Life in Australia can be expensive — from buying a new car to renovating your home or consolidating debt, sometimes savings just aren’t enough. That’s where personal loans come in. In 2025, Australians have a wide range of options, from big banks to digital-first lenders.
This guide breaks down the top personal loan providers in Australia, explains what makes them stand out, and gives you practical tips to choose the right one.
Why Australians Take Personal Loans
Personal loans are popular because they’re flexible. Common uses include:
- Consolidating high-interest credit card debt.
- Covering medical or dental expenses.
- Funding weddings or travel.
- Renovating homes or buying new furniture.
Unlike credit cards, personal loans usually come with fixed interest rates and predictable monthly repayments, making it easier to manage.
Top Personal Loan Providers in Australia (2025)
1. Commonwealth Bank of Australia (CBA)
- Why it’s trusted: Australia’s biggest bank with strong financial products.
- Loan range: $4,000 – $50,000
- Interest rates: Starting around 8% (fixed or variable).
- Highlights:
- Flexible repayment terms up to 7 years.
- Early repayment with no penalty.
- Integration with CommBank app for easy management.
- Best for: Borrowers who already bank with CBA.
2. ANZ Personal Loans
- Why it stands out: Known for fast approvals and flexible terms.
- Loan range: $5,000 – $50,000
- Interest rates: Typically 8% – 13% depending on credit.
- Highlights:
- Same-day funding for eligible customers.
- Fixed-rate and variable-rate options.
- Flexible repayment schedules.
- Best for: Borrowers looking for quick access to funds.
3. Westpac Personal Loans
- Why it’s solid: One of the “Big Four” with customer-friendly products.
- Loan range: $4,000 – $50,000
- Interest rates: Around 7% – 14%.
- Highlights:
- Fast digital application.
- Extra repayments allowed anytime.
- Discounts for existing Westpac customers.
- Best for: People with stable income and long banking history.
4. NAB Personal Loans
- Why Australians like it: Transparent terms and flexible features.
- Loan range: $5,000 – $55,000
- Interest rates: Around 7% – 12%.
- Highlights:
- No penalties for early repayment.
- Option to change repayment dates.
- Easy online application.
- Best for: Borrowers who want flexibility and reliability.
5. Latitude Financial
- Why it’s popular: A non-bank lender offering tailored options.
- Loan range: $3,000 – $70,000
- Interest rates: 7% – 20% depending on credit.
- Highlights:
- Approves lower credit scores compared to banks.
- Fast application process.
- Range of repayment options.
- Best for: Borrowers with fair credit or non-traditional profiles.
6. Harmoney (Online Lender)
- Why it’s unique: Peer-to-peer style lender, completely online.
- Loan range: $2,000 – $70,000
- Interest rates: 6% – 20% depending on credit score.
- Highlights:
- 100% digital process.
- Quick approval and funding.
- Great for debt consolidation.
- Best for: Tech-savvy borrowers who want online-only service.
7. SocietyOne
- Why people choose it: Another strong online lender.
- Loan range: $5,000 – $70,000
- Interest rates: As low as 6% for top credit borrowers.
- Highlights:
- Personalized rates based on credit profile.
- No monthly fees.
- Fast application process.
- Best for: Borrowers with excellent credit scores.
Average Personal Loan Costs in Australia (2025)
- Loan amounts: $2,000 – $70,000
- APR range: 6% – 20% depending on credit rating.
- Repayment terms: 1 – 7 years.
💡 Example: A loan of $20,000 at 8% interest over 5 years would mean a monthly repayment of about $405 AUD.
Tips for Choosing the Best Loan
- Compare APR, not just repayments – Low monthly payments may hide higher interest.
- Check for fees – Some lenders charge establishment fees, late fees, or early repayment penalties.
- Look at your credit score – Higher scores mean lower interest rates.
- Choose secured vs unsecured – Secured loans may offer lower rates but require collateral.
- Shop around – Use online comparison sites to see real-time offers.
Final Thoughts
Australia in 2025 offers plenty of personal loan choices. If you want big bank reliability, stick with CBA, ANZ, NAB, or Westpac. If you’re more comfortable with online platforms and want flexibility, Latitude, Harmoney, and SocietyOne are strong alternatives.
The best loan depends on your credit score, loan amount, and repayment comfort. Compare wisely, and you’ll find a loan that fits your needs without unnecessary stress.