Calculate your personal loan repayments instantly. Adjust the loan amount, interest rate, term, and repayment frequency to see what your repayments could look like.
| Frequency | Repayment | Total interest | Total cost |
|---|---|---|---|
| Weekly | $71.69 | $3,640 | $18,640 |
| Fortnightly | $143.48 | $3,653 | $18,653 |
| Monthly(selected) | $311.38 | $3,683 | $18,683 |
Switching from monthly to weekly repayments could save you $42 in interest over the life of this loan.
See how borrowing more or less changes your repayments. A $5,000 difference in loan amount can shift your monthly repayment by $80-120 depending on the rate and term.
Even a 1% difference in interest rate has a meaningful impact. On a $15,000 loan over 5 years, the difference between 8% and 10% is about $800 in total interest.
A shorter term means higher repayments but less total interest paid. A longer term lowers your repayments but increases the overall cost. Try 3 years vs 5 years to see the trade-off.
Switching from monthly to fortnightly or weekly repayments can save you interest because the balance reduces faster. The comparison table shows all three side by side so you can see the difference.
Lenders assess your ability to service the loan based on your income, existing debts, and living expenses. They want to see that repayments are affordable for you.
Your credit score and repayment history influence the rate you are offered. A stronger credit history generally means access to more competitive rates.
Most personal loans are multi-purpose, but lenders may ask what the funds are for. Some purposes (e.g. debt consolidation, home improvements) may qualify for better rates than others.
Lenders prefer applicants with stable employment. Most look for at least 3-6 months in your current role, though some lenders are flexible for contractors and self-employed borrowers.
See personal loans from 50+ lenders and find a rate that works for you.
Subject to lender approval, terms and conditions apply.
Enter your email and we'll send you a link to this calculation so you can revisit it later.
Personal loan repayments are calculated using a standard amortisation formula. The formula takes your loan amount, interest rate, and loan term to work out equal periodic payments that cover both principal and interest over the life of the loan. Each payment reduces the remaining balance, so the interest portion decreases over time while the principal portion increases.
A secured personal loan uses an asset (such as a car or savings) as collateral, which typically means a lower interest rate in the range of 7-10%. An unsecured personal loan does not require collateral but usually has a higher rate of 8-15%. If you default on a secured loan, the lender can claim the asset. Unsecured loans carry more risk for the lender, which is reflected in the rate.
Personal loan interest rates in Australia currently range from about 6.5% to 15% depending on whether the loan is secured or unsecured, your credit profile, and the loan amount. Strong applicants working through a broker can access rates from 6.99% p.a. The rate used in this calculator is for illustration only. Your actual rate will depend on your circumstances and the lender.
Most lenders offer unsecured personal loans from $2,000 to $75,000. Secured personal loans can go up to $100,000 or more depending on the value of the security. The amount you can borrow depends on your income, existing debts, living expenses, and credit history.
Most personal loans are multi-purpose. Common uses include debt consolidation, home improvements, medical expenses, travel, weddings, and major purchases. Some lenders restrict the use of personal loan funds for business purposes or investments. Check with your lender or broker before applying.
Common personal loan fees include establishment fees (up to $500), monthly account fees ($5-$15 per month), early repayment fees (mainly on fixed-rate loans), and late payment fees. These vary by lender and can add several hundred dollars to the total cost. When comparing options, ask for the total cost including all fees.
More frequent repayments (weekly or fortnightly) can reduce total interest because the balance reduces faster. Fortnightly repayments are popular because they align with common pay cycles and result in 26 payments per year instead of 24 half-monthly payments, effectively making an extra month of repayments each year. The comparison table above shows all three side by side.
The results are estimates based on the standard amortisation formula. Actual repayments may differ because lenders may calculate interest slightly differently (e.g. daily vs monthly), charge fees not included here (establishment fees, monthly account fees), or use different compounding methods. Use these results as a guide for budgeting and comparison, not as a quote.
Results are estimates only and should not be relied upon for financial decisions. Actual personal loan repayments will depend on the lender, your credit profile, and the specific terms offered. Interest rates used are for illustration purposes only and may not reflect current market rates.
Subject to lender approval, terms and conditions apply.
This calculator is general information only and is not financial advice.