Personal Loan Calculator Australia
Loan type
Monthly Repayment
$480.49
Total Interest
$2,297.79
Total Repayable
$17,297.79
Repayment Schedule
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $361.74 | $118.75 | $14,638.26 |
| 2 | $364.61 | $115.89 | $14,273.65 |
| 3 | $367.49 | $113.00 | $13,906.15 |
| 4 | $370.40 | $110.09 | $13,535.75 |
| 5 | $373.34 | $107.16 | $13,162.41 |
| 6 | $376.29 | $104.20 | $12,786.12 |
| 7 | $379.27 | $101.22 | $12,406.85 |
| 8 | $382.27 | $98.22 | $12,024.58 |
| 9 | $385.30 | $95.19 | $11,639.28 |
| 10 | $388.35 | $92.14 | $11,250.93 |
| 11 | $391.42 | $89.07 | $10,859.50 |
| 12 | $394.52 | $85.97 | $10,464.98 |
| 13 | $397.65 | $82.85 | $10,067.33 |
| 14 | $400.79 | $79.70 | $9,666.54 |
| 15 | $403.97 | $76.53 | $9,262.57 |
| 16 | $407.17 | $73.33 | $8,855.41 |
| 17 | $410.39 | $70.11 | $8,445.02 |
| 18 | $413.64 | $66.86 | $8,031.38 |
| 19 | $416.91 | $63.58 | $7,614.47 |
| 20 | $420.21 | $60.28 | $7,194.25 |
| 21 | $423.54 | $56.95 | $6,770.71 |
| 22 | $426.89 | $53.60 | $6,343.82 |
| 23 | $430.27 | $50.22 | $5,913.55 |
| 24 | $433.68 | $46.82 | $5,479.87 |
Prepayment / Part-payment
Compare scenarios
Scenario A | Scenario B | |
|---|---|---|
| Loan Amount | ||
| Interest Rate (p.a.) (p.a.) | ||
| Loan Term (yrs) | ||
| Monthly Repayment | $480.49 | $487.54 |
| Total Interest | $2,297.79 | $2,551.32 |
| Total Repayable | $17,297.79Best value | $17,551.32 |
Personal Loan Calculator Australia
A loan calculator helps Australians understand the true cost of borrowing before they commit. Enter your loan amount, interest rate, and term to see your monthly repayment and the total cost. All personal loan advertising in Australia must display a comparison rate — a single figure that combines the interest rate with most fees, giving a more accurate picture of the real cost.
How Loan Repayments Are Calculated in Australia
Australian personal loans use the standard reducing-balance amortisation method. The comparison rate is calculated under the National Consumer Credit Protection Act 2009 (NCCP) using a standardised loan of $30,000 over 5 years — so the comparison rate you see in advertising may differ from your actual rate if your loan size or term is different.
Monthly repayment = P × [r(1+r)^n] / [(1+r)^n − 1]
Worked Example
You borrow A$15,000 at 9.5% p.a. over 3 years (36 months).
- Monthly repayment: A$480.64
- Total repaid: A$17,303.04
- Total interest: A$2,303.04
Adding an extra A$100/month saves approximately A$370 in interest and pays off the loan 5 months early.
Typical Personal Loan Rates in Australia (2024–2025)
| Loan Type | Typical Rate p.a. |
|---|---|
| Secured personal loan | 6% – 10% |
| Unsecured personal loan | 8% – 20% |
| Car loan (new) | 6% – 9% |
| Home improvement loan | 8% – 15% |
Fees & the Comparison Rate
Australian lenders may charge an establishment fee and ongoing monthly fees. Under the NCCP Act these are captured in the mandatory comparison rate, which combines the interest rate with most fees into a single figure — the fairest way to compare loans.
Extra Repayments & Break Costs
Most variable-rate loans let you make unlimited extra repayments for free, cutting your interest. Fixed-rate loans often limit extra repayments and can charge break costs if you repay early or refinance during the fixed term.
Lenders Mortgage Insurance & CCI
If you borrow more than 80% of a property value, lenders usually require Lenders Mortgage Insurance (LMI), which protects the lender, not you. Consumer Credit Insurance (CCI) on personal loans is optional and often poor value.
Recent Rate Context (2025–2026)
Loan rates move with the RBA cash rate. After the 2022–2023 hiking cycle, the Reserve Bank began easing through 2025. Check the current cash rate at the Reserve Bank of Australia (rba.gov.au) before locking in a rate.
What is a comparison rate and why does it matter?
A comparison rate is a single annual percentage that combines the interest rate with most fees and charges into one figure. In Australia, lenders are required by law under the National Consumer Credit Protection Act (NCCP) to display the comparison rate alongside the advertised interest rate. The standard comparison is based on a $30,000 loan over 5 years. A loan with a low interest rate but high fees may have a higher comparison rate — always compare the comparison rate, not just the headline rate.
Can I make extra repayments on a personal loan in Australia?
Most unsecured variable-rate personal loans in Australia allow extra repayments at any time with no penalty. Fixed-rate personal loans may charge a break fee if you repay early or make large extra payments during the fixed period. Always check the product disclosure statement (PDS) before taking a fixed-rate loan if you plan to overpay. Use the extra repayment field above to see the interest you could save.
How does my credit score affect my loan rate in Australia?
Australia uses credit scoring from Equifax, Experian, and illion. Lenders use your credit score to determine both approval and the interest rate offered — a process called risk-based pricing. A score above 800 (Equifax) typically qualifies for the most competitive rates. From 2018, Australia moved to comprehensive credit reporting (CCR), meaning lenders can see positive repayment history as well as defaults, which benefits borrowers with a solid payment record.
What is the difference between a secured and unsecured personal loan?
A secured personal loan requires collateral — typically a car or other asset. Because the lender has security, rates are generally lower (6–10% p.a.). An unsecured loan requires no collateral but carries higher rates (8–20% p.a.) because the lender takes on more risk. Most personal loans for everyday purposes (holidays, debt consolidation, appliances) are unsecured.
Are personal loan repayments tax deductible in Australia?
Interest on personal loans used for private purposes (e.g. holidays, cars, home renovations) is not tax deductible in Australia. Interest may be deductible if the loan funds are used to generate assessable income — for example, investing in shares or a rental property. If you are unsure, consult a registered tax agent or the ATO's guidance at ato.gov.au.
What is a comparison rate and why does it matter?
The comparison rate combines the interest rate with most standard fees into a single percentage, so you can compare loans on a like-for-like basis. A low advertised rate with high fees can have a higher comparison rate than a slightly higher headline rate with no fees.
Can I make extra repayments on my loan?
On variable-rate loans you can usually make unlimited extra repayments at no cost, which reduces both your term and total interest. Fixed-rate loans often cap extra repayments and may charge break costs, so check your contract first.
How does the RBA cash rate affect my loan?
The Reserve Bank of Australia sets the cash rate, which lenders use as a benchmark. When it rises, variable loan repayments typically increase; when it falls, they decrease. Fixed-rate loans are insulated until the fixed term ends.
Australian Consumer Credit Regulation
Consumer lending in Australia is governed by the National Consumer Credit Protection Act 2009 (NCCP) and regulated by ASIC (Australian Securities and Investments Commission). Lenders must hold an Australian Credit Licence (ACL) and comply with responsible lending obligations — assessing whether a loan is unsuitable for a borrower before approving it. For free financial counselling, Australians can call the National Debt Helpline on 1800 007 007.