Personal Loans Compared: Rates, Fees and the Fine Print

OurMoneyMarket starts at 5.95% p.a. and has no ongoing monthly or early-exit fees, which keeps the quoted rate close to the eventual cost at its entry tier. The limitation is the five-year maximum term, shorter than the seven years available from NAB, Plenti and several major banks. An establishment fee of 0–6% may apply, so a strong starting rate does not automatically mean the lowest total repayment. Best for borrowers with good credit who can repay a medium-sized loan within five years and want to avoid recurring account fees.

Harmoney's supplied information lists unsecured rates from 5.76% p.a. and secured loans from 5.66% p.a., with an online application that does not affect your credit score during the rate check. That is useful when you are comparing several lenders, but the upper rate reaches 24.03% for higher-risk borrowers and an establishment fee applies. Compared with OurMoneyMarket, Harmoney gives you a secured route and a longer maximum borrowing amount of $70,000, but its pricing gap between strong and weaker applicants is much wider. Best for applicants with good to excellent credit who want a digital application and may have an asset to secure the loan against.

Liberty begins at 5.67% p.a. for secured personal loans and 6.30% p.a. for unsecured borrowing, with amounts up to $80,000. Its flexible lending criteria may help applicants who do not fit a traditional bank's preferred profile, but personalised pricing can rise for riskier borrowers and there is no branch network. The three-, five- or seven-year term choices are less flexible than lenders offering every year across that range. Best for a borrower who has a non-standard income or credit profile, can offer security where appropriate, and needs more than the $50,000 available from some major-bank products.

NAB lists rates from 7.50% to 12.99% p.a., with comparison rates from 8.54% to 13.96% p.a., and is waiving its $250 application fee until 30 July 2026 according to the supplied product information. The $15 monthly loan account fee remains, so the fee waiver is not the same as a fee-free loan. NAB also caps borrowing at $55,000, below Liberty's $80,000 and Plenti's $75,000. I'd favour NAB for an applicant worried about being pushed into a high variable rate, provided the monthly fee and smaller maximum loan fit the budget. Best for borrowers who want branch access, a major-bank relationship and a stated rate ceiling of 12.99% p.a.

CommBank offers fixed and variable personal loans from $4,000 to $50,000, with unsecured rates from 7.25% p.a. and a representative rate of 16.25% p.a. Its secured car loan starts at 6.79% p.a., while eligible electric-car buyers may access 5.79% p.a. The $250 establishment fee and $15 monthly service fee make the unsecured product less attractive than a fee-light fintech loan, and fixed borrowers may face an early repayment adjustment. Best for existing CommBank customers who value in-app management, or eligible EV buyers comparing the dedicated vehicle rate rather than a general-purpose loan.

ING's fixed personal loan runs from 6.19% to 19.99% p.a. for $5,000 to $60,000 over one to seven years, according to the supplied lender details. There is no early repayment fee and the application is fully online, but the comparison rate starts at 7.03% p.a., showing that fees add to the headline cost. Unlike CommBank, ING does not offer a variable-rate option, so borrowers who want future repayment flexibility should read the fixed-loan exit terms carefully. Best for a borrower who wants a digital application, a fixed repayment schedule and no early repayment fee, while accepting a maximum loan below Plenti's and Liberty's.

Plenti advertises personal loans up to $75,000 over one to seven years, with a 60-second rate estimate and funding within 24 hours of approval. The supplied information gives a starting rate of 6.17% p.a., while the lender page content shows a 5.95% p.a. starting figure, so applicants should verify the current quote before relying on either number. There are no monthly or early repayment fees, but an establishment fee of 0–6% may apply. Compared with ING, Plenti offers a lower starting rate and no ongoing fee, though its pricing is still personalised. Best for a good-credit borrower who wants fast online processing, a seven-year term and no recurring account charge.

ANZ covers $5,000 to $75,000 over one to seven years, with fixed and variable options and rates from 7.49% to 19.99% p.a.; the supplied comparison range is 8.18% to 20.58% p.a. That upper end is materially higher than NAB's stated cap, so applicants with anything less than a strong credit history should compare the personalised offer rather than assume the big-bank label means cheaper borrowing. The branch network and choice of rate type are useful, but establishment and monthly fees may apply. Best for an existing ANZ customer who needs up to $75,000 and wants both branch support and a choice between fixed and variable repayments.

Westpac lists unsecured rates from 7.00% to 21.99% p.a., with comparison rates from 8.41% to 23.28% p.a., for $4,000 to $50,000 over one to seven years. The $250 establishment fee and $15 monthly account fee make the product harder to justify against Plenti's no-monthly-fee structure. Westpac is more interesting for a secured or electric-car loan, starting at 6.99% and 6.49% p.a. respectively, than for ordinary unsecured borrowing. Best for an existing Westpac customer buying an EV or car who can use the discounted vehicle product; unsecured applicants should compare the total repayment carefully.