Your overview before you apply
The calculation is based on your answers. It is illustrative: the lender decides whether to lend and at what rate.
Repayment at different rates
Interest rateMonthly repaymentTotal repayable
6.9 %––
11.9 %––
19.9 %––
Your spare budget
Left after costs and repayments
–
Highest amount at the chosen term and 11.9 %
–
Costs and current repayments
–
The repayment at 11.9 % fits your budget. Still keep a buffer for unexpected costs.
The repayment at 11.9 % is higher than what you have left. Try a smaller amount or a longer term.
After your costs and current repayments there is no room for a new repayment.
The loan type that suits your purpose
Car loanWith a secured car loan the vehicle backs the loan, so the rate is usually lower than for an unsecured personal loan.Read more → Home loan top-up or personal loanFor a larger renovation, adding to your home loan usually has a lower rate but you repay it over a longer period. For smaller amounts a personal loan can make sense.Read more → Debt consolidationConsolidating pays off when the new comparison rate is lower and the total amount repayable falls after all fees.Read more → A small amount over a short termFor small amounts, look closely at the fees and the total cost, not just the repayment. Ask your provider about hardship arrangements before borrowing.Read more → HECS-HELPMost domestic students can defer their tuition fees through HECS-HELP instead of taking out a personal loan.Read more → Personal loanYou can use the money for anything. Compare the comparison rate and total repayable with several lenders.Read more →What your credit history means
The best starting pointWith a clean credit report you can compare banks and other lenders and negotiate on the rate.
Paid defaultA default generally stays on your credit report for five years, even after you pay it, but the report will show that it has been paid. Some lenders still assess your application individually.
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Unpaid defaultsLenders must assess whether a loan is suitable for you, and with unpaid defaults you will usually be declined. Be wary of offers that ask for a fee before paying out. Free financial counselling is available through the National Debt Helpline on 1800 007 007.
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Check your credit reportYou have the right to a free copy of your credit report every 3 months from each credit reporting body. That way you know what lenders will see before you apply.
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