Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)

Getting the best deal on personal loans in Australia can save you thousands in interest and fees. With an unsecured personal loan, you can buy a car, consolidate your debts, renovate your home, travel, buy personal goods and more.

A personal loan lets you borrow money to pay for something special, like a holiday, car or home renovations. You have to repay it with interest over a fixed term, usually between one and seven years.

Whether you want to fund that dream holiday again, plan to tackle a home renovation or even hope to fund a medical procedure, there are many reasons for wanting to take out a personal loan and just as many options when it comes to choosing a loan and lender in Australia. That’s why it’s so important to be confident you’re getting the best personal loan deal you can.

Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)
Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)

How to get the best personal loans in Australia for you

You can get a personal loan in Australia between $5000 to $100,000, although the average is around $20,000.

Loan terms can vary between 1 to 7 years, most commonly 3 years.

Other things you need to think about when taking out a loan are:

  • Do you want to be able to make additional payments?
  • Do you want the flexibility to pay your loan out early?
  • Is the ability to redraw on your loan important?

To get the best personal loan, you’ll want to get the lowest rate you can, with no fees and the loan features that are important to you.

According to the Finder website on its September 2022 bulletin, comparing any product helps you find the best deal, and personal loans in Australia are no exception. The platform gave tables which according to it, makes it easy to compare the rates and fees from Australia’s top lenders to find the best loan for customers. You should keep the following things in mind:

Loan amount. What are the minimum and maximum amounts the lender will let you apply for – is it enough to achieve your goals?

Loan term. What are the minimum and maximum loan terms? Usually, terms of between 1 and 7 years are available. The longer the term the more interest you’ll pay, but the lower your repayments will be each month.

Fees. Check for upfront fees such as establishment or application fees and ongoing monthly or annual fees.

Interest rate. Is the rate fixed or variable? Is the rate competitive compared to other options available?

Affordability. Once you know your loan amount and term, you can use a loan repayment calculator to see if your regular repayments will be affordable on your budget.

Repayments. Can you choose between weekly, fortnightly or monthly repayments? Is it possible to make extra repayments without penalty or fees? Can you repay the entire loan early without penalty?

Features. Some features, like a redraw facility, can save you money over your loan term, while others – such as a well made app – can be great quality of life considerations.

How To Apply for the right Personal Loans In Australia

Personal loans in Australia are there to assist you in the short term, not leave you with long term debt.

Lenders will work out your monthly surplus (what you have got left after you have paid all your expenses) to ensure you can meet the repayments.

If you are not able to meet the repayments comfortably, you can try reducing the amount or extending the loan term.

We extend our sympathy over the harassment you went through. You can send a mail to lenderstaskforce@fccpc.gov.ng detailing your encounter with the loan app

3 Tips for getting your personal loan approved

  • Avoid applying with multiple lenders as it can impact your credit score.
  • Know how much you can afford comfortably to repay by making a budget.
  • Always ask the lender to communicate the single, total dollar amount of what the loan will cost.

With over 70 lenders to choose from, there isn’t going to be a single best personal loan for every borrower but there are definitely some key features that all great personal loans have in common. These are low interest rates, minimal fees and the flexibility to make extra repayments.

How to find and apply for personal loans in Australia

Compare products

Use Finder’s comparison table to find a loan that suits you. Pay attention to the interest rate, comparison rate, fees and ability to make extra repayments.

Go to site

Click ‘Go to Site’ on our tables to be taken directly to the lender’s website, where you can find more information or get a quote. Click ‘More Info’ on our table to go to our dedicated review page.

Apply for the loan

Submit your application for the loan. It will help to have the right documents on hand, such as your driver’s license and any income/employment details.

Review and make your decision

The lender will look at your application and, if you’re approved, will send you their final quote. This is your chance to review all the details and make your decision whether to accept the loan.

Summary Of The Top 7 Best Personal Loans In Australia With Low Interest And Minimal Fees in 2022

Find below analysis of ranking of the best 7 personal loans in Australia, with low interest, minimal fees, little or no documents and collateral free and what each of them is best for.

Ranking

Application Name

“Best For” Option

Interest Rate

#1 NAB Unsecured Personal Loan Best for Unsecured Personal Loan 6.99% p.a. to 18.99% p.a
#2 Pepper Money Personal Loans Best for No Fees Personal Loan 6.75% p.a – 19.95% p.a
#3 Latitude Personal Loan Best for Flexible Loan Options 5.75% p.a. to 25.99% p.a.
#4 Citi Personal Loan Best for Fastest Loan Processing 6.99% p.a – 23.99% p.a
#5 Harmoney Personal Loan Best for Flexible Repayment Rates Starting from 5.35% p.a
#6 BOQ Personal Loan Best for Low, Fixed Rate 10.99% p.a
#7 OurMoneyMarket Personal Loan Best for Indirect Lenders 5.85% p.a

List of Top 7 Best Personal Loans In Australia With Low Interest And Minimal Fees

Fine below our list of top 10 leading personal loans Australia which can guarantee the best comparable low interest rate, repayment flexibility and minimal fees.

