Personal loan broker
for Australian borrowers

A comparison table ranks products. A personal loan broker reads your situation against lender policy first, so you apply once to a lender likely to say yes rather than three times to find out who will.

One application, not six

The value of a personal loan broker is not a magic rate. It is not collecting declines while you find out who lends to someone in your position.
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Lenders on our panel
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Loan products we can compare
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Credit enquiry, not six
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Cost to you for arranging your finance
We are paid a commission by the lender when a loan settles, and that is disclosed to you in writing before you commit. Lender and government fees can still apply and are set out in your loan documents.

What a personal loan broker does that a comparison table cannot

Comparison sites sort products. Lenders assess people. Those are different problems.
A comparison site can tell you which personal loan costs least on paper. What it cannot tell you is whether the lender behind that product will approve someone with your income type, your credit history and your existing commitments. Two people can look at the same table, apply to the same lender on the same day, and get opposite answers, because the table never saw their file.
A broker works the other way round. We start with your circumstances, match them against the credit policy of the lenders on our panel, and only then look at pricing among the lenders that would realistically take you. That ordering matters more than it sounds, because every application you lodge is recorded on your credit file whether it succeeds or not.

We read policy, not just price

Lenders publish rates. They do not publish the rules that decide who gets them. Knowing which lender accepts casual income, which counts overtime, and which will not touch a file with a recent enquiry is the part you cannot look up.

We shortlist before you apply

You see suitable options side by side with the differences explained in plain terms, and you choose. Nothing is lodged anywhere until you say so.

We handle the application

We prepare it, submit it, answer the lender’s questions and keep you updated through to settlement. If something is going to be a problem, you hear it from us early rather than as a decline three weeks later.

Secured or unsecured? Start here

The first fork in the road, and the one that moves the cost of the loan most.
Unsecured personal loanSecured personal loan
What backs itNothing. The lender relies on your credit history and incomeAn asset you own, usually a vehicle or a term deposit
Typical pricingPriced higher, because the lender carries more riskUsually priced below the unsecured equivalent
What is at riskYour credit file and your obligation to repayThe same, and the asset itself if you default
Amount availableGenerally smallerGenerally larger, tied to the asset’s value
TermOften shorterOften longer
Where it fitsSmaller amounts, no suitable asset, or you would rather not tie one upLarger amounts, or where the lower cost justifies pledging the asset
Neither is better in the abstract. Pledging a car to reduce the interest is sensible if you were always going to keep the car and your income is steady. It is a poor trade if your income is uncertain, because a default then costs you the asset as well as the credit file damage. If the asset in question is a vehicle you are buying, a dedicated car loan is usually cheaper again than a secured personal loan.

Interest rate, comparison rate, and why this page shows neither

The single most useful number in Australian consumer lending, and the reason we will not quote you one before we know your circumstances.
An interest rate tells you what is charged on the balance. A comparison rate folds the interest rate together with most mandatory fees into one percentage, so two loans advertising the same headline rate can be told apart. Australian law takes it seriously: under Part 10 of the National Credit Code a credit provider advertising fixed term credit for personal, domestic or household purposes must include a comparison rate, and an advertisement stating an interest rate must carry one. You can read the requirement in ASIC’s guidance on the National Credit Code.
Two limits are worth knowing. A comparison rate is calculated against a standardised reference loan set by the regulations, not against your loan, so on a different amount or term the real figure will differ. And it excludes government charges and costs that are only triggered in particular circumstances, such as an early payout fee. It is the right first filter and the wrong last word.
That is why you will not find a rate on this page. Any number we published would be an advertised rate for a borrower who does not exist, and under responsible lending obligations the rate you are actually offered depends on your file. What we can do is model the real figure once we know the amount and term. Our comparison rate calculator will show you how much a fee-heavy product costs against a cleaner one at the same headline rate.

