PERSONAL LOANS

Compare personal loans with a clear view of the total cost

Understand the rate, fees, repayment term and security before taking on a personal loan for a defined expense or debt consolidation.

Talk through your personal loan

BEFORE YOU APPLY

Make the new repayment fit the wider financial picture

A personal loan can provide funds for a defined purpose, but the amount borrowed, term, fees and security all affect the final cost and future commitments.

Define the amount and purpose

Start with what the funds are for and how much is actually required. Borrowing more than needed increases both the debt and the interest paid.

Compare secured and unsecured options

A secured loan uses an eligible asset as security. An unsecured loan does not. This can affect available rates, lender criteria and the risk attached to the borrowing.

Check the complete repayment cost

Interest, establishment fees, ongoing fees, the repayment term and early payout conditions can all affect what the loan costs in total.

THE FULL COMMITMENT

Consider the loan alongside your existing debts and future plans

Lenders assess income, expenses, existing commitments, credit history and the purpose of the loan. The outcome and pricing can vary between lenders.

A personal loan also becomes an ongoing commitment in future lending assessments, including a later home-loan application.

Comparing the full loan before applying can reduce unnecessary applications and give you a clearer view of the repayment you are taking on.

Know the commitment

A Personal Loan Becomes Part of Your Wider Financial Position

The repayment needs to work alongside your existing expenses and debts. It can also affect future borrowing. We compare the rate, fees and loan term so you can see the commitment clearly before applying.

Borrower comparing personal loan options online

Comparison rate and fees

The advertised interest rate is only part of the cost. Applicable establishment, account and other fees should be included in the comparison.

Fixed or variable rate

Fixed repayments can provide certainty. Variable loans may offer different repayment features. Conditions vary, so the product needs to be checked as a whole.

Effect on future borrowing

Personal-loan repayments are generally counted as an ongoing commitment when applying for other credit and may reduce future borrowing capacity.

Professional guidance, clearly accountable

Raise Wealth Pty Ltd trading as The Digital Brokerage is a Credit Representative (553369) operating under Australian Credit Licence 389328.

FREQUENTLY ASKED

Common questions about this loan type

Clear answers to the questions clients often ask before applying.

What can a personal loan be used for?

Personal loans can be used for many defined personal expenses, including renovations, vehicles, medical costs or debt consolidation, subject to lender criteria and the purpose being acceptable.

What is the difference between a secured and unsecured personal loan?

A secured loan uses an eligible asset as security. An unsecured loan does not. This can affect available rates, lender criteria and the risk attached to the borrowing.

Can a personal loan affect future home-loan borrowing?

Yes. Personal-loan repayments are generally included as an ongoing commitment in a home-loan serviceability assessment and may reduce future borrowing capacity.

Should I compare the interest rate or the comparison rate?

Both are useful. The comparison rate includes the interest rate and certain fees, which can make it easier to compare costs, but the full fee schedule should still be reviewed.

Can I pay a personal loan out early?

Many loans allow early repayment, but fees or conditions can apply, particularly with some fixed-rate products. The loan terms should be checked before proceeding.

We can help you choose

We can help you find a loan that fits your plans

Tell us what you’re planning. We can explain your options, compare relevant lenders and help you work out your next step.

Talk with us about your loan

Our process

How to get a home loan online

Start with discovering your borrowing capacity by using our free calculator, then we can help you compare suitable lenders, organise the application online and manage the steps through approval and settlement.

Check your borrowing power

Estimate what you may be able to borrow and talk through your income, expenses, deposit and lending goals with a mortgage broker.

Start here →

Compare and apply online

We compare suitable loan options, then help you provide the information and documents needed to submit your application online.

Application underway

Approval to settlement

We coordinate lender questions, requirements and key milestones, helping keep the application moving from approval through to settlement.

On to settlement ✓

Check your borrowing power →

Loan features

Understand the Features That Shape Your Home Loan

Offset accounts, redraw, repayment options and rate structures can change how your loan works. Explore the key features and understand what they mean for you.

Explore all loan features →