All calculations run in your browser. No login required. · Updated for AY 2026-27
🇮🇳 India
🇮🇳 India · INR 🇺🇸 USA · USD Soon 🇨🇦 Canada · CAD Soon 🇦🇺 Australia · AUD

Personal Loan Calculator Australia — Repayments & Comparison Rate 2026

Last updated: Reviewed by Emma Hartley, CFP
Australian **personal loan rates** range from approximately 7.5–8.5% for secured loans to 10–16% for unsecured loans from banks and credit unions. Credit card debt at 18–22% can often be consolidated into a personal loan at a lower rate — saving thousands in interest. This calculator shows monthly repayments, total interest, and the estimated comparison rate (which includes fees) for any personal loan. Enter your loan amount, rate, term, and establishment fee to see the true cost before you apply.
Personal Loan Calculator Australia
Amount you need to borrow
Average unsecured personal loan rate ~10–15% in Australia
Typical personal loan terms: 1–7 years
One-off upfront fee charged by most lenders ($0–$500)
Monthly Repayment —
Total Repayments —
Total Interest Paid —
Comparison Rate (est.) —
Total Cost of Loan —
View Year-by-Year Breakdown
Year-by-year growth breakdown

Real-World Examples — 2026

$20,000 personal loan — 3 years at 11.5%

Borrowing $20,000 at 11.5% over 3 years with a $250 establishment fee. Monthly repayment: approximately $660. Total repayments over 3 years: $23,760. Total interest: $3,760. Add establishment fee: total cost of loan is approximately $4,010, or 20% of the loan principal over 3 years.

Credit card consolidation — $15,000 at 20% vs personal loan at 11.5%

Consolidating $15,000 of credit card debt (20% p.a.) to a 3-year personal loan at 11.5%. Credit card minimum payments take approximately 11 years to repay and cost approximately $16,000 in interest. The personal loan takes exactly 3 years and costs approximately $2,820 in interest — saving approximately $13,000 and 8 years of repayments.

Frequently Asked Questions

As of May 2026, personal loan interest rates in Australia range from approximately 7.5–8.5% for secured personal loans (car, asset-backed) to 10–16% for unsecured personal loans from banks and credit unions, and up to 25–30% from some online lenders. The RBA cash rate of 4.10% influences but does not directly set personal loan rates. Always compare the comparison rate (includes fees) rather than just the advertised rate.

The comparison rate combines the annual interest rate with the effect of standard fees (establishment fee, monthly fee) into a single percentage. It is expressed as an annual rate for a $30,000 loan over 5 years (the standard Australian comparison rate basis). The comparison rate makes it easier to compare the true cost between lenders. Fees not included in the comparison rate (such as redraw fees or early repayment charges) must still be checked separately.

Yes. Most Australian personal loans allow early repayment, and there is generally no early repayment penalty on variable rate personal loans. Fixed rate personal loans may have a break cost if you repay early. Always check the loan's terms and conditions — some lenders charge an early exit fee. Making extra repayments reduces your loan balance and the interest charged on it.

Australian lenders use credit scores from agencies including Equifax, Experian, and Illion. Most bank personal loans require a credit score of 625+ (out of 1,200 on the Equifax scale). Lower credit scores typically result in higher interest rates or loan rejection. Australians can obtain a free credit report annually from Equifax, Experian, and Illion.

Debt consolidation can be worthwhile if the personal loan rate is lower than the debts being consolidated. Credit card interest rates in Australia average 18–22%. Consolidating $20,000 in credit card debt at 20% into a personal loan at 11% saves approximately $9% per year on interest, plus simplifies repayments to one lender. However, extending the repayment term can increase total interest paid — calculate both scenarios before consolidating.