The fees that decide the real cost

Most of these sit inside the comparison rate. Two of the most expensive do not.
FeeWhen it bitesWhat to watch
Establishment or applicationOnce, at the startA flat fee hurts a small loan far more than a large one
Monthly or annual service feeEvery month for the life of the loanTen dollars a month over five years is six hundred dollars
Early payout or break costOnly if you pay the loan out ahead of scheduleExcluded from the comparison rate, so check it separately
Missed or late paymentOnly if something goes wrongAlso outside the comparison rate
Security registrationSecured loans, onceA government charge on the personal property register
The practical test on a personal loan is the gap between the advertised rate and the comparison rate. A wide gap means the fees are doing a lot of work, and on a smaller loan a flat establishment fee can matter more than a difference of half a percent in the rate. Before a contract is signed the lender must disclose the fees and charges to you in writing, so read that document rather than the advertisement.

How much can you borrow, and over how long?

Three things set the ceiling, and only one of them is your salary.

Surplus, not income

A lender works out what is left after your living expenses and your existing commitments, then asks whether the new repayment fits inside it with room to spare. A high income with high commitments can produce a lower limit than a modest income with none.

Limits, not balances

Credit card and overdraft limits are counted at the limit, not at what you owe. An unused $15,000 card can reduce what you can borrow by several times that. Reducing or closing cards before applying is often the fastest way to lift the number.

Security and term

A secured loan generally reaches higher than an unsecured one, and a longer term lowers the repayment so more fits inside your surplus. That is also how a longer term quietly increases the total interest you pay.
Larger amounts are where the structure question gets interesting. Past a certain size, a personal loan stops being the least expensive way to borrow and refinancing a home loan to release equity becomes the better comparison, because the pricing is lower even though the term is much longer. If the borrowing is for a business rather than for you personally, a business loan is assessed differently again and the interest may be deductible.
Want a figure before you speak to anyone? The borrowing power calculator gives a rough capacity and the loan repayment calculator will show you what a given amount costs per month across different terms.

What people use a personal loan for

And, in several of these, what to weigh it against first.

Consolidating debt

Replacing several balances with one repayment. The most common reason people call us and the one with the most fine print. There is a section on it below.

A vehicle outside dealer finance

A private sale, an older car, a motorbike or a caravan that a dealer package will not cover. Compare it against car finance first, because a loan secured by the vehicle is usually priced lower.

Home improvements without touching the mortgage

For a smaller project a personal loan can cost less overall, because you are not spreading the cost across twenty-five years. For a larger one the opposite is usually true and a construction or renovation loan is the better fit.

Medical, dental and veterinary costs

Including procedures that private health does not cover, or covers only in part.

A wedding, a funeral, a relocation

Life events that arrive with a fixed date and a fixed bill. The question worth asking is what the repayment looks like for the next three years, not what the limit is today.

Tax bills, school fees and one-off costs

Where the timing of the bill and the timing of your income do not line up. Compare it against a payment plan from the provider first, because the plan is sometimes cheaper.

Debt consolidation, including the part most pages leave out

A lower monthly repayment and a lower total cost are not the same thing.
Consolidation replaces several debts with one. The repayment usually falls, because the balance is spread over a longer term. That is genuinely useful when the problem is cash flow, and one payment is genuinely easier to manage than five. Nobody disputes that part.
The trap is the term. Move a two year credit card balance onto a five year loan and the monthly figure improves while the total interest paid can rise, not fall. Roll it into a home loan running twenty-five years and that effect is larger again, even though the rate is much lower. The number to compare is the total cost over the life of the loan. Our credit card calculator will show you what a balance costs if you simply pay it down instead.
The second trap is behavioural, and lenders know it. Consolidating card debt clears the cards, and a cleared card can be used again. A year later some people are carrying the consolidation loan and fresh card balances. This is why many lenders will require the cards to be closed or the limits reduced as a condition of approval, and why we will ask you about it before they do.
If you own property there is a third option worth pricing, which is refinancing your home loan to absorb the debt at home loan pricing. It is cheaper per month and usually more expensive over the full term, and it converts unsecured debt into debt secured against your home. That is a real trade-off, not a technicality, and it deserves a conversation rather than a calculator.

What a lender actually assesses

Four things, and only one of them is your income.

