Personal loan broker: what they do and when one helps
A personal loan broker compares personal loans from the lenders on their panel, works out which is likely to approve you and at what rate, and lodges the application, so you get real quotes without applying to lender after lender. Brokers must hold an Australian Credit Licence or be a credit representative of a licensee, which you can check free on ASIC's professional registers. A broker helps most when your credit history is patchy, you are consolidating debts, or you are weighing a secured loan against an unsecured one.
Lenders a personal loan broker can compare
Lenders that publish personal loans in Australia. Every broker's panel is different, so ask which lenders are on it: the credit guide lists them.
| Lender | Products | Current rate |
|---|---|---|
| Commonwealth Bank of AustraliaMajor bank | Products:
| Current rate: 7.25%p.a. 8.30% p.a. comparison rate* Personal Loan Unsecured · Fixed Rate Personal Loan, unsecured: from rate for excellent credit (rates up to 22.25% p.a.); comparison on a $30,000 loan over 5 years. As at 30 Sept 2026 · Source: CommBank rates page (opens in a new tab) |
| Westpac Banking CorporationMajor bank | Products:
| Current rate: 7.29%p.a. 8.69% p.a. comparison rate* Unsecured Personal Loan · Unsecured Personal Loan, fixed rate: from rate; the rate offered depends on your credit assessment. As at 30 Sept 2026 · Source: Westpac rates page (opens in a new tab) |
| ING AustraliaTier-2 bank | Products:
| Current rate: 6.19%p.a. 7.03% p.a. comparison rate* ING Personal Loan · ING Personal Loan, fixed rate, unsecured: from rate for the strongest credit profile (rates up to 19.99% p.a.); comparison on an unsecured $30,000 loan over 5 years. As at 30 Sept 2026 · Source: ING rates page (opens in a new tab) |
| HarmoneySpecialist | Products:
| Current rate: 5.94%p.a. 5.94% p.a. comparison rate* Harmoney Personal Loan (Tier 1) · Unsecured personal loan, fixed rate: from rate for exceptional credit (rates up to 24.03% p.a.); comparison on $30,000 over 5 years. As at 30 Sept 2026 · Source: Harmoney rates page (opens in a new tab) |
| MoneyMeSpecialist | Products:
| Current rate: 6.24%p.a. 6.95% p.a. comparison rate* MoneyMe Personal Loan · Unsecured personal loan, variable rate: from rate for excellent credit history (maximum 26.10% p.a.). As at 30 Sept 2026 · Source: MoneyMe rates page (opens in a new tab) |
| Now FinanceSpecialist | Products:
| Current rate: 5.95%p.a. 5.95% p.a. comparison rate* NF Personal Loan (Tier 1) · Unsecured Personal Loan, fixed rate: from rate for excellent credit (rates up to 26.95% p.a.); no establishment, monthly or early repayment fees. As at 30 Sept 2026 · Source: Now Finance rates page (opens in a new tab) |
| OurMoneyMarketSpecialist | Products:
| Current rate: 5.95%p.a. 5.95% p.a. comparison rate* OMM Personal Loan (Tier 1) · Personal loan, fixed rate: from rate for exceptional credit (rates up to 18.99% p.a.); comparison on an unsecured $30,000 loan over 5 years. As at 30 Sept 2026 · Source: OurMoneyMarket rates page (opens in a new tab) |
| PlentiSpecialist | Products:
| Current rate: 5.95%p.a. 5.95% p.a. comparison rate* Plenti Personal Loan (Tier 1) · Unsecured personal loan: from rate for exceptional credit (rates up to 24.09% p.a.); comparison on $30,000 over 60 months. As at 30 Sept 2026 · Source: Plenti rates page (opens in a new tab) |
| Australia and New Zealand Banking GroupMajor bank | Products:
| Current rate: ANZ rate card (opens in a new tab) |
| National Australia BankMajor bank | Products:
| Current rate: NAB rate card (opens in a new tab) |
Show all 14 lendersShow fewer lenders
| Lender | Products | Current rate |
|---|---|---|
| BankSAMajor-bank brand | Products:
| Current rate: BankSA rate card (opens in a new tab) |
| IMB BankCustomer-owned | Products:
| Current rate: IMB rate card (opens in a new tab) |
| Newcastle Permanent (Newcastle Greater Mutual Group)Customer-owned | Products:
| Current rate: Newcastle Permanent rate card (opens in a new tab) |
| Teachers Mutual BankCustomer-owned | Products:
| Current rate: Teachers Mutual rate card (opens in a new tab) |
Inclusion is editorial reference, not a recommendation. Rates change often, so we only show a rate we captured from the lender's own page in the last 60 days, with a link to that page; otherwise we link to the lender's rate card where it publishes one. The broker you are matched with compares the lenders on their own panel.
See all 20 personal loan lenders* WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate. Personal loan comparison rates are based on a loan of $30,000 over 5 years, secured or unsecured as the lender states.
- A broker compares the lenders on their panel and lodges one application with the lender you choose
- Lenders price personal loans on your file, so personalised quotes matter more than headline rates
- Brokers must hold an Australian Credit Licence or be a credit representative of a licensee; check on ASIC's professional registers
- The credit guide sets out the lenders the broker deals with, how the broker is paid and any fees to you
- Most useful for patchy credit, debt consolidation, secured against unsecured, and irregular income
What a personal loan broker does
A personal loan broker sits between you and the lenders. The job has three parts, and the middle one is where the value is.
