A personal loan is a flexible type of finance that allows you to borrow a fixed amount of money and repay it over an agreed term through regular repayments. Unlike a home loan, a personal loan is usually not tied to property, making it a popular option for funding personal goals or managing costs.
Personal loans can be used for things like home renovations, travel, education, medical or dental expenses, or debt consolidation. Depending on the lender and your situation, a personal loan may be secured (backed by an asset, which can sometimes help with pricing) or unsecured (no asset required).
Flexible finance for life’s plans
Use a personal loan for:
Home renovations and improvements
Travel and holidays
Education and courses
Medical or dental procedures
Debt consolidation (combining multiple debts into one repayment)
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A personal loan is a flexible finance option that lets you borrow a set amount and repay it over time with regular repayments.
Personal loans can be used for renovations, travel, education, medical costs, or debt consolidation.
They can be either. Unsecured loans don’t require an asset as security. Secured loans use an asset as collateral and may offer different rates and terms depending on the lender.
Loan terms often range from 1 to 7 years, depending on the lender and your circumstances.
Commonly requested documents include a driver licence, Medicare card or visa details, and proof of income (such as payslips or bank statements). Requirements vary by lender.
