Home Improvements
A personal loan may potentially fund smaller renovations, furnishings or improvements where mortgage finance is not appropriate.
PERSONAL FINANCE
Personal Loans for What You Need With a Repayment Plan You Understand.
A personal loan can provide a fixed amount of finance for a range of eligible purposes, with repayments generally made over an agreed term. We help you compare suitable options, understand the interest rate, fees and repayment commitment, and avoid choosing a loan based only on the lowest advertised repayment.
WHAT CAN A PERSONAL LOAN BE USED FOR?
Finance for a Defined Personal Expense
Eligible loan purposes vary between lenders, but personal loans may be considered for a range of planned expenses.
Travel or Major Events
Eligible borrowers may use personal finance for planned expenses such as travel, weddings or other significant personal costs.
Debt Consolidation
Multiple eligible debts may sometimes be consolidated into one personal loan, subject to lender assessment and responsible-lending requirements.
Other Approved Purposes
Personal loans may be available for a variety of other approved purposes depending on lender policy and your individual circumstances.
HOW A PERSONAL LOAN WORKS
One Loan Amount, One Term, Regular Repayments
Personal loans are generally structured as term loans with an agreed amount, interest rate and repayment period.
1
Work Out How Much You Need
Borrowing more than necessary increases the debt, repayments and total interest, so start with the actual funding requirement.
2
Review Your Financial Position
Income, expenses, existing debts, credit history and other financial commitments generally form part of the lender assessment.
3
Compare Rates & Fees
The advertised interest rate is only one part of the cost. Establishment, monthly and other fees may also affect the overall outcome.
4
Choose the Loan Term
A longer term generally reduces each repayment, but can increase the total interest paid over the life of the loan.
5
Credit Assessment
The lender assesses whether the proposed loan meets its eligibility and responsible-lending requirements.
6
Funding & Repayments
Once approved and completed, funds are advanced in accordance with the loan terms and regular repayments begin.
SECURED OR UNSECURED?
The Security Can Affect the Loan
Personal loans can be structured differently depending on the lender, purpose and whether an acceptable asset secures the debt.
An unsecured personal loan does not generally rely on a specific asset as security, which can give greater flexibility around loan purpose but may involve different pricing and lending criteria.
Where an eligible asset supports the borrowing, a secured loan may offer a different rate or loan structure, but the secured asset is exposed if the loan cannot be repaid.
Discuss which structure may apply →COMPARE THE FULL LOAN
Don't judge a personal loan on repayment alone.
01
Interest rate
02
Fees and loan term
03
Total amount repaid
CHOOSING THE LOAN TERM
Lower Repayments Don't Always Mean a Cheaper Loan
Extending the term spreads repayments over more time, but generally means paying interest for longer.
Shorter Loan Term
Repayments will generally be higher, but the loan is repaid sooner and total interest may be lower.
Longer Loan Term
Regular repayments may be lower, but the debt remains outstanding longer and can result in more total interest.
Extra Repayments
Some loans allow additional repayments or early payout, although fees or restrictions can apply depending on the product.
DEBT CONSOLIDATION
One repayment can be simpler — but check the cost.
01
Existing debt balances
02
Current rates and fees
03
New term and total interest
CONSOLIDATING PERSONAL DEBT
Fewer Repayments Can Make Debt Easier to Manage
Consolidating multiple eligible debts into one loan may simplify repayments and potentially change the interest cost.
But the outcome should be assessed carefully. A lower repayment achieved by substantially extending the loan term may not produce the lowest total cost.
It is also important to avoid rebuilding the debts that were paid out through consolidation.
Estimate a personal loan repayment →RUN THE NUMBERS
See the Repayment and Total Cost
Our calculator estimates regular repayments, total interest and the overall amount repaid over the selected term.
Personal Loan Repayments
Estimate repayments based on your proposed loan amount, interest rate and term.
Open calculator →Total Interest
See approximately how much interest may be paid over the selected loan term.
Open calculator →Compare Loan Terms
Test different terms to see the trade-off between regular repayments and total interest.
Compare the full costWHY TULIP FINANCE
The Right Personal Loan Is More Than the Lowest Monthly Repayment.
Personal-loan rates and eligibility can vary significantly depending on the borrower, loan amount, purpose, security and lender.
We help you compare suitable options and understand the interest rate, fees, loan term and overall cost before deciding whether the finance makes sense.
Learn more about Tulip Finance →PERSONAL LOAN FAQs
Questions About Personal Loans?
Here are some common questions to consider before taking out a personal loan.
How much can I borrow with a personal loan?
The amount available depends on factors including your income, expenses, liabilities, credit profile, loan purpose and the lender's eligibility criteria.
What is the difference between a secured and unsecured personal loan?
A secured loan is supported by an acceptable asset, while an unsecured loan generally does not rely on specific asset security. Rates, loan amounts and eligibility requirements can differ.
Can I repay a personal loan early?
Some lenders allow additional repayments and early payout, but fees or restrictions may apply. The specific loan terms should be checked before applying.
Can I consolidate credit cards and other personal debts?
Potentially. Debt consolidation is subject to lender assessment and should be considered based on the new rate, fees, loan term and total cost rather than only the reduced number of repayments.
How long can a personal loan run for?
Loan terms vary between lenders and products. The appropriate term should balance an affordable repayment with the total cost of keeping the debt outstanding.
Does applying for a personal loan affect my credit file?
A formal credit application may result in a credit enquiry. Lenders can also consider your broader credit history and repayment conduct when assessing the loan.
NEED PERSONAL FINANCE?
Let's Look at the Repayment and the Real Cost.
Tell us how much you need, what the funds are for and your preferred repayment timeframe, and we can help you understand suitable personal-loan options.
Information on this page is general in nature and does not take into
account your individual objectives, financial situation or needs.
Personal-loan rates, fees, loan amounts, terms, security requirements
and credit criteria vary between lenders. Extending a loan term may
reduce regular repayments while increasing total interest paid.
All applications are subject to lender assessment and responsible
lending requirements. Please refer to our Disclaimer and Credit Guide
for further information.