Personal Loans Compared: Rates, Fees and Funding Speed

Liberty Financial has the broadest brief in this comparison: secured loans start at 5.67% p.a., unsecured loans at 6.30% p.a., and borrowing can reach A$80,000. That combination beats the A$75,000 ceiling at Plenti and OurMoneyMarket, while the flexible lending criteria may help applicants who do not fit a traditional bank profile. The compromise is access to the headline rate. Liberty personalises pricing, offers only three-, five- or seven-year terms, and has no branch network. A secured loan can lower the rate, but it also puts the pledged asset at risk if repayments fail. According to the lender's personal-loan page, applicants can request a personalised rate online; the result matters more than the starting figure. Best for borrowers with non-standard circumstances who need up to A$80,000, or applicants willing to secure the loan to pursue a lower rate.

OurMoneyMarket advertises 5.95% p.a., with a matching 5.95% comparison rate at the entry tier, no ongoing monthly fee and no early repayment or exit fee. That is a cleaner cost structure than the bank products carrying A$15 monthly charges, although an establishment fee of 0% to 6% may apply. The lender's page also shows a representative rate of 9.99% p.a., a useful reminder that the entry rate is reserved for stronger applications. The maximum term is five years, two years shorter than the seven-year terms available from several banks. Shorter repayment periods reduce interest but increase monthly payments. Best for a borrower with good credit who can manage a five-year schedule and wants to avoid recurring account fees.

Harmoney comes close to OurMoneyMarket on price, with unsecured loans from 5.76% p.a. and secured loans from 5.66% p.a. The online rate check does not affect your credit score, according to the lender's page, which makes initial comparison less costly for applicants. The available amount is up to A$70,000, below Liberty's A$80,000 ceiling, and an establishment fee applies. The range can also stretch to 24.03% for higher-risk borrowers, so the gap between the advertised rate and the rate you receive may be wide. Harmoney's ASX listing gives the business more public-market visibility than many smaller fintechs, but it does not guarantee a low personal rate. Best for borrowers with good to excellent credit who want a soft rate check, online processing and the option of a secured loan.

Plenti is the cleanest speed-and-cost combination in the ranking. Its unsecured loans start at 6.17% p.a., funding can arrive within 24 hours of approval, and there are no monthly or early repayment fees. The application is fully online, with a 60-second rate estimate advertised on the lender's page. The important qualification is the establishment fee, which may range from 0% to 6%; that can materially change the total repayment. Plenti lends up to A$75,000 over one to seven years, giving borrowers more term choice than OurMoneyMarket. The starting rate is not the lowest here, but a fee-free ongoing structure can make it cheaper than a lower-rate loan with recurring charges. Best for a borrower with good credit who values online speed, flexible terms and the ability to repay early without an exit fee.

ING starts at 6.19% p.a. and keeps the application fully online, with fixed rates, no early repayment fee and fast funding available. The fixed structure makes repayments easier to plan than a variable loan, but it removes the chance to benefit if rates fall. The loan range runs from A$5,000 to A$60,000 over one to seven years, narrower than Liberty, Plenti and Harmoney. ING's comparison rate starts at 7.03% p.a., showing that fees lift the true cost above the interest rate. There is no branch network, so support is digital rather than face to face. Best for an applicant who wants a fixed repayment schedule, a recognised bank brand and online servicing, and who does not need more than A$60,000.

ANZ charges more at the entry point than the fintech leaders, with rates from 7.49% p.a. and comparison rates from 8.18% p.a. to 20.58% p.a. The reason to accept that gap is product choice: borrowers can select fixed or variable rates, borrow A$5,000 to A$75,000, and use one- to seven-year terms. A branch network also matters if you want in-person help with a larger application. Fixed loans may carry an early repayment adjustment, while establishment and monthly fees may apply. The lowest rate requires an excellent credit history, so existing ANZ customers should not assume loyalty guarantees the advertised figure. Best for an existing ANZ customer who values branch access and wants fixed-versus-variable choice more than the lowest starting rate.

NAB starts at 7.50% p.a., but its maximum advertised rate is 12.99% p.a., materially narrower than ANZ's ceiling of 19.99% p.a. and Westpac's 21.99% p.a. That cap is the main reason to examine NAB if your credit profile may not qualify for a fintech's lowest tier. The A$250 application fee is currently waived until 30 July 2026, while a A$15 monthly loan account fee remains. Borrowing is capped at A$55,000, below the A$75,000 available from ANZ and Plenti, and terms run up to seven years. The lender also advertises no exit fees. Best for a borrower who wants a major-bank relationship and a published rate ceiling, especially when a personalised fintech quote comes back much higher than expected.

CommBank's unsecured personal loans start at 7.25% p.a. for A$4,000 to A$50,000, with fixed and variable options and one- to seven-year terms. The app-based repayment management is useful for existing customers, but the cost structure is heavier than the fintech alternatives: a A$250 establishment fee, a A$15 monthly service fee and a representative rate of 16.25% p.a. may apply. Secured car loans start at 6.79% p.a., while eligible electric-vehicle buyers may access a 5.79% p.a. rate through the EV Access Program. That makes the product more compelling for a qualifying vehicle purchase than for a general unsecured expense. Best for an existing CommBank customer borrowing up to A$50,000 who values app control or qualifies for the electric-vehicle pricing.

Westpac has the widest advertised rate spread in this final group: 7.00% p.a. to 21.99% p.a., with comparison rates from 8.41% p.a. to 23.28% p.a. A A$250 establishment fee and A$15 monthly account fee add to the cost, and the listed median rate is 16.49% p.a., so the 7.00% headline should not anchor your expectations. The case improves for specific vehicle borrowing: electric-car loans start at 6.49% p.a. and secured car loans at 6.99% p.a. Unsecured variable loans have no early exit fee, and terms run from one to seven years. Best for an existing Westpac customer buying an eligible electric vehicle or using a variable unsecured loan where early repayment flexibility matters.