As immunization rates across the country continue to rise, various states are looking down on the barrel of freedom… and it’s time to prepare for it.

Whether it’s wedding plans, home renovations, a brand new car, or even a vacation, your big post-containment purchase may be on the horizon.

This is where a personal loan can come in handy. Finding the right personal loan for you and your lifestyle is important. It’s always worth taking the time to research a loan with rates and fees that fit your budget.

At present, the average rate for unsecured personal loans is 9.56%, while the average rate of secured loans is lower 7.54% in the Mozo database.

And if you are looking to purchase a vehicle after containment, you might be interested to know that the average new car loan rate in the Mozo database is currently 6.05% and for used cars it is 6.59%.

So which lenders offer better than average rates? Check out these low rate loan options below, but remember that to secure these rates you will need a great credit score!

Compare low rate personal loans

NOW Finance Free personal loan
  • Fixed rates from 5.95% pa (comparison rate of 5.95% pa *)
  • Borrow between $ 5,000 and $ 50,000
  • No charges

Do you have an excellent credit rating and are looking for a low-cost, no-fee personal loan? Say hello to the NOW Finance Personal Loan. This loan has rates that start at a low level of 5.95% pa (comparison rate of 5.95% pa *). Rates are determined by a customer’s credit rating, which means the better your credit, the lower the rate you will receive. Clients can borrow between $ 5,000 and $ 50,000 and choose a loan term between two and seven years. Not only that, there is also the choice of a weekly or bi-monthly repayment schedule with the option of making additional repayments as well. In addition, this loan does not have any initial, ongoing or early repayment fees. Keep in mind that no redemptions are allowed on this loan, so once you have made an additional repayment, you cannot access it later.

Personal loan from Bank Alex
  • Fixed rates from 4.99% pa (comparison rate 4.99% pa *)
  • Borrow between $ 2,100 and $ 30,000
  • Winner of the Mozo Experts Choice Award in 2021 for the best new loan product

With one of the lowest unsecured fixed rates for clients with excellent credit ratings in the Mozo database, Alex Bank’s award-winning personal loan may be worth considering. Alex Bank offers rates that start at a competitive rate of 4.99% pa (compare rate of 4.99% pa *). Loan amounts are offered between $ 2,100 and $ 30,000 and can be repaid over one to five years on a weekly, bi-monthly or monthly basis. With this loan, Alex Bank customers can also make additional repayments (no redemptions) and for those who prepay their loan, there is no prepayment penalty. There is also no ongoing service fee attached to this loan and for applications fully submitted by November 3, 2021, Alex Bank will waive the set-up fee of $ 295.

Compare low-rate auto loans

Loans.com.au New car loan
  • Low interest rate of 4.99% per annum (comparison rate of 5.53% per annum *)
  • Special reduced rates for owners
  • Winner of the 2021 Mozo Experts Choice Award for the best new car loan

Looking for an award winning auto loan at a reduced rate? Loans.com.au New Car Loan may be what you are looking for! This product has a low fixed rate of 4.99% per annum (compare rate of 5.53% per annum *) and if you are a homeowner you could qualify for the lower rate of 3.99 % (comparison rate of 4.53 *). 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 you have the choice of a weekly, bi-monthly or monthly repayment schedule. In addition, Loans.com.au customers can also make additional refunds, but without new drawdowns. Also, keep in mind that borrowers who repay their loan in advance may have to shell out a prepayment penalty of up to $ 700. And while there is no ongoing service charge on this loan, there is an initial application fee of $ 400 to budget for.

Plenti Car Loan
  • Fixed rates from 4.89% pa (comparison rate of 5.44% pa *)
  • Borrow between $ 10,000 and $ 100,000
  • No ongoing or early repayment fees

If you have a great credit score and are in need of a low rate car loan, you may want to learn more about Plenti car loan. Plenti offers fixed rates that start at a low level of 4.89% pa (comparison rate 5.44% pa *). This loan also comes with a wide range of loan amounts ranging from $ 10,000 to $ 100,000 as well as the choice of a loan term between three and seven years. Although Plenti only allows customers to make regular refunds on a monthly basis, there is the option of making additional refunds whenever they want (no withdrawals are allowed). Additionally, there is no prepayment penalty for customers looking to prepay their debt. As for the fees, there is also no ongoing service charge on this loan, but there is an upfront fee of $ 399.

Want to take a look at other personal loan options? Visit our personal loan comparison page for even more lenders!

* DISCLAIMER: The Comparison Rate combines the interest rate, fees, and charges of the lender into one rate to show the true cost of a personal loan. The comparison rates displayed are calculated on the basis of 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, on the basis of monthly repayments. principal and interest, on a secured basis for secured loans and on an unsecured basis for unsecured loans. This comparison rate applies only to the example (s) given. Different amounts and terms will result in different comparison rates. Costs such as redemption or prepayment charges, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^ See information on the Mozo Experts Choice Personal Loan Awards

Mozo provides general product information. We do not consider your personal goals, your financial situation or your needs and we do not recommend any particular product to you. You should make your own decision after reading the PDS or offering literature, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we do not cover all products on the market. If you decide to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.


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