Looking to refinance?

We've partnered with some local lenders & brokers to help Aussies find better rates on personal loans. Just fill in a few details and sit tight as we search for the perfect match.

$15,000
18 months

Repayments starting from

$100

per week

$200

per fortnight

$400

per month

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7.89% (comparison rate 8.73% pa)* starting rate with no ongoing fees. Interest rates vary subject to a full credit assessment. Comparison Rate is based on a loan of $2,500 over 24 months.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.

Refinancing Personal Loans

Tired of paying top dollar on personal loan repayments? Interest rates are the lowest they’ve been. Oiyo could help you find a better rate with a better lender. Save more on your repayments - apply now!

Oiyo Personal Loans Comparison

Lender
Loan Amounts
Loan Terms
Starting Interest Rate
Starting Comparison Rate
Application Link
Society One
$5k to $50k
2,3,5 years
7.50%
9.51%

Secured Loan Offered

No

Turnaround Time

24-48 hours

Rates are based on an unsecured fixed rate personal loan of $10,000 over 3 years. SocietyOne rate is the lowest available rate for a borrower with excellent credit (Tier 1 borrower). WARNING: The comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

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Wisr
$5k to $50k
3,5 years
7.95%
8.78%

Secured Loan Offered

Yes

Turnaround Time

24-48 hours

All rates are based on a $30,000 unsecured loan with a five year term. The Comparison rates above includes any upfront and monthly account keeping fees. The Wisr rate is available to applicants with strong credit.

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Plenti
$2k to $45k
3,4,5 years
7.23%
9.20%

Secured Loan Offered

No

Turnaround Time

24 hours

Comparison rates for loans over 1, 2 and 3 years are based on an unsecured personal loan of $10,000 over 36 months. Comparison rates for loans over 4 and 5 years are based on an unsecured personal loan of $30,000 over 60 months. Rates shown assume a customer with an excellent credit history and are current as at 2pm, 6 April 2020. RateSetter credit criteria and terms and conditions apply. Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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Latitude
$3k to $200k
1 - 7 years
7.99%
9.24%

Secured Loan Offered

Yes

Turnaround Time

24-48 hours

Latitude Personal Loan rates range from 6.99% p.a. to 18.99% p.a. for secured loans (comparison rates 8.25% p.a. to 20.16% p.a.) and 7.99% p.a. to 19.99% p.a. for unsecured loans (comparison rates 9.24% p.a. to 21.16% p.a.). The Comparison rate for the above products are based on $30,000 over 5 years.

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Symple
$5k to $50k
1 - 7 years
5.75%
7.60%

Secured Loan Offered

No

Turnaround Time

24 hours

This comparison rate is based on a $30,000 unsecured personal loan for a 5-year term. Warning: The comparison rate is true only for the example given and may not include all fees and charges. Different loan terms, fees or loan amounts might result in a different comparison rate.

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MoneyPlace
$5k to $50k
3,5,7 years
7.65%
7.65%

Secured Loan Offered

No

Turnaround Time

24-48 hours

This comparison rate is based on a $30,000 Personal Loan for a five year term. This rate is applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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$2k to $10k
1,2,3 years
7.59%
12.42%

Secured Loan Offered

Yes

Turnaround Time

Same day

This comparison rate is based on a $30,000 Personal Loan for a five year term. This rate is applicable for secured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Society One

9.51%
Starting Comparison Rate
7.50%
Starting Interest Rate
$5k to $50k
Loan Amounts
2,3,5 years
Loan Terms
Apply Now

Secured Loan Offered

No

Turnaround Time

24-48 hours

Rates are based on an unsecured fixed rate personal loan of $10,000 over 3 years. SocietyOne rate is the lowest available rate for a borrower with excellent credit (Tier 1 borrower). WARNING: The comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

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Wisr

8.78%
Starting Comparison Rate
7.95%
Starting Interest Rate
$5k to $50k
Loan Amounts
3,5 years
Loan Terms
Apply Now

Secured Loan Offered

Yes

Turnaround Time

24-48 hours

All rates are based on a $30,000 unsecured loan with a five year term. The Comparison rates above includes any upfront and monthly account keeping fees. The Wisr rate is available to applicants with strong credit.

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Plenti

9.20%
Starting Comparison Rate
7.23%
Starting Interest Rate
$2k to $45k
Loan Amounts
3,4,5 years
Loan Terms
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Secured Loan Offered

No

Turnaround Time

24 hours

Comparison rates for loans over 1, 2 and 3 years are based on an unsecured personal loan of $10,000 over 36 months. Comparison rates for loans over 4 and 5 years are based on an unsecured personal loan of $30,000 over 60 months. Rates shown assume a customer with an excellent credit history and are current as at 2pm, 6 April 2020. RateSetter credit criteria and terms and conditions apply. Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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Latitude

9.24%
Starting Comparison Rate
7.99%
Starting Interest Rate
$3k to $200k
Loan Amounts
1 - 7 years
Loan Terms
Apply Now

Secured Loan Offered

Yes

Turnaround Time

24-48 hours

Latitude Personal Loan rates range from 6.99% p.a. to 18.99% p.a. for secured loans (comparison rates 8.25% p.a. to 20.16% p.a.) and 7.99% p.a. to 19.99% p.a. for unsecured loans (comparison rates 9.24% p.a. to 21.16% p.a.). The Comparison rate for the above products are based on $30,000 over 5 years.

