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Personal Loans

Do you need money for an upcoming holiday, want to do some renovations or are you interested in consolidating your existing loans?

Whatever the reason, you may require a personal loan.

Before you compare personal loans, it helps to work out what sort of loan you want. If you have nothing material to guarantee the loan against, such as a house or car, you may need to look at an unsecured personal loan. An unsecured personal loan will have slightly higher fees and interest rates to offset the lenders risk for taking on your debt.

Adelaide Home Loans™ allows you to search, compare and apply from over 400 personal loans. To start comparing just fill in the form at the top of the page.

The benefits of a personal loan

What’s the difference between a credit card and a personal loan, which both give you access to money you don’t have?

The main benefit of a personal loan and what attracts many people to this option compared to a credit card, is that their interest rates are usually lower and you have an allocated time frame in which to pay the loan back. This means that it’s often easier to pay off and you could save you a lot of money in interest.

Types of personal loans

Secured, unsecured, variable, fixed?

With lots of options can sometimes come confusion but it’s important to do your research and pick a loan type that is going to suit your personal needs. A few minutes of reading here could save you a few bucks too.

We have broken it down for you so that you can quickly, and hopefully easily, identify which person loan type is going to meet all your requirements.


If you are purchasing a new car or a large asset, then a secured loan may be for you. With this type of loan the asset in which you require the loan for, is used as security against the loan. Meaning that if you were to default on your repayments, the financial institution has the authority to repossess your asset, sell it and use the money to pay off your debt. These types of loans can sometimes be advertised at a lower interest rate than unsecured loans as they are seen as less risk to the lender.


If you are looking for some extra cash for your holiday, are consolidating your debts or renovating your home, an unsecured loan could do the job. An unsecured loan doesn’t require any security against the loan but as such, are considered a higher risk for the lender and therefore usually come with a higher interest rate than a secured personal loan. If this is your first loan, you may have to provide a guarantor on your application to guarantee that the repayments will be met.


Like the yin and yang there are positives and negatives to a variable loan but it all comes down to your personal preferences. A variable rate personal loan is a type of loan where the interest rate is not fixed and can fluctuate. Because of this, the repayments on this type of loan may go up and down depending on the lender’s discretion, which can make it difficult to set a budget. Benefits of this type of loan include if interest rates decrease, your repayments will be less, and in general variable rates are usually lower than a fixed rate. However if the rate increases your repayments will rise as a result.


Unlike variable rate loans, fixed rate personal loans offer a fixed interest rate throughout the length of the loan so you don’t have to worry about rate increases. This means that your repayments remain the same amount throughout the term of the loan, making it easier to manage your budget. The downside to having a fixed rate however is that if interest rates overall drop, because your interest rate is fixed it is unaffected, so effectively you may pay more than you need to.


The emergency fund of personal loans, this type of loan is one option available to make sure you have enough money in your account when you need it. It is a convenient way to have access to money quickly for those financial emergencies that pop up when you least expect it. You only pay interest on the money you use, however there is usually a maximum amount that you can apply for with this type of loan. The interest rate can be higher with this type of loan compared to other types of personal loans so make sure you compare.

Line of credit

This type of personal loan offers access to funds as you need them, allowing you to withdraw additional funds as required. The benefit is that you only pay interest on the money you use and not the total amount borrowed. Another good thing is that there is no need to reapply for another loan when you need more money, you can redraw on your available balance. A line of credit usually has a minimum and maximum amount that you can access, however the limit is usually higher than the maximum amount usually available with an overdraft loan.

How to get the best deal on your personal loan

Identifying the need, doing your research and shopping around will ultimately pay in dividends and lead you to uncovering the best personal loan for you.

If you have a loan amount in mind and have identified what type of loan you require then it’s time to get serious and start comparing. Comparing personal loans doesn’t mean hours of leg work, instead call us and kick your feet up while we start comparing some of Australia’s best personal loans.

Personal loan application Checklist

  • Work out the amount you want to borrow.
  • Calculate how much you can afford to make in repayments.
  • Work out how long it will take to pay off, and how often you want to make the repayments (weekly, fortnightly or monthly.)
  • Decide whether you will require a secured (if buying an asset such as a car) or unsecured loan.
  • Will a fixed or variable rate personal loan suit you?
  • Organise any documentation and paperwork that is required to support you application and have this ready.
  • That’s it! You are now ready to apply.
Personal Loan