not the headline interest rate. The comparison rate incorporates the advertised interest rate and common fees, so it gives you a better first estimate of total cost. It still may not include every charge, and personalised pricing can move the final figure substantially.
Check five details side by side:
- Interest and comparison rates: record both, including the highest advertised rate.
- Upfront charges: establishment fees can reach 6% at some fintech lenders.
- Ongoing charges: Westpac, CommBank and NAB list $15 monthly account fees on the products shown here.
- Repayment flexibility: confirm early repayment rules, especially on fixed loans.
- Term and amount: a seven-year term lowers the monthly payment but increases total interest.
Most borrowers get the term calculation wrong. Extending a loan from five to seven years can make the repayment look easier while adding two years of interest. Use the shortest term that leaves a realistic monthly buffer.
Lowest advertised rates, with the fine print exposed
The lowest starting rates in this comparison sit below 6% p.a., but they are aimed at stronger applicants. The representative figures matter more than the banner rate because they show what a broader applicant group may actually receive.
Harmoney Personal Loan
Harmoney has the sharpest advertised unsecured starting rate here at 5.76% p.a., with secured loans from 5.66% p.a. and a quote process that does not affect the credit score, according to the lender's website. The headline rate is aimed at good to excellent credit profiles; the listed range can rise to 24.03%, which is a major cost difference. An establishment fee also applies. Borrowers who can offer security may get the lowest pricing, but they put the pledged asset at risk if repayments fail. Best for applicants with strong credit who want a fully online quote and can compare secured and unsecured pricing.
OurMoneyMarket Personal Loan
OurMoneyMarket starts at 5.95% p.a. and lists the same 5.95% comparison rate at entry tiers, according to the lender's website. That alignment is useful, but it does not erase the possible 0% to 6% establishment fee. The maximum term is five years, shorter than the seven-year terms offered by several banks and Plenti, so monthly repayments may be higher even when total interest is lower. There are no ongoing monthly fees or early exit fees. Best for a good-credit borrower who can manage a five-year repayment schedule and wants to avoid recurring account charges.
Liberty Financial Personal Loan
Liberty's pricing starts at 5.67% p.a. for secured loans and 6.30% p.a. for unsecured borrowing, with amounts up to $80,000 over three, five or seven years. The lender's flexible criteria may help applicants who fall outside traditional bank profiles, but flexibility should not be confused with low pricing for every borrower. Rates are personalised and can rise for higher-risk applicants. There is no branch network, and the term choices are limited to three intervals rather than every year. Best for a borrower who needs a larger loan, may not fit a major bank's standard profile and understands the consequences of secured borrowing.
Plenti Personal Loan
Plenti combines a 6.17% p.a. starting rate with one of the cleaner fee structures in this group: no monthly fee and no early repayment fee, according to the lender's website. It supports $1,000 to $75,000 over one to seven years and says approved borrowers can receive funds within 24 hours. The possible 0% to 6% establishment fee still needs to be priced into the offer. A 60-second rate estimate is useful for comparison, but it is not an approval or a guarantee of the advertised rate. Best for a good-credit applicant who values digital processing, a seven-year term option and fast access after approval.
ING Personal Loan
ING starts at 6.19% p.a. and offers fixed-rate loans from $5,000 to $60,000 over one to seven years. The listed comparison rate starts at 7.03%, showing that fees add a meaningful amount to the headline price. There is no variable-rate option, but no early repayment fee is listed. This sits between the low-rate fintechs and the major-bank products: the rate is higher than Harmoney's advertised starting point, while the fully online process may appeal to borrowers who do not need branch support. Best for someone borrowing at least $5,000 who wants a fixed repayment and prefers a digital bank experience.
The rate leaders are not interchangeable. Harmoney has the lowest advertised unsecured rate, OurMoneyMarket limits the term to five years, Liberty brings broader lending criteria, Plenti emphasises speed, and ING trades a higher starting rate for fixed-rate digital banking. Compare the personalised offer, not the ranking alone.
For the exact figures and eligibility conditions, review the Harmoney personal loan page, the OurMoneyMarket loan page and the Plenti personal loan page before applying.
Major banks: higher fees, stronger support
Bank loans are not automatically cheaper. In this group, the fintech lenders advertise lower starting rates, while the major banks offer branches, established apps and longer terms. Existing customers may value that support enough to accept a higher comparison rate.
Westpac Personal Loan
Westpac lists unsecured personal loan rates from 7.00% to 21.99% p.a., with comparison rates from 8.41% to 23.28%, for $4,000 to $50,000 over one to seven years. The $250 establishment fee and $15 monthly account fee materially change the repayment cost. The median rate shown is 16.49%, so the 7.00% starting point should not anchor your expectations. Westpac becomes more interesting for secured car borrowing, including an electric car rate from 6.49% p.a., than for a standard unsecured loan. Best for an existing Westpac customer or EV buyer who values branches and can qualify for the discounted product.
