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💳 Finance Calculator

Loan Repayment Calculator Australia

See exactly what your personal loan, car loan or debt consolidation will cost — including repayments, total interest and the true cost with all fees included.

Personal, car & debt consolidation Weekly, fortnightly or monthly Total interest shown Includes establishment fees
💳 Loan Repayment Calculator
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Monthly Repayment
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Loan amount
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Total interest
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Fees (total)
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Total cost of loan
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⚡ Compare the comparison rate — not just the interest rate — when choosing a lender. It includes fees and gives a true cost picture.

How to Use This Calculator

  1. 1
    Enter the loan amount — the total you're borrowing (not including any interest or fees).
  2. 2
    Enter the annual interest rate — find this on your loan offer letter or lender's website. Use the advertised rate (not the comparison rate).
  3. 3
    Select term and frequency — longer terms mean lower repayments but more total interest paid.
  4. 4
    Add fees (optional) — include the establishment fee and any monthly account fee for a true total cost picture.

Worked Examples — Real Australian Loan Scenarios

Example 1 — Car Loan: $30,000 at 6.99% over 5 Years

A new car loan for $30,000 with a secured rate of 6.99% p.a. over 5 years, with a $250 establishment fee.

DetailAmount
Loan amount$30,000
Interest rate6.99% p.a.
Monthly repayment$594
Total interest paid$5,640
Establishment fee$250
Total cost of loan$35,890

Example 2 — Personal Loan: $15,000 at 12.5% over 3 Years (Debt Consolidation)

Consolidating three credit cards (average rate ~20%) into a single personal loan at 12.5% p.a.

DetailAmount
Loan amount$15,000
Interest rate12.5% p.a.
Monthly repayment$503
Total interest paid$3,108
Saving vs credit cards (~20%)~$2,400 saved

Example 3 — Fortnightly Repayments Save Money

On a $20,000 loan at 9% over 5 years, paying fortnightly instead of monthly saves real money:

FrequencyRepaymentTotal Interest
Monthly$415/month$4,900
Fortnightly$207/fortnight$4,720
Savings~$180

The fortnightly option also means you make 26 half-payments per year (equivalent to 13 monthly payments), shaving about 3 months off the loan.

Understanding Personal Loans in Australia

Secured vs Unsecured Personal Loans

A secured loan uses an asset — usually the item being purchased (like a car) — as collateral. If you default, the lender can repossess it. In exchange, lenders offer lower rates, typically 1–4% below equivalent unsecured rates. An unsecured loan has no backing asset. Rates are higher (reflecting the lender's risk), but you're not risking a specific possession.

In 2025, secured car loan rates from major Australian lenders typically start around 6–8% p.a. Unsecured personal loans generally start from 7–10% for borrowers with good credit.

Fixed vs Variable Rate Loans

Most Australian personal loans are fixed-rate — your rate and repayment won't change over the term, making budgeting predictable. Variable-rate personal loans are less common; they can change if the lender adjusts their rates. Unlike home loans, personal loan rates aren't directly tied to RBA cash rate movements — lenders set these independently based on funding costs and competition.

The Comparison Rate — What It Really Means

The comparison rate includes the interest rate plus most fees, expressed as a single annual percentage. It's the most accurate way to compare loans. For example, a loan advertised at 7.99% with a $500 establishment fee and $10/month account fee might have a comparison rate of 9.65%. By law, Australian lenders must show the comparison rate based on a $30,000 loan over 5 years.

Frequently Asked Questions

What credit score do I need for a personal loan in Australia?▾
Most mainstream lenders (banks, credit unions) require a "fair" to "good" Equifax score — generally 500+ to qualify, and 700+ for the best advertised rates. Scores below 500 may require specialist lenders at higher rates. You can check your credit score free at Equifax, Experian, or through apps like CreditSavvy or Credit Simple. Note that multiple loan applications in a short time can temporarily lower your score, so research before formally applying.
Can I repay a personal loan early in Australia?▾
Yes, but fixed-rate personal loans often charge an early repayment fee (sometimes called a "break cost" or "prepayment fee"). This can be a flat fee ($150–$300) or a small percentage of the remaining balance. Variable-rate loans usually allow early repayment without penalty. If you plan to pay off a loan ahead of schedule, specifically look for products advertising "no early repayment fees" — several major lenders including SocietyOne, Wisr and some credit unions offer this.
Is a personal loan better than using a credit card?▾
For purchases over $5,000 with a defined repayment timeframe, a personal loan is almost always cheaper. The average credit card rate in Australia is around 19–22% p.a., versus 7–14% for personal loans. The fixed repayment structure of a personal loan also means the debt actually reduces each period — unlike a credit card where minimum payments barely cover interest. The exception is credit cards with 0% balance transfer offers, which can be cheaper for shorter-term debt if you can pay it off within the interest-free period.
What fees should I watch for on Australian personal loans?▾
Common fees include: establishment/application fee ($0–$600), monthly account-keeping fee ($0–$15/month), late payment fee ($20–$40 per instance), and early repayment fee ($0–$300). Some lenders also charge a "redraw fee" or "variation fee" if you change your repayment terms. Always calculate total cost of the loan including all fees — the comparison rate reflects most (but not all) of these, which is why checking it alongside the interest rate matters.
How does debt consolidation work and is it worth it?▾
Debt consolidation means taking one loan to pay off multiple existing debts (credit cards, store cards, smaller loans). If the new loan's rate is lower than your existing debts' rates, you'll save on interest and have one manageable payment. It can also improve your credit profile by reducing active account counts. The main risk: extending your repayment term can mean paying more total interest even at a lower rate. Use this calculator to compare total interest paid in both scenarios before deciding.
Does the RBA cash rate affect personal loan rates?▾
Not directly. Unlike home loan variable rates, personal loan rates aren't tied to the RBA cash rate. Banks and lenders set personal loan rates independently based on their own funding costs, competition, and risk assessment. However, in a broader sense, rising rates do increase lender funding costs over time, which tends to push personal loan rates higher — just not in the immediate, predictable way that home loan variable rates respond to RBA changes.

Disclaimer: Loan repayment figures are estimates only. Actual repayments depend on lender terms, whether interest is calculated daily or monthly, and exact fee structures. Always compare multiple lenders and seek independent financial advice before committing to a loan.

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