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Symple

7.60%
Starting Comparison Rate
5.75%
Starting Interest Rate
$5k to $50k
Loan Amounts
1 - 7 years
Loan Terms
Apply Now

Secured Loan Offered

No

Turnaround Time

24 hours

This comparison rate is based on a $30,000 unsecured personal loan for a 5-year term. Warning: The comparison rate is true only for the example given and may not include all fees and charges. Different loan terms, fees or loan amounts might result in a different comparison rate.

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MoneyPlace

7.65%
Starting Comparison Rate
7.65%
Starting Interest Rate
$5k to $50k
Loan Amounts
3,5,7 years
Loan Terms
Apply Now

Secured Loan Offered

No

Turnaround Time

24-48 hours

This comparison rate is based on a $30,000 Personal Loan for a five year term. This rate is applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Jacaranda

12.42%
Starting Comparison Rate
7.59%
Starting Interest Rate
$2k to $10k
Loan Amounts
1,2,3 years
Loan Terms
Apply Now

Secured Loan Offered

Yes

Turnaround Time

Same day

This comparison rate is based on a $30,000 Personal Loan for a five year term. This rate is applicable for secured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.

What will I find on this page?


Why Should You Refinance Your Personal Loan?

Why Should You Refinance Your Personal Loan?

Though loans can be a tricky business, there are options out there for borrowers to save money. One option is looking into refinancing options for personal loans. This simply means replacing your current loan with another loan product or renegotiating a better deal. The new loan can either be with the same lender or with a different one. The main purpose is to reduce your payments by getting a better personal loan interest rate or combining multiple loans into one simple repayment with a consolidation loan.

Sounds simple, right? Well, yes and no. Let’s run through some things you should know about refinancing.

Reasons to consider refinancing a personal loan

1. Getting a better rate

Refinancing personal loans can be a smart option if you’re interested in getting a better rate on your loan repayments. If you can get a lower interest rate, you could save a significant amount of money during the lifetime of your loan.

Many people choose to refinance because they can shop around for a new lender with a better rate once they have some loan repayment history. In some cases though, you may be able to get a better deal with your existing lender. Some lenders may offer new personal loans with better interest rates if, for example, your credit score improves, or you’re able to provide an asset that can be used as security on your loan. Ultimately, you would just need to chat with your lender about whether you qualify for a lower interest rate.

2. Taking advantage of better loan features

Another reason you may consider refinancing is to take advantage of other loan features. For example, if you’re struggling to pay off a debt, you may benefit from a new loan that allows for reduced repayment amounts or longer repayment terms. This gives you a bit more flexibility in terms of repayments and may ease some financial stress you are experiencing repaying back your existing loans.

Alternatively, you may merely be in a better financial position than you were when you took out your previous loan(s). You may wish to pay back your debt faster over a shorter term. Refinancing, for this reason, is as valid as any.

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Pro tip!

As always, it is wise to do your research and compare the rates and terms. One may look better on paper, but it pays to double-check how the loan term will affect your actual repayments. Try using a personal loan repayment calculator to compare your loan options.

3. Consolidating multiple debts

Keeping track of all incoming and outgoing expenses can be difficult at the best of times. If you have multiple debts and find you are making many – and oftentimes irregular – repayments on those debts, then you may want to consider merging the repayments. This can tidy up your outgoing expenses, allowing you to instead only make one repayment that will cover all your existing loan repayments. This way, it is much easier to keep track of your finances and makes budgeting a simpler task.

To check whether consolidating personal loans is a good option, calculate the total amount you are paying each month in all your existing loan repayments. Then, compare this to the figure that a new personal loan replacing these repayments purports to make you pay.

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Pro tip!

Be sure to include all extra fees on top of the monthly amount of repayments in your calculations. Occasionally, extra rates associated with refinancing may mean you are paying slightly more than you were before. It all boils down to your individual circumstances.

Factors to consider before refinancing a personal loan

Though refinancing may look ideal, it is always wise to do some research and market comparisons. Be wary of any personal loan refinancing options and offers that look ‘too good to be true’ – actually, this applies to so much more than just loans, right?

Interest rates

A common catch, particularly when offered a better interest rate, is that the interest rate is lower but the repayment term is much longer, meaning you may be paying more in interest in the long run. Moreover, be careful that you are considering the comparative interest rate as opposed to the base interest rate. A simple mixup of information could cost you money.

Additional fees and charges

Some refinancing options may have hidden penalties for switching from your existing loan to a new loan. Your existing lender may charge you exit or discharge fees. Similarly, your new lender may charge an establishment or application fees. If you are consolidating many debts, there may be additional fees chargeable for this as well. These fees may be outweighed by the benefits of refinancing, but it is best to be aware of them so that you are not caught off guard. Here are some fees to look out for:

Establishment/application fee Many lenders will charge you a fee to establish your account with them, or kickstart your application. This is a very typical one-off cost to cover the cost of processing your loan documents.
Exit/discharge fee If you choose to exit the loan agreement to refinance, then many lenders will charge an exit fee. This covers the cost of settling the balance and closing your account with that lender.
Break fee If you exit your loan during the fixed interest rate period, you may be required to pay a break fee.

Speak to both your new and old lenders and make them aware of the situation. There may be some scope to waive fees when refinancing.

How to refinance your personal loan

If you’re currently considering refinancing a personal loan or any other debt that you may have, why not apply with Oiyo? We’ve partnered with some local lenders and brokers to help Aussies find better rates on personal loans. When you apply with us, we’ll search the web for the perfect match. If we find a lender capable of offering you the cash you need, we’ll be in touch. From there, it’s up to you! We won’t pressure you to accept any loan offer and, best of all, it’s completely free to apply. So, why not try us out?

Find a lender today!

Apply Now