Keen for a post-lockdown adventure? These personal loans might help you fund one
As vaccination rates around the country continue to grow, various states are looking down the barrel of freedom… and it’s time to get ready for it.
Whether it’s wedding plans, home renos, a brand new car or even a holiday, your post-lockdown big purchase may be on the near horizon.
That’s where a personal loan might come in handy. It’s important to find the right personal loan for you and your lifestyle. It’s always worth putting in the time to seek out a loan with rates and fees that fit your budget.
Right now, the average unsecured personal loan rate sits at 9.56%, while the average secured loan rate is a lower 7.54% in the Mozo database.
And if you are looking to make a post-lockdown vehicle purchase, you may be interested to know that the average new car loan rate in the Mozo database is currently 6.05% and for used cars it's 6.59%.
So which lenders are offering better than average rates? Check out these low rate loan options below but be mindful that to secure these rates you’ll need a top credit score!
Compare low rate personal loans
NOW Finance No Fee Personal Loan
- Fixed rates from 5.95% p.a. (5.95% p.a. comparison rate*)
- Borrow between $5,000 and $50,000
- No fees
Got an excellent credit score and looking for a low rate personal loan with no fees? Say hello to the NOW Finance Personal Loan. This loan comes with rates that start at a low 5.95% p.a. (5.95% p.a. comparison rate*). Rates are determined by a customer’s credit rating, meaning the better your credit, the lower the rate you’ll receive. Customers can borrow anywhere from $5,000 to $50,000 and choose a loan term between two and seven years. Not only that, there is also the choice of a weekly or fortnightly repayment schedule with the option to make extra repayments as well. Plus, this loan has no upfront, ongoing or early repayments fees attached to it. Just bear in mind, there are no redraws allowed on this loan so once you make an extra repayment you cannot access it later on.
Alex Bank Personal Loan
- Fixed rates from 4.99% p.a. (4.99% p.a. comparison rate*)
- Borrow between $2,100 and $30,000
- 2021 Mozo Experts Choice Award^ winner for Best New Loan Product
With one of the lowest unsecured fixed rates for customers with an excellent credit score in the Mozo database, the award-winning Alex Bank Personal Loan may be worth considering. Alex Bank offers rates that start at a competitive 4.99% p.a. (4.99% p.a. comparison rate*). Loan amounts are offered between $2,100 and $30,000 and can be paid back over one to five years on a weekly, fortnightly or monthly basis. With this loan, Alex Bank customers can also make extra repayments (no redraws) and for those that pay off their loan early there is no early repayment penalty. There is also no ongoing service fee attached to this loan and for applications fully submitted by 3 November 2021, Alex Bank will waive the $295 establishment fee.
Compare low rate car loans
loans.com.au New Car Loan
- Low 4.99% p.a. interest rate (5.53% p.a. comparison rate*)
- Special low rates for homeowners
- 2021 Mozo Experts Choice Award^ winner for Best New Car Loan
Looking for an award-winning low rate car loan? loans.com.au’s New Car Loan might be what you’re after! This product comes with a low fixed rate of 4.99% p.a. (5.53% p.a. comparison rate*) and if you’re a homeowner, you could qualify for the lower rate of 3.99% (4.53 comparison rate*). This loan allows customers to borrow between $5,000 and $100,000 for a new set of wheels. Loan terms range from three to five years and there is the choice of a weekly, fortnightly or monthly repayment schedule. Plus, loans.com.au customers can also make extra repayments but without redraws. Also remember, borrowers that pay off their loan ahead of time may need to fork out an early repayment penalty up to $700. And while there is no ongoing service fee on this loan, there is an upfront $400 application fee to budget for.
Plenti Car Loan
- Fixed rates from 4.89% p.a. (5.44% p.a. comparison rate*)
- Borrow between $10,000 and $100,000
- No ongoing or early repayment fees
If you’ve got an excellent credit rating and need a low rate car loan, you may want to find out more about the Plenti Car Loan. Plenti offers fixed rates that start at a low 4.89% p.a. (5.44% p.a. comparison rate*). This loan also comes with a wide range of borrowing amounts from $10,000 and $100,000 as well as the choice of a loan term between three and seven years. While Plenti only allows customers to make regular repayments on a monthly basis, there is the option to make extra repayments whenever they like (no redraws allowed). Plus, there is no early repayment penalty for customers looking to pay off their debt early. On the topic of fees, there is also no ongoing service charge on this loan, however there is an upfront fee of $399.
Want to take a look at some more personal loan options? Head over to our personal loan comparison page for even more lenders!
* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.
^See information about the Mozo Experts Choice Personal Loan Awards
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