    1. NAB Personal Loan
    2. Pepper Money Personal Loans
    3. Latitude Personal Loan
    4. Citi Personal Loan
    5. Harmoney Personal Loan
    6. BOQ Personal Loan
    7. OurMoneyMarket Personal Loan

1. NAB Personal Loan — Best for Unsecured Personal Loan

Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)
Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)

National Australia Bank Ltd (NAB) is set up to serve customers well and help its communities prosper.

NAB claims to be providing finance support to more than eight and a half million customers in Australia and overseas across: personal accounts, small, medium and large businesses, private clients, government and institutional activities.

The organization became NAB when the National Bank of Australasia (est. 1858) merged with the Commercial Banking Company of Sydney (est. 1834) on October 1, 1981.

With an unsecured personal loan from NAB, you can buy a car, consolidate your debts, renovate your home, travel, buy personal goods and more.

Benefits of a NAB Personal Loan

NAB unsecured personal loans can provide flexibility and certainty.

No penalties, exit fees or surprise charges
No penalties when you make early repayments, no exit fees when you pay off your loan sooner and no late payment fees.

Get funds in one business day
If you’re approved and accept our loan offer through NAB Internet Banking, your money will be ready in one business day.

Personalised rates
From 6.99% p.a. to 18.99% p.a.View Disclaimer1 (comparison rate 7.91% p.a. to 19.83% p.a.View Disclaimer2).

Ability to redraw extra funds
Redraw is available on a variable rate loan if you’re ahead on repayments, giving you flexibility if you need money unexpectedly.

Borrow up to $55,000
You can borrow from $5,000 and up to $55,000 with a loan term to suit your needs.

One to seven years flexible loan term
Choose from one to seven years, with weekly, fortnightly or monthly repayment options.

How to apply for a NAB Personal Loan

Applying online is quick and easy.

  1. Submit your application: Get a decision on conditional approval in under 60 seconds. If conditionally approved, you’ll get your indicative interest rate and repayment amount.
  2. Your information will be verified: Depending on your circumstances, we may do other checks and contact you for further information. If approved, we’ll give you your final interest rate and repayment amount in your loan documents.
  3. Accept your offer: If you accept the offer, we’ll transfer the money into your most frequently used NAB account on the day that you accept the offer. If you don’t have a NAB account, we’ll contact you to organise the transfer.

Click to apply for a NAB Personal Loan

2. Pepper Money Personal Loans — Best for No Fees Personal Loan

Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)
Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)

What you get with Pepper Money Personal Loans

  1. Rates based on your circumstances. Get your rate before applying, it won’t impact your credit score.
  2. No fees. Ditch the fees and save with our no fee personal loan. No set up fee, no monthly fee and no early repayment fee.
  3. Get a quick decision. The platform aims to give you a decision within 5 hours. Funds in account next business day.
  4. Apply online in 10 minutes or call us on 1300 108 794.

Interest Rate
Fixed interest rates range from 6.75% – 19.95%p.a.* (6.75% – 19.95%p.a. comparison rate**)

Fixed interest rates range from 6.50%-17.45%p.a.* (6.50% – 17.45%p.a. comparison rate**)

Easy Application Process
10 minutes online, or call us on 1300 108 794

Loan Term
18 -84 months^

Loan Amount
$5,000 – $50,000

Funds Availability
Next business day following approval (subject to your bank’s direct credit processing times)

Repayment Type and Frequency
Pay by Direct Debit in weekly or fortnightly installments

Fees and Charges Pepper Money do not charge any application fees
Loan establishment fee | $0
Account administration fee | $0
Early repayment fee | $0
Security registration fee | $0 (Only for secured loans)

Click to apply for a Pepper Money Personal Loan

3. Latitude Personal Loan — Best for Flexible Loan Options

Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)
Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)

Latitude Personal Loans are tailored to suit you, only you, to take you where you want to be. Whether it’s money for a renovation, holiday or for consolidating debt, you can check the rates below and get this done for.

Personal Loan Details for Latitude Personal Loan

  • Loan amounts From $5,000
  • Repayments Weekly, fortnightly, monthly
  • Loan terms 2 – 7 years
  • Secured and unsecured
  • Rate and repayment fixed for the life of the loan

Fees & charges

    • Establishment Fee An upfront fee, added to your loan amount, ranging from 0%-5% based on your credit rating
    • Loan Service Fee $13 per month
    • Payment handling fee for using BPAY® $1.50
    • Late Payment Fee: $40 In the event that you can’t make the minimum repayment by your agreed due date
    • Early Termination Fee: Fixed loan:
    • $500 up until the last 3 months of the loan term
    • Variable loan: No early termination fee

Click to apply for a Latitude Personal Loan

4. Citi Personal Loan — Best for Fastest Loan Processing

Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)
Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)

Whether you’re ready to consolidate your debt, finance a home project or fund a major milestone, a fixed-rate Citi personal loan can help put your plans into action.

