Bank Loan

Top10 Best Personal Loans 2022 In Australia

It’s May – ​​It’s the perfect time of year to consider your finances and plan for new projects in the year ahead. Additionally, with the Easter holidays approaching and international travel open again, there are many reasons for wanting to take out a personal loan and just as many options when it comes to choosing a loan and lender in Australia. That’s why it’s so important to be confident you’re getting the Top10 Best Personal Loans 2022 In Australia deal you can.

With over 70 lenders to choose from, there isn’t going to be a single best personal loan for every borrower but there are definitely some key features that all great personal loans have in common. These are low interest rates, minimal fees and the flexibility to make extra repayments.

Many Personal Loans 2022 In Australia now use risk-based pricing and this means that the interest rate of your loan is based on your credit profile. Interest rates on personal loans start as low as 3.99% (6.14% comparison rate*) but go to comparison rates over 20% and to get the best rate, one of they key things you’ll need is for your credit score to be in top shape.

 Personal Loans Update Rate 2022

As we enter the month of May and reflect on personal loans, we note several rate cuts and offer changes. Taking a look at the most recent ABS Lending Indicators release, we saw a 6.5% increase in fixed-term personal loan commitments (seasonally adjusted) in February 2022 – a fair rise when compared to January’s 0.8% increase in fixed-term personal loans from the month prior.

The release also showed a massive 10.8% rise in new loan commitments for road vehicles, following January’s 0.9% increase from the month prior. Despite last month’s 2.2% drop (from the month prior) in new loan commitments for personal investment, there was a 0.8% increase in February.

Also, last month saw a significant 41.6% increase in new loan commitments for business construction (typically volatile series), indicating a growing trend in home renovations. However, this trend seemed to be short-lived, with this figure dropping by 40.2% in February.

Personal Loan Interest Rate

  • The Capricornian changed variable rates with its Car Loan down 96bp to 4.99% (5.58% comparison rate*)
  • Westpac reduced the starting rate on its fixed Unsecured Personal Loan by 100bp to 7.99% (9.18% comparison rate*)
  • Southern Cross Credit Union cut 66bp off the fixed rate for its New Vehicle Loan, now 3.99% (4.92% comparison rate*).
  • Commonwealth Bank ended the $250 application fee waiver offer on its Secured Personal Loan.

Personal Loan Interest Rate Increases

  • Hume Bank increased two of its fixed rate loan options by 100bp. The Secured Personal Loan now starts at 6.95% (7.16% p.a. comparison rate*) and its Unsecured Personal Loan rate is 10.95% (11.17% comparison rate*).
  • Northern Inland Credit Union increased both the fixed and variable rate options on its New Car Loan by 200bp to 5.99% (6.57% comparison rate*).
  • The Capricornian increased its Personal Loan variable rate up 104bp to 9.99% (10.52% comparison rate*).
  • Symple Loans withdrew its personal loans after its recent purchase by Latitude.

Best Personal Loans for  2022

Yet again, we see that the lenders with the lowest personal loan interest rates in the Mozo database are Community First Credit Union, Illawarra Credit Union, Alex Bank, Transport Mutual Credit Union and Credit Union SA – showing that smaller banks and credit unions are where it’s at if you want a more competitive rate.

  • Heritage Bank Standard Personal Loan (Unsecured)
  • ING Unsecured Personal Loan
  • Wisr Unsecured Personal Loan
  • Handypay Green Loan
  • Symple Unsecured Personal Loan
  • NOW Finance No Fee Unsecured Personal Loan
  • Our Money Market Low Rate Personal Loan
  • Heritage Bank Car Loan
  • Clean Green Car Loan
  • Alex Bank Personal Loan
  • OurMoneyMarket car loan
  • Harmoney Unsecured Personal Loan

OW Finance No Fee Unsecured Personal Loan

  • No fees
  • Fixed interest rates starting at 5.95% p.a. (5.95% p.a comparison rate*)
  • Borrow up to $50,000

fixed interest rates starting at 5.95% p.a. (5.95% p.a. comparison*), online lender Now Finance is a top choice for borrowers with excellent credit looking to borrow between $5,000 to $50,000. You won’t be up from any upfront application or ongoing fees either.

Our Money Market car loan

  • Fixed interest rates from 5.35% p.a. (5.65% p.a. comparison rate*)
  • No monthly account keeping fees
  • Free extra repayments
Our Money Market’s car loan can help cover the cost of your used car from $2,001 to $75,000. It comes with fixed interest rates starting at a low 5.35% p.a. (5.65% p.a. comparison rate*) and offers loan terms from 1 to 7 years.

Heritage Bank Personal Loan

  • Choice between variable or fixed rate
  • Borrow up to $25,000
  • Redraw facility

Heritage Bank won awards for Excellent Customer Service and Highly trusted in the 2022 Mozo People’s Choice Awards. This loan offers you the flexibility to select a fixed interest rate from 7.99% p.a. (8.62% p.a. comparison rate*) or a variable interest rate from 11.99% p.a. (12.61% p.a. comparison rate*), based on your credit rating and financial situation.

ING Unsecured Personal Loan

  • Fixed interest rates from 6.99% p.a. (7.13% p.a comparison rate*)
  • Borrow up to $60,000
  • Extra repayments allowed and no completion feeFind out more

ING won awards for Outstanding Customer Satisfaction and Excellent Customer Service in the 2022 People’s Choice Awards^. The interest rate on the ING Unsecured Personal Loan is fixed from 6.99% (7.13% comparison*) to 10.99% p.a. (11.21% comparison*), based on a credit assessment, and has terms from 2 to 7 years.

Special low rate offer

  • Rates from 5.45% p.a. (6.07% p.a. comparison*) for excellent credit
  • No monthly fees
  • Borrow up to $75,000

OMM offers competitive rates, which start at 5.45% p.a. (6.07% p.a. comparison*) for borrowers with excellent credit. Even with the $250 application fee taken into account, it was cheaper overall than many other loans up for consideration.

Rahat Ali

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