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Australian Personal Loans Compared: Rates, Fees and Fit
Harmoney starts at 5.76% p.a., while NAB caps rates at 12.99%. Compare fees, loan sizes and repayment trade-offs before applying.
Quick Picks
Best overall: Harmoney Personal Loan for borrowers with strong credit who want the lowest advertised unsecured rate.
Best for fast digital lending: Plenti Personal Loan, with funding within 24 hours of approval and no monthly fees.
Best for rate certainty: NAB Personal Loan, whose published rate range tops out at 12.99% p.a.
Best for non-standard applicants: Liberty Financial Personal Loan.
Rates below are advertised starting points, not promises. The lender may price your application higher after assessing your credit history, income and expenses.
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.
The market has split into two very different loan groups
The sharpest advertised rates now sit below 6% p.a., but they are aimed at borrowers with stronger credit profiles. At the other end, personalised pricing can reach 20% or more, so the headline rate tells only half the story.
Fees are the second dividing line. Plenti lists no monthly or early repayment fees, while NAB charges A$15 a month. ING's advertised 6.19% p.a. rate comes with a 7.03% comparison rate, showing how fees can change the real cost.
Digital applications are now standard across the group. Branch access is the exception, not the rule: NAB, Westpac, ANZ and CommBank retain physical networks, while the fintech lenders focus on online applications and rapid rate checks.
For current terms, compare the figures with the lenders' own pages: Harmoney's personal loan page, Plenti's personal loan page and NAB's personal loan page.
Lowest advertised rates, with the strictest pricing assumptions
The cheapest starting rates in this comparison belong to Harmoney, Liberty and OurMoneyMarket. That does not mean they will be cheapest for every applicant. Establishment fees and personalised risk pricing can erase the headline advantage, especially on smaller loans.
Harmoney Personal Loan
Harmoney has the lowest advertised unsecured rate here at 5.76% p.a., with secured lending from 5.66% p.a. and loans up to A$70,000. The rate check does not affect your credit score, which makes comparison less costly at the first stage. The uncomfortable part is the range: higher-risk borrowers may face rates up to 24.03%, and an establishment fee applies. I'd choose this ahead of ING or Westpac for a borrower with good to excellent credit who wants the lowest possible starting rate, but I would not assume the quote will match the headline.
Lowest APR
Harmoney Personal Loan
Est. APR: 5.76%
Liberty Financial Personal Loan
Liberty's unsecured rate starts at 6.30% p.a., while secured loans start at 5.67% p.a. That secured pricing is close to Harmoney's lowest figure, and the borrowing limit reaches A$80,000, higher than both Harmoney and ING. The lender's flexible criteria may help applicants who sit outside a traditional bank's preferred profile, but the rate remains personalised and can rise for riskier borrowers. This suits an applicant with a non-standard income or credit history who can provide security and wants more than A$60,000.
Best for Bad Credit
Liberty Financial Personal Loan
Est. APR: 5.67%
OurMoneyMarket Personal Loan
OurMoneyMarket starts at 5.95% p.a. and lists no ongoing monthly or early exit fees, which makes its cost structure cleaner than NAB's A$15 monthly charge. The limitation is term length: five years maximum, compared with seven years at most banks. An establishment fee of 0–6% may apply, so a small loan can become expensive even when the comparison rate matches the advertised interest rate. This is a better fit for a strong-credit borrower who can handle higher monthly repayments over five years.
OurMoneyMarket Personal Loan
Est. APR: 5.95%
Plenti Personal Loan
Plenti combines a 6.17% p.a. starting rate with no monthly fees and no early repayment fees. Its published process includes a 60-second rate estimate and funding within 24 hours of approval, which gives it a practical edge over lenders that only advertise a fast response. The establishment fee can reach 6%, however, and higher-risk borrowers will not receive the starting rate. For a borrower with good credit who wants a fully online application, quick funding and the ability to clear the balance early, Plenti is easier to justify than a fee-heavy bank loan.
Fastest Approval
Plenti Personal Loan
Est. APR: 6.17%
ING Personal Loan
ING starts at 6.19% p.a. and lends A$5,000 to A$60,000 over one to seven years. The no-early-repayment-fee policy is useful if you expect to make extra payments, but the 7.03% comparison rate is the figure to inspect rather than the 6.19% headline. ING also lacks a branch network and does not offer a variable rate. It suits an existing digital-banking customer who wants a fixed repayment schedule, needs at least A$5,000 and values a familiar bank brand more than the absolute lowest rate.
Editor's Pick
ING Personal Loan
Est. APR: 6.19%
NAB Personal Loan
NAB begins at 7.50% p.a., higher than every fintech starting rate in this group, but its published range ends at 12.99% p.a. That ceiling matters more than the entry rate for applicants who may not qualify for top-tier pricing elsewhere. The A$15 monthly account fee adds A$540 over a three-year term, although NAB is waiving its A$250 application fee until 30 July 2026 according to its website. This is the bank I would compare first if your credit is merely adequate rather than excellent and you want a clearer upper limit on the interest rate.
Most Flexible
NAB Personal Loan
Est. APR: 7.5%
The first group rewards careful rate shopping, but the lowest advertised number is not automatically the lowest total cost. A 6% loan with a 6% establishment fee can lose to a slightly higher-rate loan with no upfront charge, particularly when you borrow only A$5,000.
