Personal Loan Repayment Calculator

Borrowing money for a new car or a trip abroad doesn’t have to be complicated, and figuring out how much your repayments are likely to be and how much you’re estimated pay in interest over the life of your loan is simple with our personal loan repayment calculator.

This loan calculator is easy to use – simply enter the amount you wish to borrow, the current interest rate, loan term, and how regularly you plan to make repayments (weekly, fortnightly or monthly) to see how much your repayments may cost you in the long run.

Please Note: The calculations do not take into account all fees and charges. The results provided by this calculator are an estimate only, and should not be relied on for the purpose of making a decision in relation to a loan. Interest rates and other costs can change over time, affecting the total cost of the loan. Consider whether you need financial advice from a qualified adviser.

Different types of personal loans

Personal loans can be fixed rate or floating, which refers to the interest rate that applies to the loan.

Personal loans can also be secured or unsecured.

Secured loans:

A secured loan is where you use something that you own, like your car, as ‘security’ against your debt. This means, if you weren’t able to repay the personal loan, the lender may be able to sell your security item instead, to recover the money that they loaned to you. View secured personal loans on our website.

Unsecured loans:

With an unsecured loan, the lender agrees to lend you money without you making a promise of security. Because they are relying solely on your income to repay the debt, you have to provide proof of your income when you apply. If you weren’t able to repay an unsecured personal loan, the lender might still take you to court, but the lender faces a higher risk of not getting their loaned money back. Interest rates on unsecured personal loans tend to be higher than the rate on secured loans on average, because the lender faces that increased risk. View unsecured personal loans here.

personal overdraft is one type of unsecured personal loan. An overdraft feature attached to your savings or debit bank account lets you spend more money than you have, up to an approved limit. This limit is usually quite small, around $500. Interest is charged on any amount you spend in the overdraft. When you use the overdraft, a monthly fee is charged, and when the overdraft is inactive, you only pay the normal fees for your savings or debit account.

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