How much will your personal loan repayments be?

The amount you will need to pay for your personal loan depends on the loan amount, payment frequency, interest rate and term. This calculator can help you determine your personal loan repayments and the total amount of interest you are likely to pay.

Some other factors can impact these amounts, so reach out to your broker for a personalised calculation. They can also compare loans to find the right one for you.

How to use the personal loans calculator

To calculate your personal loan repayments, enter the loan amount, payment frequency, interest rate and loan term into the calculator below. It will then calculate how much your repayments will be and the total interest you will pay over the life of the loan.

What is a personal loan?

A personal loan is a loan you can use to pay for something and it is then paid back over an agreed amount of time, usually with interest. You can usually take out a personal loan through banks or lenders.

What can a personal loan be used for?

What you can use a personal loan for will vary depending on the lender. It could include life events such as a wedding or holiday, a project such as a renovation or solar installation, or an item such as a boat or whitegoods. A personal loan could also be used to consolidate debt – your broker can work out whether this could save you money or is the right option for your circumstances.

Secured vs unsecured personal loans

A secured loan is one where you agree to collateral that you own that you would surrender to the lender should you fail to meet your expenses, enabling them to recoup the loan amount plus fees or charges. An unsecured loan does not require such collateral, but often carries a higher interest rate.

FAQs

What fees are involved with personal loans?

 The fees you will pay for your personal loan depends on the loan and your circumstance. Some fees could include a loan establishment fee, encumbrance or REC check fees (if buying a used car), annual fees, missed repayment fees, extra repayment fees and early exit fees. Your broker can talk to you about any potential fees for your loan.

What are some alternatives to personal loans?

 Other ways you could fund purchases, that don’t involve taking out a personal loan, could include:

• Accessing equity in a home loan.
• Using savings or money in a redraw facility.
• Using a credit card (these often have higher interest rates, so consider whether you can meet the required repayments).
• Buy now pay later options such as Afterpay and Zip.
• More specific loans such as a car loan or business loan. 

Always consider your ability to repay any credit along with fees and interest before making a decision. A broker can help you weigh up your options.

How can I repay my personal loan sooner?

Ways you may be able to repay your personal loan sooner include:

• increasing your repayment frequency (for example, weekly repayments will pay the loan faster than monthly).
• Increasing the amount you repay, which will pay down the principal faster (check if your lender allows this).
• Making lump-sum repayments, such as if you receive a pay bonus (check if your lender allows this).
• Refinancing of consolidating your loan, usually into a home loan with lower interest rates.