Big-bank lending: higher entry rates, more predictable support
Major banks are rarely the rate leaders in this list. They can still make sense for borrowers who want branches, existing-account integration or a narrower published rate range. The key is to calculate the monthly fee and compare the total repayment, not just the p.a. figure.
Westpac Personal Loan
Westpac's unsecured rates run from 7.00% to 21.99% p.a., and its representative rate is 16.49% p.a. That spread tells you the 7% starting point is reserved for a narrow slice of applicants. A A$250 establishment fee and A$15 monthly account fee also push the comparison rate as high as 23.28%. The exception is vehicle finance: electric car loans start at 6.49% p.a. This makes Westpac more relevant to an existing customer buying an EV than to someone seeking a general-purpose cash loan.
Best for Large Amounts
Westpac Personal Loan
Est. APR: 7.0%
ANZ Personal Loan
ANZ offers both fixed and variable personal loans from 7.49% to 19.99% p.a., with borrowing up to A$75,000 and terms of one to seven years. The variable option gives more flexibility than ING, while the branch network is useful if you prefer face-to-face support. Fixed borrowers should check the early repayment adjustment before signing, and fees may apply. I would place ANZ ahead of CommBank for someone who specifically wants a choice between fixed and variable repayments, but below the fintech lenders on advertised starting rate.
Most Flexible
ANZ Personal Loan
Est. APR: 7.49%
Commonwealth Bank Personal Loan
CommBank starts at 7.25% p.a. for personal loans and offers fixed and variable structures, plus secured car lending from 6.79% p.a. Eligible electric-car buyers may access a 5.79% p.a. EV Access rate, which changes the comparison substantially for that narrow use case. General unsecured loans carry a A$250 establishment fee and A$15 monthly service fee, while the representative rate is 16.25% p.a. This belongs on the shortlist of an existing CommBank customer who wants app-based repayment management, not someone chasing the lowest general personal-loan cost.
Best for Large Amounts
Commonwealth Bank Personal Loan
Est. APR: 7.25%
Big-bank convenience has a price. Westpac, ANZ and CommBank all publish starting rates above the cheapest fintech offers, and their fees need to be included in any calculator. Their advantage is practical rather than purely mathematical: branch access, established support channels and, in some cases, specialised car-loan pricing.
How to compare the real cost
Start with the amount you need and the term you can genuinely afford. A longer term lowers the monthly repayment but increases total interest. Then add establishment fees, monthly account fees and any early repayment adjustment.
For example, NAB's A$15 monthly fee adds A$540 over 36 months. That does not make NAB automatically expensive, because its maximum published rate is 12.99% p.a.; it simply shows why a rate-only ranking can mislead.
Ask each lender three questions before applying:
- What rate range could apply to my credit profile?
- What is the comparison rate after all standard fees?
- Can I make extra repayments or repay early without an adjustment?
A soft rate check is useful, but it is not approval. A full application can still affect your credit file, so compare likely costs before submitting several applications.
Final comparison
| Lender | Advertised rate | Maximum loan | Key cost or limitation | Best for |
|---|---|---|---|---|
| Harmoney | From 5.76% p.a. | A$70,000 | Establishment fee; up to 24.03% for higher-risk borrowers | Strong-credit applicants chasing the lowest unsecured rate |
| Liberty Financial | From 5.67% secured; 6.30% unsecured | A$80,000 | Personalised pricing; terms limited to 3, 5 or 7 years | Non-standard borrowers or secured-loan applicants |
| OurMoneyMarket | From 5.95% p.a. | A$75,000 listed in the comparison data | 0–6% establishment fee; five-year maximum | Good-credit borrowers who want no ongoing fee |
| Plenti | From 6.17% p.a. in the comparison data | A$75,000 | 0–6% establishment fee may apply | Fast online funding with no monthly fee |
| ING | From 6.19% p.a. | A$60,000 | 7.03% comparison rate; fixed only | Digital bank customers wanting fixed repayments |
| NAB | 7.50%–12.99% p.a. | A$55,000 | A$15 monthly fee; application fee waiver until 30 July 2026 | Applicants who value a published rate ceiling and branches |
| Westpac | 7.00%–21.99% p.a. | A$50,000 | A$250 establishment fee and A$15 monthly fee | Existing customers or EV buyers |
| ANZ | 7.49%–19.99% p.a. | A$75,000 | Fees may apply; fixed-loan repayment adjustment | Borrowers wanting fixed or variable choices |
| CommBank | From 7.25% p.a. | A$50,000 | A$250 establishment fee and A$15 monthly fee | Existing customers wanting app management |
My shortlist is simple: choose Harmoney if your credit is strong and the personalised quote confirms the advantage. Choose Plenti if speed and no ongoing fees matter more. Choose NAB if you are concerned about being pushed into a 20%+ rate elsewhere. For an EV, check CommBank and Westpac's specialised pricing before taking a general personal loan.
The advertised rate is only the opening calculation. The comparison rate, upfront fee, monthly charge and repayment flexibility decide what the loan really costs. For a broader look at how repayment totals can vary, read Personal Loan Rates Span A$3,889 to A$65,556.