How much are repayments on a $15,000 personal loan?

At a 10% interest rate over 5 years, monthly repayments on a $15,000 personal loan are approximately $319. Fortnightly repayments would be around $147 and weekly repayments around $74. The total interest paid over the life of the loan would be approximately $4,121.

What is a good interest rate for a personal loan in Australia?

In Australia, a good personal loan interest rate is between 6% and 10% for a secured loan, and between 8% and 14% for an unsecured loan. The rate you receive depends on your credit score, income, employment status, and whether you offer security (such as a car). Always compare the comparison rate, not just the advertised rate, as it includes fees and charges.

Should I choose a shorter or longer personal loan term?

A shorter loan term means higher repayments but significantly less total interest. For example, a $15,000 loan at 10% over 3 years costs about $2,375 in interest, while the same loan over 7 years costs about $5,850 in interest. Choose the shortest term you can comfortably afford to minimise your total cost.

What is the difference between a secured and unsecured personal loan?

A secured personal loan is backed by an asset (like a car or term deposit), which reduces the lender's risk and typically results in a lower interest rate. An unsecured loan has no collateral, so the lender charges a higher rate to compensate for the additional risk. Secured loans often have rates 2-5% lower than unsecured loans.

Can I pay off a personal loan early in Australia?

Yes, most personal loans in Australia allow early repayment. However, some fixed-rate loans charge an early repayment fee (also called a break cost or early termination fee). Variable rate personal loans generally have no early repayment penalties. Paying off your loan early can save you significant interest — check your loan contract for any applicable fees before making extra payments.

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Last verified: 1 July 2025

What are the repayments on a personal loan in Australia?

Unsecured personal loan rates in Australia typically sit between 8% and 14%; secured personal loans fall in the 6-10% range. Repayments use standard amortisation: M = P × [r(1+r)^n] / [(1+r)^n − 1] where P is principal, r is the monthly rate, and n is the number of monthly payments. Always compare the comparison rate, not the headline rate — the comparison rate includes establishment and ongoing fees. Source: ASIC MoneySmart; RBA Retail Deposit and Lending rates.

Worked examples. $15,000 at 10% over 5 years → ~$319/month, total interest ~$4,121. $25,000 at 9% over 5 years → ~$519/month, total interest ~$6,127. $50,000 at 11% over 7 years → ~$858/month, total interest ~$22,073. Same $50,000 shortened to 5 years at 11% → ~$1,087/month but only ~$15,217 interest — a $6,800 saving for tolerating a higher monthly repayment.

General information and estimates only — not financial, tax, or legal advice. Always verify with a licensed adviser or the ATO.

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What are the repayments on a personal loan in Australia?

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