Personal Loan Calculator Australia
Work out your personal loan repayments, see what fees really add to the cost, and check the effective rate. Weekly, fortnightly or monthly, in Australian dollars.
Estimate only. Cost of credit means interest plus all fees. A lender's official comparison rate is worked out on a set formula, so it can differ from the effective rate shown here.
Repayment schedule
| Year | Principal | Interest | Repaid | Balance |
|---|
Your loan balance over time
Hover or tap the chart to see what you still owe and how much interest you've paid by then.
How this personal loan calculator works
Put in how much you want to borrow, the interest rate, and how long you'd like to take to pay it back. The calculator works out your repayment on a standard fixed-rate loan, and you can switch between monthly, fortnightly and weekly repayments to see which suits your pay cycle. It also asks for the fees, because the interest rate alone rarely tells you what a loan really costs.
Next to your repayment you'll see the effective rate, which is the quoted rate adjusted for the establishment and account fees you've entered. That's the number to compare when two lenders offer similar rates but charge different fees. You'll also see the total interest, the total cost of credit, the date the loan finishes, and a chart of your balance over time.
A worked example. Borrow $20,000 at 9% over five years and the repayment is about $415 a month. Over the five years you'd pay roughly $24,900 in total, so around $4,900 of that is interest. Now add a $250 establishment fee and a $10 monthly account fee. The repayment becomes about $425, the fees add up to $850 across the loan, and the effective rate climbs to roughly 10.6%. Nothing about the headline rate changed, yet the loan cost noticeably more.
The fees that change what a personal loan costs
When you compare personal loans, look past the interest rate. The usual extras are an establishment fee (a one-off charge for setting up the loan, sometimes added to the balance so you pay interest on it too), a monthly or annual account fee, and on some fixed-rate loans an early repayment or break fee if you pay it off ahead of schedule. Late payment fees and optional insurance add-ons can also creep in.
Australian lenders must show a comparison rate alongside the interest rate, and it's a handy shortcut because it rolls fees into one figure. The catch is that it's calculated on a fixed example, which for unsecured personal loans is $30,000 over five years. If you're borrowing $8,000 over two years, fees weigh more heavily on your loan than the comparison rate suggests. That's why this calculator works from your actual amount and term instead.
Secured or unsecured: what's the difference?
An unsecured personal loan isn't tied to anything you own, so the lender relies on your income and credit history. It's quicker and simpler, but rates are usually higher. A secured personal loan, often a car loan, is backed by an asset. That usually brings a lower rate because the lender has something to fall back on. The trade-off is that if you can't keep up repayments, the lender can take the asset. If you're buying a car, it's worth running the numbers both ways.
Fixed or variable rate?
With a fixed rate, your repayment stays the same for the whole term, which makes budgeting easy. Many fixed loans limit how much extra you can pay off each year and may charge a fee if you clear the loan early. A variable rate can move up or down, but variable loans commonly let you make extra repayments freely, and some come with redraw. If you plan to pay the loan off faster, check the extra repayment rules before you sign. This calculator assumes the same rate for the whole term, so treat variable loan results as an estimate.
Weekly, fortnightly or monthly repayments
A lender will usually let you choose how often you repay. Lining your repayment up with payday can make it easier to stay on track, and because interest is charged on a balance that falls a little more often, switching to a shorter cycle can trim the interest slightly. The bigger lever is paying extra. Even a small amount on top of each repayment shortens the loan, and the extra repayment box above shows you the interest and time you'd save. Check that your lender doesn't charge for extra repayments before you rely on it.
Before you borrow: a quick sense check
A personal loan is a sensible tool for some jobs, such as consolidating higher-interest debt, paying for a car or covering a planned expense. A few questions are worth asking first. Do you need the full amount, or would a smaller loan do? Can you manage the repayment if your expenses go up? If you're consolidating debt, is the total cost lower once fees are counted, and have you avoided stretching the term so long that you pay more overall? Shortening the term raises the repayment but usually cuts the total interest a lot, so try a few terms in the calculator.
Lenders will also check your income, expenses and credit file, so your offered rate may differ from what you typed in. Applying for credit leaves an enquiry on your credit report, so it's better to compare a few lenders carefully than to apply to many in a row.
Watch out for expensive short-term credit
Payday-style and other short-term, small-amount loans can look cheap in dollar terms but are costly once you annualise the fees, and repeat borrowing can put you in a debt spiral. If you're struggling, a no-interest loan through a community provider, a chat with your lender about hardship options, or free help from a financial counsellor on the National Debt Helpline (1800 007 007) are better places to start. ASIC's MoneySmart website also has free tools and plain-English guides.
Frequently asked questions
How much can I borrow with a personal loan in Australia?
Many lenders offer anywhere from a couple of thousand dollars up to $50,000 or more, but limits vary. What you're actually approved for depends on your income, expenses, existing debts and credit history.
What interest rate should I enter?
Use the rate on the offer you're considering. If you're just exploring, try a few different rates, because secured loans and borrowers with strong credit usually get lower rates than unsecured loans.
Does this calculator show the comparison rate?
No. It shows an effective rate based on your own loan amount, term and fees. A lender's comparison rate is calculated on a standard example loan, so the two numbers can differ.
What's the difference between adding the establishment fee to the loan and paying it upfront?
If the fee is taken from the amount you receive, you get a little less cash. If it's added to the loan, you receive the full amount but borrow more and pay interest on the fee. The calculator lets you switch between the two.
Can I pay off a personal loan early?
Often yes, but the rules depend on the lender and the loan. Variable loans usually allow extra repayments, while some fixed-rate loans charge a fee for paying out early or limit extra repayments, so read the terms before you sign.
Does weekly or fortnightly repayment save money?
Only a little on its own, because you're repaying the same loan more often. The real savings come from paying extra on top of your repayment, which you can test in the fees and extra repayments section.
Will applying for a personal loan affect my credit score?
A credit application leaves an enquiry on your credit report, and a run of applications in a short time can look risky to lenders. Missed or late repayments can also be recorded, so make sure the repayment fits your budget before you commit.
How accurate are these results?
They're estimates based on the figures you enter and a constant interest rate. Lenders can round or schedule repayments differently, and fees vary, so use the numbers as a guide and confirm the details with your lender.
This calculator provides general information only and isn't financial, credit or legal advice. It doesn't take your personal circumstances into account. Consider speaking to a licensed credit provider or financial counsellor before you borrow.
Planning a bigger purchase? Try our mortgage calculator or the general loan calculator.