Features of Citi Perosnal Loan

  • Loan amounts from $2,000 to $30,000
  • Fixed rates of 6.99% – 23.99% APR 1
  • Submit your application online and get a response in less than 60 seconds
  • Once approved, get funds same day to your Citi account, and up to 2 business days for non-Citi accounts, upon approval and when using direct deposit. Or, receive a check in approximately 5 business days.
  • You can repay your loan over 12, 24, 36, 48 or 60 months.

Requirements

    • Yearly income of at least $10,500. Also you are required to satisfy Citi’s creditworthiness criteria.
    • Eligible Citi deposit account open for at least twelve months
    • You may have one other Citibank Personal Loan open at time of application, as long as it has been open for at least 6 months.

Click to apply for a Citi Personal Loan

5. Harmoney Personal Loan — Best for Flexible Repayment

Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)
Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)

Harmoney is an online direct personal lender that operates across Australia and New Zealand. The company was established in 2014 to introduce peer-to-peer lending to New Zealand.

How To Borrow Personal Loan From Harmoney

  • Tell about your loan and provide some details about yourself and your finances.
  • The lending platform provides you detailed loan terms with your interest rate, borrowing limit, and repayments.
  • Accept your loan terms and provide some final details. Most loans are fully funded within 24 hours.

Features of Harmoney Personal Loan

  • All loans are unsecured
  • Rates from 5.35%¹ (comparison rate 6.14%²)
  • Your rate is fixed for the life of the loan
  • Establishment fee of $275 for loans under $5,000 ³
  • Establishment fee of $575 for loans $5,000and over ³
  • No monthly account keeping or early repayment fees
  • You can repay weekly, fortnightly or monthly.

Click to apply for a Harmoney Personal Loan

6. BOQ Personal Loan — Best for Low, Fixed Rate

Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)
Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)

Whether you’re looking to pay for your next car, wedding, holiday, consolidate your debts or you need some extra funds, BOQ low interest personal loan can help make your dreams a reality.

To apply for a BOQ Personal Loan, you must:

  • Be 18 years of age or older
  • Be applying for a loan of $3,000 or more
  • Have never been bankrupt
  • Be an Australian citizen or permanent resident
  • Have a regular, permanent income

What you’ll need for your application

  • Proof of identity
  • Employment details
  • Financial details such as income, assets, expenses and liabilities.

BOQ Fixed Rate Flexible Personal Loan gives you the certainty of knowing what your repayments will be over the course of your loan. Your repayment amount is determined at the start of the loan.

The platform don’t charge any penalties for making additional repayments or early repayment on our fixed rate loans to give you additional flexibility and to allow you to repay your loan early.

If you’re looking to purchase a car, you can lock in a lower interest rate by using your new or used car as security with their Car Loan.

Features

Set your repayments for the life of your loan
BOQ low, fixed rate personal loan gives you the certainty of knowing what your repayments will be for the life of your loan.

No penalties for additional repayments or early payout
Repay your loan sooner by making additional repayments without penalty. No break costs or early repayment costs if you repay your loan early

Flexible repayment options
Select repayment terms that suit your budget: weekly, fortnightly or monthly, on loan terms of 1 – 7 years

Borrow upwards of $3,000
Borrow a minimum of $3,000 and get started on reaching your goals now.

Click to apply for a BOQ Personal Loan

7. OurMoneyMarket Personal Loan — Best for Indirect Lenders

Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)
Top 7 Best Personal Loans In Australia (Low Interest, Minimal Fees)

With OurMoneyMarket Personal Loan, you can obtain a low rate personal loan tailored to your unique circumstances. Getting a quote is fast and easy and won’t impact your credit score.

Personal Loans from OurMoneyMarket may be used for any worthwhile purpose, such as debt consolidation, home improvement, buying a new or used car or paying for further education – whatever it is you need!

Features of OurMoneyMarket Personal Loan

Lower Interest Rates
A marketplace of people and institutions all working together to deliver you the best possible deal.

No Hidden Fees
No monthly account keeping fees, no exit fees and no early repayment fees.

Simple and Flexible
A simple fixed interest rate that can be repaid weekly, fortnightly or monthly, over 1 to 7 years. Managed entirely online, at any time.

Fast Application
A quick and easy, 100% online application. No printing. No paper. No fuss.

How to Borrow Money From OurMoneyMarket Personal Loan

Get a Free Quote
Get started with a free no-obligation quote, so you have an indication of what the loan will cost. You can instantly review the interest rate you qualify for without impacting your credit score.

5 Minute Application
Our quick and easy, 100% online application, means you can complete our loan application whenever suits you. No printing. No paper. No fuss.

1 Minute Decision
OurMoneyMarket utilises the latest credit assessment technology to give you a decision in under a minute.

Click to apply for a BOQ OurMoneyMarket Personal Loan

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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