Some of the top-rated personal loans in October 2024

According to the latest Lending Indicators from the Australian Bureau of Statistics (ABS), personal loan commitments continued to rise in August 2024, with a 2.0% increase in the value of fixed-term personal finance loans, bringing the total to $2.741 billion. This follows a slightly higher rise of 2.4% in July, but overall, the amount of personal loan commitments continues to remain high. The value of loans in August 2024 was also 15.3% higher than in August 2023, reflecting a sustained demand for personal loans over the past year.

The Reserve Bank of Australia (RBA) once again kept the cash rate steady in August, maintaining it at 4.35%, and some economists predict that rate cuts may not occur before early to mid-2025. As inflation moderates, the prospect of future rate cuts could impact fixed home loan rates and term deposits, but the effect on personal loan rates may not be as direct.

Apart from the national cash rate, personal loan rates are influenced by multiple factors, such as the loan amount, purpose, and the borrower’s credit profile. For borrowers, it’s crucial to not only look at the interest rate but also to consider fees and loan features that could impact the total cost. With several options available, comparing different offers can help you identify the best possible deal for your financial situation and personal goals.

To help make the process of comparing personal loans simpler, RateCity’s Real Time Ratings™ combine the cost and flexibility of different personal loans into a single star rating, which is regularly updated to better reflect its current value. The top-rated personal loan deals in different categories are ranked on RateCity’s Home Loan Leaderboards, with some of the top performers also becoming eligible for the RateCity Gold Awards.

(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

Here are some of the lowest rate secured personal loan options for October 2024

Bendigo & Adelaide Bank Ltd Secured Green Personal Loan at 5.49% (comparison rate 5.84%)

Illawarra Credit Union Limited Online Personal Loan Package at 6% (comparison rate 6.64%)

Bank of us Secured Residential Estate Personal Loan at 6.29% (comparison rate 6.57%)

Bank of Melbourne Secured Personal Loan Fixed* at 6.49% (comparison rate 7.69%)

OurMoneyMarket Services Pty Ltd Low Rate Personal Loan Secured at 6.57% (Excellent Credit) (comparison rate 7.19%)

Here are some of the lowest rate unsecured personal loan options for October 2024

Harmoney Australia Limited Unsecured Personal Loan (Excellent Credit) (Amount > $5000) at 5.76% (comparison rate 6.55%)

Credit Union SA Ltd Tesla Powerwall Loan (HL members) at 5.84% (comparison rate 5.84%)

Police Credit Union Solar Eco Loan at 6.24% (comparison rate 6.24%)

Gateway Bank Ltd Eco Personal Loan at 6.44% (comparison rate 7.45%)

Horizon Bank Green Personal Loan at 6.49% (comparison rate 6.63%)

360 Finance Unsecured Personal Loan at 6.52% (comparison rate 7.76%)

*Same offer for BankSA and St.George

Source: RateCity.com.au. Data accurate as of 02 October 2024.