Works out what you can borrow, and who will lend it
The broker collects your income, expenses, debts and credit history and checks them against each lender's criteria, which differ more than the advertising suggests. ING, for example, caps casual and contract workers at $30,000, and NAB's secured car loan is only for existing NAB customers.
Gets personalised pricing
Lenders publish a range and price you into it. On 30 September 2026 CommBank's unsecured fixed range ran from 7.25% to 22.25% p.a., and Westpac published a median of 16.99% p.a., which around half its customers get or beat. A broker can get personalised pricing from several lenders from one set of documents, so you compare real offers rather than headline rates.
Lodges and manages the application
Once you choose a lender, the broker lodges one application, answers the lender's questions and follows it through to settlement. On a debt consolidation loan that includes arranging for the lender to pay out the debts being replaced.
How much does where you land in the range change the repayment?
| Loan amount | Monthly repayment at | |||
|---|---|---|---|---|
| 7.25%p.a. | 12%p.a. | 16.99%p.a. | 22.25%p.a. | |
| $10,000 | $199 | $222 | $248 | $278 |
| $20,000 | $398 | $445 | $497 | $555 |
| $30,000 | $598 | $667 | $745 | $833 |
Scroll the table sideways for more rates
Illustrative monthly principal and interest repayments over 5 years, before fees and charges. Rates are examples, not offers; your rate depends on the lender and your circumstances. 7.25% and 22.25% p.a. are the ends of CommBank's published fixed range and 16.99% p.a. is Westpac's published median. Run your own numbers.
When a broker helps most
Your credit history is less than perfect
Each application adds an enquiry to your credit report, and a string of declines makes the next one harder. A broker can steer you to lenders likely to accept your file, including specialists such as Jacaranda Finance, which publishes 16.95% to 29.95% p.a. See bad credit personal loans.
You are consolidating debts
Consolidation only pays if the new loan costs less in total than the debts it replaces over the same period. The broker's job is that arithmetic, including establishment fees and any payout fees on the old debts.
You are weighing secured against unsecured
Security changes the price most at the top of the range: CommBank's secured car loan runs 6.79% to 11.29% p.a. against 7.25% to 22.25% p.a. unsecured. A broker can price both so you can see whether putting up the car is worth it. See secured personal loans.
Your income is irregular
Casual, contract and self-employed income is treated differently by each lender. Knowing which lenders accept your income type, and on what terms, is the kind of thing a broker knows and a comparison table does not.
When you may not need one
If your credit is excellent, your need is simple and your own bank offers its customers a better rate, going direct can be just as good. NAB, for example, offers its home loan customers 7.50% to 12.99% p.a. on an unsecured personal loan, and CommBank responds to online applications within 60 seconds. It is still worth comparing the comparison rate with one or two other lenders before you accept.
How personal loan brokers are paid
Every broker must give you a credit guide, which sets out the lenders it deals with, how it is paid and any fees it charges you. Read it before you go ahead, and ask the broker what they will be paid on your loan.
If you are matched with a broker through Your Finance Guide:
Your Finance Guide is free to use. Licensed brokers who meet our criteria pay Your Finance Guide a partnership fee to receive enquiries from this site. The fee is paid by the broker, not by you, and is not added to your loan. Brokers are usually also paid a commission by the lender when a loan settles. Full details are in our Credit Guide.
How to check a broker's licence
Anyone who arranges credit for you must hold an Australian Credit Licence or be a representative of a licensee; the National Debt Helpline warns that unlicensed brokers are operating illegally. Checking takes a couple of minutes:
- Find the licensee's name and credit licence number in the broker's credit guide.
- Search ASIC's professional registers by name, licence number, ACN or ABN. The search is free and covers credit licensees and credit representatives.
- Check the licence is current and read any conditions on it.
- If the broker is a credit representative, check which licensee they represent and that it matches the credit guide.
- Check ASIC's banned and disqualified registers for the person and the business.
If something goes wrong, complain to the broker first. If it is not resolved, the Australian Financial Complaints Authority (AFCA) handles complaints about credit licensees for free.
Your Finance Guide works in conjunction with The Mortgage Group Pty Ltd trading as ALG Australian Lending Group (Australian Credit Licence 505575), Credit Representative (CR 392527) of Finance and Systems Technology Pty Ltd (ACN 092 660 912). Your Finance Guide is the publishing brand and is not licensed to provide credit assistance.
Questions to ask a personal loan broker
- Which lenders are on your panel, and which would you approach for me?
- How are you paid on this loan, and do you charge me anything?
- Will you check my eligibility before an application goes on my credit report?
- What is the comparison rate and the total amount I will repay?
- Are there early repayment or monthly fees on the loan you recommend?
Personal loan guides
Rates, loan types and the costs behind them.
Personal loan broker FAQs
What does a personal loan broker do?
Do personal loan brokers charge a fee?
Is it better to go to a bank or a broker for a personal loan?
Does using a broker affect my credit score?
How do I check a personal loan broker is licensed?
Can a broker help if I have bad credit?
Can a broker get me a lower rate than the bank?
WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate. Comparison rates are calculated on a secured loan of $150,000 over 25 years for home loans, a loan of $30,000 over 5 years for car and personal loans, and $50,000 over 5 years for equipment finance, unless the lender states another basis.
Get matched with a personal loan broker
Tell us what the loan is for and a licensed broker compares personal loans across the lenders on their panel. Free to use, no obligation.