Income and how stable it is

Not just the amount, but whether it continues. Salaried employment reads differently to casual work, contracts, commission and self-employment, and lenders differ widely in how they treat each one.

What you already owe

Card and overdraft limits count whether or not you use them. Buy now pay later accounts, car loans, HECS or HELP and any guarantee you have given for someone else all get counted.

Your credit file

Two years of repayment history plus enquiries, defaults and hardship arrangements. Australia’s credit reporting bodies are Equifax, Experian and illion, each of which scores on its own scale, so your number can differ between them. You can request your own report for free, and it is worth doing before you apply rather than after a decline.

Living expenses

Responsible lending obligations require a lender to be satisfied a loan is not unsuitable for you, which means verifying what you actually spend. Understating expenses does not help; it usually just adds a round of questions and delays the assessment.
None of this is a reason to avoid applying. It is a reason to get the picture straight first, because the same set of facts produces different answers at different lenders.

If you have already been declined

The worst next move is applying to whoever is next on the list.
A decline reflects one lender’s credit policy against your circumstances on that day. It is not a verdict from the market, and it does not appear on your credit file as a decline. What does appear is the enquiry, and a cluster of enquiries in a short period makes the next lender more cautious rather than less. That is the mechanism that turns one knock-back into several.

Find out why first

Was it the income type, the existing limits, a listing on the file, or simply the amount against the term? Each has a different fix, and some of them take a few months rather than a few days.

Check the file itself

Errors are more common than people expect, and a listing that should not be there can be disputed. If your file needs work before it will support an application, our credit check and repair page covers what can and cannot be done.

Then choose the lender deliberately

Specialist lenders write business the major banks will not, on different terms. Whether that trade is worth taking depends on the amount, the purpose and how long you need it for, which is exactly the conversation to have before the next application.
If someone promises you approval regardless of your history, be careful. Nobody can promise that in advance, and under Australian credit law a lender must assess whether the loan is unsuitable for you before it can approve it.

When you need a broker, and when you do not

Most personal loan pages will not tell you the first half of this.

Go direct, honestly

If you are on a stable salary, have a clean credit file, want a modest amount and your own bank has a competitive offer, you may not need us. Compare on the comparison rate, read the fee schedule, and apply. We would rather say that than take up your afternoon.

Call a broker instead

If you are self-employed, on contract, on commission or on variable income. If you have a default, an arrangement or a recent decline. If you are consolidating and are not certain it is the right move. If the amount is large enough that the structure question matters.

Why the second list matters

In those situations the difference between lenders is not a fraction of a percent, it is yes against no. Working out who is likely to say yes before you apply is the entire job, and it costs you nothing.
Looking for a personal loan broker in Adelaide? That page covers the local side: how long an approval actually takes, what to do after a decline, and when a broker is worth involving at all. Everything on this page applies nationally either way.

How it works

Three steps, and no cost to you for arranging the finance.

1

Talk it through, 30 minutes

By phone, video or in person. We work out the amount, the purpose, what your income looks like on paper and what you already owe. Nothing is lodged anywhere and there is no cost.

2

We shortlist from the panel

We match your circumstances to the lenders whose policy fits them, then show you the suitable options with the comparison rate, the fees and the term set out side by side. You choose.

3

Application through to settlement

We prepare and lodge it, deal with the lender’s questions, and keep you updated at each step. If the lender wants a card closed or a document explained, you hear it from us.
Still got questions?

Personal loan questions, answered

What does a personal loan broker actually do?

We review your income, your existing commitments and your credit position, work out which lenders on our panel have credit policy that fits, and put the suitable options in front of you with the comparison rate, fees and term explained. You choose. We then prepare and lodge the application and handle the lender’s questions through to settlement.

In most cases no. We are paid a commission by the lender when a loan settles, and that is disclosed to you in writing before you commit to anything. Lender fees such as establishment and monthly service charges can still apply and are set out in your loan documents.