NAB Personal Loan
NAB's rate range is narrower than Westpac's: 7.50% to 12.99% p.a., with comparison rates from 8.54% to 13.96%. That ceiling is the most useful feature in the product data because a borrower with a weaker profile may face less extreme pricing than elsewhere. NAB lists a $15 monthly account fee and a maximum loan of $55,000, below ANZ, Plenti and Liberty. The $250 application fee is currently waived until 30 July 2026, but that offer has an expiry date. Best for a borrower who wants a major-bank lender with a published upper rate limit and does not need more than $55,000.
One badge cannot be used twice, so the practical distinction is this: Westpac has the broader product range for car finance and in-person service, while NAB has the tighter published unsecured rate band. Neither beats the leading fintechs on headline pricing, and both require a close fee check.
Two more bank alternatives for fixed-rate certainty
ANZ and CommBank suit borrowers who prefer a large banking group, a branch network or app-based account management. The price of that familiarity is visible in their rate floors and fees.
ANZ Personal Loan
ANZ offers fixed and variable personal loans from 7.49% to 19.99% p.a., with comparison rates from 8.18% to 20.58%, for $5,000 to $75,000 over one to seven years. The product gives borrowers more structure than ING because both fixed and variable choices are available, but fixed-loan early repayment adjustments can reduce flexibility. The lowest rate requires an excellent credit history, and fees may apply. Best for an existing ANZ customer who wants a seven-year option, branch access and a choice between fixed and variable pricing.
Commonwealth Bank Personal Loan
CommBank starts at 7.25% p.a. for personal loans between $4,000 and $50,000 over one to seven years, while its representative rate is listed at 16.25% p.a. The $250 establishment fee and $15 monthly service fee make the comparison rate more important than the starting figure. Existing CommBank customers may value repayment management in the bank's app, and eligible electric-car buyers can access a listed rate from 5.79% p.a. Fixed loans may include an early repayment adjustment. Best for a CommBank customer who wants app-based management or qualifies for the EV Access Program.
ANZ gives more rate-format choice; CommBank has a notable EV discount and app integration. For an ordinary unsecured loan, neither is the first place I would start: compare a personalised fintech quote first, then decide whether bank support justifies the additional cost.
Common mistakes and how to avoid them
Mistake 1: Comparing interest rates only
Use the comparison rate as a starting filter, then add every known fee. A lender with a 6.19% interest rate and a 7.03% comparison rate may cost more than the headline suggests.
Mistake 2: Treating the starting rate as your rate
Starting rates are generally reserved for stronger credit profiles. Westpac's listed median rate of 16.49% and Harmoney's possible upper rate of 24.03% show how wide the gap can be.
Mistake 3: Choosing the longest term automatically
A seven-year term reduces the monthly bill but extends interest charges. Ask the lender for the total repayment at five years and seven years before selecting the lower monthly figure.
Mistake 4: Ignoring secured-loan risk
A secured rate can be lower, such as Liberty's 5.67% starting rate or Harmoney's 5.66% starting rate, but the lender has security over an asset. The lower rate is not a free reduction in risk.
Mistake 5: Applying everywhere
Start with rate estimates and eligibility checks where available. Submit full applications only after narrowing the list, because multiple credit applications can complicate your credit profile.
A quick decision framework
- Need the lowest advertised rate and have strong credit? Start with Harmoney and OurMoneyMarket, then compare the establishment fee in the personalised offer.
- Want fast digital funding? Plenti lists funding within 24 hours of approval and offers one- to seven-year terms.
- Need broader lending criteria? Review Liberty, but compare the secured and unsecured offers separately.
- Prefer a major bank? NAB has the tightest listed rate band, while Westpac, ANZ and CommBank provide branch or app-based support with higher potential fees.
- Buying an electric vehicle? Compare the discounted Westpac and CommBank products against the standard unsecured loans.
- Planning early repayment? Prioritise products with no early repayment or exit fee, and read the fixed-loan adjustment clause carefully.
The strongest starting point for a good-credit borrower is a personalised quote from Harmoney, OurMoneyMarket or Plenti, not a blind application with a major bank. Borrowers with less conventional profiles should compare Liberty and NAB carefully, while existing bank customers may accept a higher cost for branch access or integrated account management.
For a broader side-by-side review of Australian lenders, repayment structures and borrower fit, continue with Australian Personal Loans Compared: Rates, Fees and Fit.