What can I use a personal loan for?

Personal loans may be available for purposes such as buying a car, home renovations, debt consolidation, medical expenses, a wedding, holiday or education costs. Permitted purposes depend on the provider and product; some products are limited to a stated purpose.

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

A secured personal loan is backed by an asset — usually the item being purchased (like a car). The lender can repossess the asset if you default. Because the lender has security, rates are typically lower. An unsecured loan has no collateral, making it riskier for the lender and therefore usually carrying a higher interest rate. The right choice depends on what you're borrowing for and your risk appetite.

How does my credit score affect my personal loan?

Providers may consider your credit history, income, expenses, existing commitments and other information when assessing an application and pricing. An imperfect credit history may affect eligibility, rate or amount, but criteria differ and approval is not guaranteed.

What is a comparison rate and why does it matter?

The comparison rate is a standardised interest rate that includes most fees and charges associated with a loan — expressed as a single annual percentage. It gives you a more accurate picture of the true cost of the loan than the advertised interest rate alone. Always compare loans using the comparison rate, not just the headline rate.

Can I pay out my personal loan early?

Early repayment terms vary. Some fixed-rate products may charge an early termination fee, while other products may allow additional repayments without that charge. Check the provider's terms before signing.

How long does it take to get a personal loan approved?

Timing depends on the provider, product, application complexity and completeness of information. Some providers may offer conditional decisions quickly, while others take longer; neither approval nor funding timing is guaranteed.

PERSONAL FINANCE

Personal Loans — Connections for Everyday Australians

We connect individuals and families with independent professionals who can discuss provider options for cars, renovations, debt consolidation and more.

START YOUR ENQUIRY

WHAT WE HANDLE

What You Can Explore

Explore the types of assets and commercial requirements that may be discussed with an independent finance professional.

Personal Loans

Secured personal loans
Unsecured personal loans
Fixed & variable rate loans
Low-doc personal finance

Car Loans

New car loans
Used car finance
Novated lease (salary packaging)
Motorbike & leisure vehicle finance

Home Improvement

Renovation loans
Solar & energy system finance
Pool & outdoor living finance
Equity release & home improvement

Debt Consolidation

Credit card consolidation
Multi-debt consolidation loans
Lower repayment restructuring
Secured consolidation via equity

Life Events

Wedding & event finance
Medical & dental loans
Holiday & travel finance
Education & training loans

OVERVIEW

Personal Finance Options in Australia

A personal loan is a flexible borrowing product that allows individuals to fund a wide range of personal needs — from buying a used car or financing a home renovation to consolidating multiple debts into a single, more manageable repayment.

In Australia, personal loans are offered by banks, credit unions, mutual lenders, and specialist fintech lenders. The interest rate and fees you're offered depend on factors like your credit history, income, employment status, and the type of loan (secured or unsecured). Comparing loans across multiple lenders — rather than accepting the first offer — can result in significantly lower costs over the life of the loan.

Asset Connect Australia can refer personal finance enquiries to appropriately qualified or licensed professionals. They independently assess your circumstances and explain provider options, structures, pricing and eligibility; no outcome is guaranteed.

Key Points

Secured personal loans use an asset (like a car) as security and typically attract lower interest rates
Unsecured personal loans don't require collateral but usually carry higher interest rates
Comparison rates include fees and interest — always compare these, not just the advertised rate

WHY USE OUR NETWORK

The Benefits of Getting Referred

Provider Options

Personal loan rates and fees vary between providers. An independent professional may explain options from providers they work with; no rate or outcome is guaranteed.

Understand Credit Enquiries

Multiple applications may create credit enquiries and affect your credit file. Ask an independent professional or credit reporting body how enquiries are handled before applying.

Flexible Loan Amounts

Loan amounts vary by provider, product and applicant circumstances. The relevant provider determines any minimums, maximums and eligibility criteria.

Fixed Repayments for Certainty

Some personal loans have fixed repayments, while others may vary. Check the provider terms, rate type, fees and repayment schedule before proceeding.

Provider Timing Varies

Some providers may offer conditional decisions quickly, but timing depends on the product, application and documentation. Approval and funding are not guaranteed.

Consolidate and Simplify Debt

Combining multiple credit cards, buy-now-pay-later balances, and loans into a single personal loan can simplify repayments and potentially reduce the interest you're paying.

WHO WE HELP

Who Is This For?

Individuals purchasing a used car

People consolidating credit card or buy-now-pay-later debt

Homeowners funding a renovation or pool

Families covering medical or dental expenses

People financing a wedding or major life event

Employees using novated lease for vehicle salary packaging

Solar and energy system buyers

People funding education or training

Borrowers with good credit seeking competitive rates

Individuals comparing options before committing to a lender

START YOUR ENQUIRY

HOW IT WORKS

A Clear Connection Process

Submit Your Enquiry

Fill in our simple online form — tell us what you're looking for and we'll use your enquiry to identify a relevant connection.

A Specialist Reviews Your Enquiry

We can connect you with an appropriately qualified or licensed finance professional. They independently assess your circumstances and explain available provider options.

Discuss Your Options

The relevant professional discusses products, pricing, eligibility and next steps with you. You decide whether to proceed, subject to the provider’s terms.

Decide Directly

You discuss the available options directly with that independent professional or provider. Asset Connect Australia does not determine eligibility, rates, terms, approval or suitability.

COMMON QUESTIONS

Frequently Asked Questions

SERVICE COVERAGE

Available Australia Wide

Our connection service is available across every state and territory. We can introduce you to an independent professional whose experience is relevant to your market and situation.

NSW

New South Wales

Sydney, Newcastle, Wollongong, Central Coast

VIC

Victoria

Melbourne, Geelong, Ballarat, Bendigo

QLD

Queensland

Brisbane, Gold Coast, Sunshine Coast, Townsville

Western Australia

Perth, Fremantle, Mandurah, Bunbury

South Australia

Adelaide, Mount Gambier, Whyalla, Victor Harbor

TAS

Tasmania

Hobart, Launceston, Devonport, Burnie

ACT

Australian Capital Territory

Canberra, Queanbeyan, Belconnen

Northern Territory

Darwin, Alice Springs, Katherine, Palmerston

GET STARTED

Ready to Get Started?

Fill in your details below and our team will review your enquiry. If appropriate, your details may be shared with an independent professional who will contact you about available options. Timing, eligibility and any costs depend on that professional and provider.