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Personal Loan Rates Span A$3,889 to A$65,556
Nine listed lenders show a 6.55% to 21.03% average APR range, but fees, credit tiers and loan size change the real cost.
The nine listed personal loans cover an average borrowing range of A$3,888.89 to A$65,555.56, while average advertised APRs run from 6.55% to 21.03%. That spread matters more than a lender's lowest headline rate: a borrower with weaker credit may face a much higher personalised offer, and fees can push the comparison rate above the interest rate.
At the low end, Liberty Financial advertises secured loans from 5.67% p.a., while Harmoney lists secured loans from 5.66% p.a. Unsecured borrowers see starting rates from 5.76% at Harmoney, 5.95% at OurMoneyMarket and 6.17% at Plenti. The useful question is not simply which lender has the lowest number. It is which lender still makes sense after credit tier, loan amount, establishment fees and repayment term are included.
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 headline-rate leaders
As the chart shows, the lowest advertised rates sit below 6% p.a., but most are reserved for stronger credit profiles or secured borrowing. The listed data does not include lender-by-lender approval-speed figures or a credit-tier breakdown, so it cannot prove which provider approves fastest or quantify the exact penalty for bad credit. Treat those as questions to verify during a personalised quote, not as settled ranking claims.
NAB Personal Loan
NAB is not the cheapest headline rate, starting at 7.50% p.a., but its maximum of 12.99% p.a. is unusually tight beside lenders reaching 20% or more. That cap can matter more than a low teaser rate if your credit profile is not pristine. According to NAB's website, the application fee is currently waived until 30 July 2026, but the A$15 monthly account fee remains. The maximum loan is A$55,000, below Liberty's A$80,000 and OurMoneyMarket's advertised A$100,000. Best for borrowers who want a major-bank branch network, up to seven years to repay and more certainty about the upper end of the rate range.
Best for Bad Credit
NAB Personal Loan
Est. APR: 7.5%
Liberty Financial Personal Loan
Liberty has the lowest secured starting rate in this comparison at 5.67% p.a. and offers unsecured loans from 6.30% p.a., according to its official personal-loans page. The lender also allows borrowing up to A$80,000, more than NAB or CommBank, and describes its criteria as flexible for non-standard borrower profiles. That does not mean every applicant receives the advertised rate: Liberty states that rates are personalised, and secured borrowing puts an asset at risk if repayments fail. Best for borrowers who may not fit a traditional bank's profile and can accept either security requirements or a potentially higher personalised rate.
Lowest APR
Liberty Financial Personal Loan
Est. APR: 5.67%
Liberty's lower floor comes with a structural condition: the cheapest figure is tied to secured lending. NAB's higher starting rate buys a narrower published ceiling and a bank branch network. If you are comparing offers, ask both lenders for the same amount and term, then compare the total repayment rather than the rate alone.
Digital lenders and fee trade-offs
The remaining six picks show why a low rate is only one part of the calculation. Several fintechs advertise rates below the major banks, yet establishment fees of up to 6% may apply. On a A$10,000 loan, a 6% establishment fee would equal A$600 before interest; the exact fee depends on the approved offer, so confirm it in the quote.
Commonwealth Bank Personal Loan
CommBank starts unsecured personal loans at 7.25% p.a. and offers fixed and variable options, but the representative rate reaches 16.25% p.a. Its A$250 establishment fee and A$15 monthly service fee make the advertised floor less useful for a small loan, where fixed charges consume a larger share of the borrowing. The bank does offer secured car lending from 6.79% p.a. and an EV programme from 5.79% p.a., according to its official page. Best for existing CommBank customers who value in-app management and need a mainstream lender rather than the lowest possible unsecured rate.
Editor's Pick
Commonwealth Bank Personal Loan
Est. APR: 7.25%
Plenti Personal Loan
Plenti's unsecured starting rate of 6.17% p.a. is below the major-bank floors, and the lender advertises funding within 24 hours of approval. The zero monthly-fee and zero early-repayment-fee structure is helpful for borrowers who may pay the loan off early, but an establishment fee of 0% to 6% may apply. Plenti's own page currently displays a 5.95% starting figure, so check the live quote rather than relying on an older comparison entry. Best for good-credit borrowers who want a fully online process, no ongoing fee and borrowing up to A$75,000.
Fastest Approval
Plenti Personal Loan
Est. APR: 6.17%
Westpac Personal Loan
Westpac's 7.00% to 21.99% p.a. range is one of the widest in the group, and its median rate is listed at 16.49% p.a. That gap tells you the lowest figure is not representative of every borrower. The A$250 establishment fee and A$15 monthly account fee further weaken the case for a small loan, although variable unsecured loans have no early exit fee. Westpac says online applicants can receive a response in 60 seconds, but that is a response time, not a funding guarantee. Best for existing Westpac customers or EV buyers comparing the lender's 6.49% electric-car rate.
