Personal Loan Calculator Australia — FY 2025-26
Calculate your personal loan repayments with secured or unsecured rates. Compare debt consolidation savings across multiple debts. See how extra repayments save interest and shorten your loan. Rates vary by lender and credit profile.
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How to Use This Calculator
Repayment tab
Enter the loan amount, interest rate, loan term, and whether the loan is secured or unsecured. The calculator shows your monthly repayment, total repaid, total interest, effective cost of borrowing, and a comparison rate note based on the NCCP standard ($30K/5yr).
Debt Consolidation tab
Enter up to 3 existing debts with their balance, rate, and minimum monthly payment. Then enter the consolidation loan rate and term. See your current total payments vs consolidated payment, monthly saving, and total interest comparison. The calculator flags if a longer term means more total interest despite a lower rate.
Pay Off Early tab
Enter your loan balance, rate, remaining term, extra monthly payment, and whether the loan is fixed or variable rate. See when you will pay off the loan, months saved, interest saved, and a break cost warning for fixed rate loans.
Share your result
All inputs are encoded in the URL. Click Share to send your exact calculation to a partner, broker, or financial adviser.
The Formula
PMT = P × r × (1 + r)n / ((1 + r)n − 1)
Where:
P = Loan amount (principal)
r = Monthly interest rate (annual rate / 12)
n = Total number of monthly payments (years × 12)
Total Interest:
Total Interest = (PMT × n) − P
Months to Pay Off with Extra Payments:
Months = −ln(1 − Pr/PMT) / ln(1 + r)
Where PMT includes the extra payment amount.
Comparison Rate:
By law (NCCP Act), the comparison rate is calculated on a $30,000 loan over 5 years, including most fees. It gives a standardised true cost for comparison.
Worked Example
$20K Unsecured, 11%, 5 Years
A typical unsecured personal loan for debt consolidation or a major purchase.
Step 1: Standard repayments
Step 2: With $100/month extra
Consolidation example
Warning: The consolidated loan saves $285/month, but the 5-year term may mean you pay more total interest than if you aggressively paid off the credit card in 2 years at $350/month. Always compare total interest, not just monthly payment.
Australian Personal Loan Rate Snapshot (March 2026)
Typical personal loan rates by type
| Loan Type | Rate Range | Note |
|---|---|---|
| Secured personal loan | 6.0% – 10.0% | Asset as collateral; lower risk |
| Unsecured personal loan | 8.0% – 15.0% | No collateral; higher risk premium |
| Debt consolidation loan | 7.0% – 13.0% | Specifically for combining debts |
| Credit card balance transfer | 0% – 3.0% (promo) | Promotional period 6–24 months; reverts to 15–22% |
| Credit card (ongoing) | 15.0% – 22.0% | Highest ongoing cost; pay off ASAP |
Rates are indicative as at March 2026. Actual rates depend on credit score, loan amount, and lender. Sources: RateCity.com.au, Canstar.com.au, ASIC MoneySmart.
Common loan terms and total interest comparison
| Term | Monthly (on $20K at 11%) | Total Interest |
|---|---|---|
| 2 years | $932 | $2,368 |
| 3 years | $654 | $3,544 |
| 5 years | $434 | $6,040 |
| 7 years | $340 | $8,560 |
Shorter terms mean higher monthly payments but significantly less total interest. A 7-year term costs $6,192 more in interest than a 2-year term on the same loan.
Early repayment fees and break costs
Variable rate loans: Most variable rate personal loans allow extra repayments and early payoff without penalty. This is the safest option if you plan to pay off early.
Fixed rate loans: Early repayment fees (break costs) compensate the lender for lost interest. The fee is typically calculated as the difference between your contracted rate and the current market rate, applied to the remaining balance for the remaining term. Break costs can be substantial — potentially thousands of dollars — especially if market rates have dropped since you took the loan.
Tip: If you think you might pay off early, choose a variable rate loan or one that explicitly allows extra repayments. Some lenders cap extra repayments at $10,000–$20,000/year on fixed loans without penalty.
Source: ASIC MoneySmart (moneysmart.gov.au), National Consumer Credit Protection Act 2009.