Personal loan repayments over 3 years
| Loan | Rate | Monthly repayment | Total interest |
|---|---|---|---|
| $5,000 | 12% | $166 | $979 |
| $10,000 | 11% | $327 | $1,786 |
| $20,000 | 10% | $645 | $3,232 |
| $30,000 | 10% | $968 | $4,849 |
No fees. Rates are examples only. Personal loan rates vary widely with your credit score.
Interest rate vs comparison rate
Lenders in Australia must show a comparison rate next to the advertised rate. It rolls most upfront and ongoing fees into a single percentage, so you can compare loans fairly. The calculator shows an effective rate including the fees you enter, which works the same way.
Personal loans often have an establishment fee of a few hundred dollars and sometimes a monthly fee. Enter them above to see the effective rate. A $10,000 loan at 11% with a $250 upfront fee and $10 monthly fee has an effective rate well above 11%.
How to cut the cost of a personal loan
- Choose the shortest term you can comfortably afford.
- Make extra repayments if there's no early repayment fee.
- A secured loan, using a car or other asset, usually has a lower rate.
- Paying off high-interest credit cards with a lower-rate loan can save money, if you don't run the cards up again.
Remember that lenders count personal loan repayments when assessing a home loan. See the effect with the borrowing power calculator.
Common questions
How much is a $10,000 personal loan per month?
At 11% over 3 years, about $327 a month, with about $1,786 total interest, before any fees.
What is a good personal loan interest rate?
It depends on your credit history and whether the loan is secured. Borrowers with good credit can get much lower rates than those with poor credit. Compare comparison rates, not just advertised rates.
Do personal loans affect my borrowing power?
Yes. Lenders include your personal loan repayments as an expense, which reduces how much you can borrow for a home loan.
General information only, not financial or tax advice. Speak to a registered tax agent or licensed adviser about your situation.