Personal Loans Australia
Flexible personal loan options for debt consolidation, renovations, travel, major purchases and unexpected expenses. We help compare suitable options from a broad panel of Australian lenders.
Personal Loan Services Australia Your Trusted Loan Partner
Whether you're looking to consolidate existing debts, renovate your home, plan a holiday, cover medical expenses or fund another major purchase, Asset Finance Avenue can help.
We work with a broad panel of Australian lenders to explore personal loan options suited to different borrowers and different purposes.
Rather than applying to several banks yourself, our team can help you understand what options may be available, what information will be required and how the loan will affect your overall budget.
What Can A Personal Loan Be Used For?
Personal loans can help fund a broad range of approved personal expenses. The appropriate lender and loan structure will depend on what you need the money for, the amount required and your individual financial position.
Debt Consolidation Loans
Managing several repayments every month can become difficult, particularly when credit cards and personal loans all have different interest rates, repayment dates and fees.
Eligible borrowers may be able to use a personal loan to consolidate several existing debts into one loan and one regular repayment.
However, consolidating debt isn't simply about finding the lowest monthly repayment. A longer loan term can reduce the repayment while increasing the total amount of interest paid.
We look at the complete structure so you can understand the interest rate, fees, term and overall cost before deciding whether consolidation makes sense.
Personal Loans For Self-Employed Borrowers
Being self-employed doesn't automatically prevent you from obtaining a personal loan.
Different lenders have different requirements for proving self-employed income. Depending on the application, this may include tax returns, financial statements, bank statements or other supporting information.
Personal Loans With Previous Credit Issues
Previous credit problems don't necessarily mean every lender will reach the same decision.
Some lenders consider applicants with previous defaults, missed payments or other credit issues by looking at the broader circumstances, current income and recent financial conduct.
Approval can never be guaranteed, but we can help explain what options may be available.
Why Use Asset Finance Avenue?
- Straightforward finance process with no unnecessary complications
- Access to a broad panel of Australian lenders
- Help understanding secured and unsecured loan options
- Support throughout your application and approval journey
- Personal loan options for a broad range of approved purposes
- Assistance for PAYG and self-employed applicants
- Options may be available for borrowers with previous credit issues
Secured vs Unsecured Personal Loans
One of the first decisions is whether the loan will be secured against an eligible asset or provided without specific asset security.
| Feature | Secured Personal Loan | Unsecured Personal Loan |
|---|---|---|
| Security | An eligible asset is used as security | No specific asset security |
| Interest Rate | May be lower depending on the borrower, asset and lender | Can be higher because no specific asset is provided as security |
| Typical Purpose | Cars and other eligible assets | Renovations, debt consolidation, travel and general personal expenses |
| Loan Amount | Depends on borrower circumstances, lender policy and asset value | Depends primarily on borrower circumstances and lender policy |
What Affects Your Personal Loan Rate?
Personal loan rates aren't the same for every borrower. Lenders assess the overall application before determining the rate and loan terms they are prepared to offer.
This is also why an advertised rate shouldn't be viewed as a guarantee of what every applicant will receive.
- Credit history
- Current income
- Existing debts
- Household expenses
- Loan amount
- Loan term
- Employment stability
- Secured or unsecured structure
- Loan purpose
- Individual lender policy
Frequently Asked Questions
How much can I borrow with a personal loan?
The amount available varies between lenders and depends on factors including your income, household expenses, existing commitments, credit profile and loan purpose.
Can I consolidate credit cards with a personal loan?
Potentially. Eligible credit card balances and other personal debts may be able to be refinanced into one personal loan. The total cost of the new loan should always be compared with the debts being refinanced.
Can I get a personal loan if I have bad credit?
Some lenders consider borrowers with previous credit issues. The outcome will depend on the nature of the credit history, your current circumstances and lender policy.
Can I use a personal loan for renovations?
Yes. Personal loans are commonly used to fund home improvements and smaller renovation projects, particularly where the borrower doesn't want to refinance their mortgage.
Can self-employed borrowers apply?
Yes. Documentation requirements vary between lenders and may include financial statements, tax returns, bank statements or other evidence of income.
What documents will I normally need?
Each application is different, however personal lending commonly requires identification, evidence of income, details of existing debts and information about regular household expenses.
How quickly can a personal loan be approved?
Straightforward applications with all required documents available can sometimes receive an outcome quickly. More complex applications may require additional assessment.
Do personal loans require a deposit?
Unsecured personal loans generally don't require a deposit. Secured lending requirements depend on the purpose of the loan, the asset and lender policy.
Can I pay a personal loan out early?
Many personal loan products allow early repayment, although some lenders may charge early termination or other fees. We can explain the relevant conditions before you proceed.
Does applying affect my credit file?
A formal credit application will generally result in a credit enquiry being recorded on your credit report. Discussing your options before submitting multiple applications can therefore be useful.
Can I use a personal loan to buy a car?
Yes, although depending on the vehicle and your circumstances, a dedicated secured car loan may offer a different structure or rate. We can help compare the relevant options.
Why use a broker instead of going directly to my bank?
Your bank can generally only offer its own lending products. A broker can review options from multiple lenders and help identify a solution that may suit your circumstances.
Recent Finance Approvals
Debt Consolidation
A PAYG client approached us with several existing credit card balances and a personal loan, each with separate repayments and interest rates.
After reviewing their income, commitments and current debts, we identified a consolidation option that allowed the client to simplify their repayments into one facility.
Home Renovation
A client wanted to complete renovations without refinancing their existing mortgage.
We reviewed personal loan options based on the required amount and their household budget and helped arrange funding for the planned works.
Self-Employed Applicant
A self-employed applicant required funds for a major personal expense but wasn't sure how lenders would assess their income.
By identifying a lender whose documentation requirements suited the information available, we were able to progress the application without unnecessary submissions to unsuitable lenders.
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Every finance application is different. Examples are provided as general case studies only. Approval is subject to lender criteria and individual circumstances.
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