A comparison rate combines the interest rate with most mandatory fees into one percentage, so two loans advertising the same headline rate can be told apart. Under the National Credit Code a credit provider advertising fixed term credit for personal, domestic or household purposes must include one. It is calculated on a standardised reference loan rather than on yours, and it excludes government charges and costs like early payout fees, so treat it as the first filter rather than the final answer.

Because the rate you would actually be offered depends on your credit file, your income and the lender, and a number published here would describe a borrower who does not exist. Once we know the amount, the term and your circumstances we can model the real figures across the lenders that would consider you.

A secured loan is backed by an asset you own, usually a vehicle or a term deposit. Because the lender can recover the asset on default, secured loans are generally priced lower and allow larger amounts. An unsecured loan has no asset behind it, so the lender relies on your credit history and income and prices accordingly. The trade-off is that a default on a secured loan can cost you the asset as well.

It depends on your surplus after living expenses and existing commitments, on whether the loan is secured, and on the term. Credit card and overdraft limits count against you at the limit rather than the balance, which surprises people, so an unused card can reduce your capacity substantially. We will give you a realistic figure before you plan around one.

Usually yes, and which lender you approach matters more than anything else. Lenders differ on how many years of financials they want, whether one year is acceptable, and what they add back to your income. Some will look at BAS or accountant-prepared figures. Matching your paperwork to a lender that reads it favourably is the work.

Each application is recorded as an enquiry on your credit file, and several enquiries in a short period make later lenders more cautious. The enquiry itself is normal; a cluster of them is the problem. That is the practical argument for working out where you fit before applying rather than applying widely and seeing what happens.

Sometimes, and the honest answer turns on the term. Consolidation usually lowers the monthly repayment because the balance is spread over longer, which helps when the problem is cash flow. But a longer term can mean more total interest even at a lower rate. Compare the total cost over the life of the loan rather than the monthly figure, and think about whether the cleared cards will stay cleared.

Often, but not by applying to the next lender on a list. A decline reflects one lender’s policy against your circumstances, not the whole market, and it does not appear on your file as a decline, although the enquiry does. The useful step is working out why it happened, because that changes which lenders are worth approaching and whether waiting a few months would produce a different result.

Usually yes, though the detail depends on the product. Variable rate personal loans often allow extra repayments and early payout without penalty, while fixed rate loans can carry a break cost. Early payout fees sit outside the comparison rate, so check them separately. If paying it off early is likely, tell us at the start, because it changes which product suits you.

For a smaller amount over a few years a personal loan is often cheaper overall, because the cost is not spread across decades. For a larger amount, refinancing is usually cheaper per month and more expensive over the full term, and it converts unsecured debt into debt secured against your home. Both figures are worth seeing before you decide.

Most lawful personal purposes: consolidating debt, a vehicle, home improvements, medical costs, a wedding or a relocation. Some lenders restrict specific uses and some price by purpose, so it is worth telling us what the money is for rather than leaving it open.

Tell the lender early rather than late. Under Australian credit law you have a right to ask your credit provider for a hardship variation, and if the request is refused you can take the matter to the Australian Financial Complaints Authority. Missed payments are recorded on your credit file, so an arrangement made in advance is almost always better than one made afterwards.

Find out where you stand

A free 30 minute conversation, no obligation, and nothing lodged anywhere until you say so. Call 1800 237 537 or book a time that suits you.

Important information about this page

Broker services are provided at no cost to you in most cases, as we are paid a commission by the lender. Lender and government fees may apply and are set out in your loan documents. Eligibility, amounts, terms and rates vary by lender and by individual circumstances and are subject to change. Lenders shown are those available through our panel, and displaying a lender does not mean every product from that lender is available to every applicant.
This page is general information only. It does not take your objectives, financial situation or needs into account, and it is not tax or legal advice. Personal lending to consumers is regulated under the National Consumer Credit Protection Act and the National Credit Code, and a credit provider must assess whether a loan is unsuitable for you before it can be approved. Loanity is a credit representative and can provide credit assistance once we understand your circumstances. Green Idea Pty Ltd, Credit Representative Number 576678, is an authorised representative of Red Rock Brokers Group Pty Ltd, Australian Credit Licence 405961.