Most Flexible
Westpac Personal Loan
Est. APR: 7.0%
OurMoneyMarket Personal Loan
OurMoneyMarket starts at 5.95% p.a. and lists no ongoing monthly fee or early-exit fee, which keeps the recurring cost simple. The lender's page also advertises borrowing up to A$100,000, the largest maximum in this set, but its maximum term is five years rather than the seven years available from several banks. A shorter term reduces total interest but raises the monthly repayment, so use a calculator before choosing the larger limit. Best for strong-credit borrowers who need a larger unsecured amount and can handle higher monthly payments over five years.
Best for Large AmountsOurMoneyMarket Personal Loan
Est. APR: 5.95%
ING Personal Loan
ING begins at 6.19% p.a. and offers fixed-rate loans from A$5,000 to A$60,000 over one to seven years. The comparison rate starts at 7.03% p.a., showing that fees add to the advertised interest rate. There is no early repayment fee, but borrowers give up a variable-rate option and branch access. ING's online response promise is useful for rate shopping, yet the available data does not establish that it approves faster than Plenti or Harmoney. Best for borrowers who want a fixed rate from a bank brand and prefer handling the application online.
ING Personal Loan
Est. APR: 6.19%
ANZ Personal Loan
ANZ offers fixed and variable loans from 7.49% p.a. for A$5,000 to A$75,000, with terms of one to seven years. That starting rate is higher than ING, Plenti and the specialist fintechs, while fees and an early-repayment adjustment on fixed loans can raise the total cost. Its advantage is choice: borrowers can compare fixed and variable structures through an established bank with branch support. Best for existing ANZ customers who value face-to-face service and need a seven-year term more than the lowest advertised rate.
Most Flexible
ANZ Personal Loan
Est. APR: 7.49%
The digital lenders look cheaper on the surface, but the fee structure decides many smaller loans. Plenti and OurMoneyMarket avoid ongoing monthly fees, while ING's comparison rate makes its added cost visible. For a larger loan, a one-off establishment fee may represent a smaller percentage of the balance; for a A$4,000 loan, it can materially change the result.
One data point is missing and should not be guessed: the listings do not publish comparable approval-time statistics. Harmoney says applicants can receive up to A$100,000 in as little as nine minutes, while Plenti advertises funding within 24 hours of approval. Those are different milestones, so neither proves it is the fastest from application to money in your account.
The online rate leader has a sharp downside
Harmoney's unsecured starting rate is 5.76% p.a., while secured loans start at 5.66%, and its online page says quotes do not affect the applicant's credit score. The problem is the upper end: higher-risk borrowers may face rates up to 24.03%, above the 21.03% average maximum in the nine-listing dataset. That is the clearest warning against treating the lowest advertised rate as a likely offer.
Harmoney Personal Loan
Harmoney has the lowest listed unsecured starting rate at 5.76% p.a. and offers a fully online quote without affecting the credit score, according to its official page. It also advertises secured lending from 5.66% and borrowing up to A$70,000. The downside is material: establishment fees apply, and higher-risk borrowers may receive rates as high as 24.03%. Best for good-to-excellent-credit borrowers who want a digital application and can verify the full personalised rate before accepting, not for anyone assuming the 5.76% figure is widely available.
Lowest APR
Harmoney Personal Loan
Est. APR: 5.76%
What the numbers mean for your application
Bad credit is not automatically a barrier, but it is expensive. The listings include flexible-criteria language from Liberty and a 12.99% maximum published rate from NAB, yet they do not provide a controlled comparison by credit tier. Do not assume a lender accepts bad credit simply because it advertises a broad range. Ask for the personalised rate, comparison rate, establishment fee and monthly repayment before submitting a full application.
Larger loans are not automatically cheaper per dollar. The data shows maximum amounts, not a fee schedule proving a lower unit cost at higher balances. A flat A$250 fee represents 6.25% of a A$4,000 loan but only 0.5% of A$50,000, before interest; percentage-based fees can reverse that advantage. Use the same loan amount and term across at least three quotes.
Fast approval claims need careful reading. Plenti's 24-hour statement refers to funding after approval, Harmoney's nine-minute claim refers to the online process, and Westpac's 60-second statement refers to a response. Compare like with like: application decision, unconditional approval and funds received are separate stages.
For a good-credit borrower chasing the lowest unsecured starting rate, Harmoney, OurMoneyMarket and Plenti deserve the first quotes. For a borrower worried about a high rate, NAB's 12.99% cap is more meaningful than a teaser rate, subject to eligibility and fees. For a secured loan, Liberty and Harmoney publish the lowest starting figures. Before applying, calculate the monthly repayment, add every listed fee, and check the comparison rate on the lender's current page.
Source pages: NAB personal loans, Liberty Financial personal loans, Plenti personal loans and Harmoney personal loans.