Loan calculator
Calculate your monthly loan repayments and see how much interest you'll pay over the life of your loan. Adjust the sliders to see how different amounts, rates and terms affect your repayments.
Monthly repayment
$1535.22
Total amount repaid
$460,565.62
Total interest paid
$210,565.62
Interest as % of principal
84.2%
Frequently asked questions
What is a good interest rate for a personal loan in Australia?
As of 2026, personal loan interest rates in Australia typically range from around 6% to 20% per year depending on the lender, your credit history, and whether the loan is secured or unsecured. Rates below 10% are generally considered competitive. Always compare the comparison rate (not just the advertised rate) as it includes fees.
How can I reduce the total interest I pay on a loan?
The most effective ways are to borrow less, choose a shorter loan term, or make extra repayments when you can. Even small additional repayments reduce your principal faster, which means less interest accumulates over time. Check your loan contract for any early repayment fees before doing this.
What is the difference between a fixed and variable interest rate?
A fixed rate stays the same for the life of the loan, so your repayments are predictable. A variable rate can go up or down depending on market conditions and your lender's decisions. Fixed rates suit people who want certainty; variable rates can save money if rates fall but carry more risk.
How is my monthly repayment calculated?
Monthly repayments are calculated using an amortisation formula that accounts for your loan amount, interest rate, and term. Each repayment covers the interest accrued that month plus a portion of the principal. Early repayments are weighted more toward interest; later repayments pay off more of the principal.