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Personal Loan Repayment Calculator
Calculate personal loan repayments weekly, fortnightly or monthly, total interest paid, and a full amortisation schedule for any Australian personal loan.
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FAQ
Frequently asked questions
What is the average interest rate for a personal loan in Australia?
Personal loan rates in Australia typically range from 6.99% to 25% p.a. depending on the lender, your credit profile, and whether the loan is secured. The comparison rate is the most accurate measure of total cost — it includes fees as well as the interest rate.
What is the difference between a secured and unsecured personal loan?
A secured loan uses an asset (such as a car) as collateral. This reduces the lender's risk, so rates are lower — typically 6%–12%. An unsecured personal loan has no collateral requirement but carries higher rates (10%–25%) and is approved based on your creditworthiness alone.
Does the repayment frequency affect how much I pay?
Weekly or fortnightly repayments can save a small amount compared to monthly, as you're paying more frequently and interest accrues on a lower balance. For personal loans over short terms, the difference is modest — typically a few hundred dollars.
What is an amortisation schedule?
An amortisation schedule shows how each payment is split between interest and principal over the life of the loan. Early payments are mostly interest; later payments are mostly principal. This calculator shows the first and last 12 payments for any term.
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