Wondering how much you can borrow? Check out April's top personal loans

The latest lending indicators from the Australian Bureau of Statistics (ABS) saw the value of new loan commitments for fixed term personal finance rise 1.1% in February, following a jump of 0.5% in January 2023.

Commitments for personal lending were propped up by an increase in the number of fixed term loans for other purposes (+2.6%) but were held back by a slump in lending for road vehicles (-0.3%) and personal investment (-2.3%).

What’s the maximum amount you can borrow on a personal loan?

Whether you’re paying for home renovations or need to consolidate debt, if you’re in need of a large lump sum you may be considering taking out a personal loan. Whatever your reason, you may be curious as to how much you can request to borrow and the maximum amount a lender would give you.

The amount you may be able to request from a personal loan lender will depend on several factors, including your personal financial situation and credit score, whether it’s a secured or unsecured loan, and the intended purpose of the loan.

Unlike a home loan, you don’t need to apply and wait to see what loan amount the lender approves you for. Personal loans allow you to request the precise amount of funds you need.

Personal loans are generally capped between $5,000 and $60,000. This disparity may offer flexibility but there’s no guarantee you’ll be approved for the amount you request. Personal loan lenders must adhere to strict regulations that help to prevent everyday Aussies from taking on too much debt and being unable to repay it.

Whatever amount you apply for, keep in mind that the more you borrow, the higher your ongoing repayments may be. Even if you nab a low-rate personal loan, your interest charges could be quite significant.

Finding the personal loan that’s right for you

If you’re in the market for a personal loan, compare a range of different financing options using RateCity’s personal loan comparison tables or by checking out the personal loans leaderboard as determined by Real Time Ratings™.

Wondering how to find a loan with repayments that fit your budget, credit score and desired loan term? RateCity's personal loans calculator can provide you with an estimate to find one that's right for you.

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 most competitive personal loans on the RateCity database:

• OurMoneyMarket Low Rate Personal Loan Unsecured (Very Good Credit) at 6.69% (comparison rate 8.06%)
• Now No Fee Personal Loan at 6.75% (comparison rate 6.75%)
• OurMoneyMarket Low Rate Personal Loan Unsecured (Good Credit) at 7.99% (comparison rate 9.02%)
• MoneyPlace Unsecured Personal Loan (Excellent Credit) at 8.49% (comparison rate 8.49%)
• Liberty Unsecured Personal Loan (Excellent Credit) at 8.49% (comparison rate 8.49%)

Source: RateCity database. Rates are correct as at 04/04/2023.

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