Personal Loan Repayment Calculator
Use Savvy's personal loan calculator to get an estimate of the repayments you'll likely need to budget for each month, fortnight or week.
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Calculate your personal loan repayments
Before you start the personal loan application process, it's important to be able to have an idea of what your ideal personal loan might cost. You can use Savvy's personal loan repayment calculator today to find out how different loan terms and interest rates affect what you might spend overall.
The product features of a personal loan through Savvy
Competitive rates
You can compare a wide range of personal loan offers with competitive rates for your profile thanks to our panel of trusted lenders.
Repayment terms up to seven years
By selecting a loan as short as one year or as long as seven, you can have a say in the cost of your repayments and your loan as a whole.
Borrow up to $75,000
You can borrow smaller sums as low as $2,000 or apply to receive a greater amount of money all the way up to $75,000 with your lender.
Use your loan how you wish
Personal loans are versatile. Whether you need one to complete home improvements, consolidate outstanding debts or even fund your wedding, you have the power to do so.
Unsecured finance
There is no requirement for you to supply an asset to serve as collateral for your personal loan, freeing you up to spend however and wherever you see fit.
Choose variable or fixed interest
Thanks to our range of lending partners, you can choose to fix the interest on your personal loan or leave it variable and open to market movement.
Free early repayments
You don’t have to stick to the schedule if you don’t want to. You can find and compare lenders who charge no fees for settling your loan early.
Available to self-employed workers
Even if you don’t receive your income via conventional payslips, you can still be approved for a personal loan through your tax returns.
Types of personal loan
Why compare personal loans through Savvy?
100% free
There's no need to worry about forking out to compare offers. Our service is free, so you can come back whenever you like.
Paperless applications
You won't need to worry about sifting through documents and visiting the post office, as they can all be submitted online.
Reputable lending partners
We've partnered with personal loan companies you can trust to ensure your comparison is a high-quality one.
Top tips for reducing the cost of repaying your personal loan
Choose a shorter loan term
One of the first steps you can take to save money is to choose a shorter loan term. By reducing your time spent paying interest and fees, you can reduce the cost of both and save yourself a meaningful amount of money. A $30,000, five-year personal loan at 7.5% p.a. interest will end up costing you almost $2,500 more in interest alone, for instance.
Make additional repayments
Similarly, contributing more than the minimum can help you save and reduce your loan term. The five-year loan from the previous example comes with monthly repayments of $601, but simply paying an extra $100 each month would shorten your loan by ten months and save you over $1,000 over the life of the loan. Also, if your interest is variable, you can save money by paying more while rates are lower.
Improve your credit rating
The better your rating, the lower your interest is likely to be. The rock-bottom minimum rates like those displayed above are generally available to borrowers with excellent credit scores, which is only a small portion of the population. However, by doing simple things such as paying off your debts and lowering the limit on your credit cards, you can improve your score and, as a result, lower your potential interest rate.
Refinance down the track
A more long-term view of personal loans is that, in order to consistently keep your rates as low as possible, you should refinance to other loans with different lenders. For instance, if you’re midway through your $20,000, four-year loan at 9% p.a. and find another offer for 7%, you could save over $200 by switching to the other loan for the final two years. It’s always important to ensure that any fees associated with refinancing don’t negate the benefit of doing so altogether.
Pay your loan fortnightly
A simple switch you can make to save you some extra money on your loan is to make your repayments on a fortnightly basis, rather than monthly. This is because lenders count months as being four weeks, meaning that monthly repayments are only equal to 24 payments compared to a fortnightly schedule including 26. While it may only be worth a few hundred dollars, every little bit counts in the scheme of things.
Compare as many options as possible
Finally, above all else, the best way to save money is by comparing options in the market as comprehensively as you can. You’re unlikely to come across the cheapest and best personal loan for you with the first offer that you find, but you’re more likely to form an educated view of which is best when you understand the loan market.
Factors which can impact your borrowing personal loan borrowing power
Your income
Of course, the more you earn, the more you’re likely to be able to comfortably afford on a weekly, fortnightly or monthly basis. For instance, without taking expenses into account, someone earning $5,000 each month is more likely to be able to comfortably manage a loan with monthly repayments of $1,000 compared to someone earning $2,500 per month.
Your employment
The stability of your income and employment will also play a role in how much you’re likely to be approved for. Lenders want to be certain that you’ll be capable of repaying your loan consistently across the entire term and not be at any risk of your income stream running dry. As a result, those employed full-time or permanent part-time will almost certainly be approved for more than a casual employee working semi-regular hours.
Your expenses
It’s not just what you earn that matters but also how much of your income goes towards other expenses and debts. You may be paying off a mortgage, covering rent or simply paying off other expensive bills which eat into your disposable income. Comfort is the name of the game when lenders assess your application, so you shouldn’t be at any risk of not being able to fulfil your obligations.
Your credit history
Your credit score and history are one of the key areas lenders will look to when assessing your profile and application, as this gives a clear indication of your ability to repay debts in a responsible and timely manner. The better your credit score, the more you’re likely to be able to borrow. This is especially the case if you’ve repaid similar loans in the past.
Your loan security
Whether you decide to take out a secured or unsecured personal loan will directly impact the amount you’ll be able to borrow. Unsecured loans, which come with no requirement to attach collateral to your loan agreement, cap out at a maximum of $75,000. However, the amount you’re able to borrow with a secured loan can reach up to $100,000, albeit will be largely determined by the value of your asset.
Common personal loan queries
More about personal loan repayments explained
How do I use the personal loan repayment calculator?
Savvy’s personal loan repayment calculator is simple and easy to use no matter where you are. All you need to do is fill out a few different boxes and the calculator will crunch all the numbers for you. By inputting your desired loan amount, term and an interest rate, you can calculate how much your weekly, fortnightly or monthly repayments would cost, as well as the total overall cost of the loan.
You can take the interest rates from different lenders and input them into the calculator to give you a rough comparison of what your loan might cost with a range of financiers. This can help you gain a greater understanding of the true difference between loans, rather than simply seeing a difference in interest rate. For example, a $30,000 loan repaid monthly over five years at 7.5% p.a. interest would cost you $6,068 overall but opting for a loan with a 6.5% p.a. rate instead would save you over $800.
When using the personal loan repayment calculator, though, it’s beneficial to input your lender’s comparison rate, rather than just their interest rate. This will give you a clearer, more accurate representation of the cost of different loans, as this rate also includes any fees which are charged. A loan might have a lower interest rate than another offer, but this counts for little if the fees charged on the agreement mean that you end up paying more overall, so comparison rates are always crucial to consider.
What are personal loans and how do they work?
A personal loan is a type of finance designed to be used for flexible purposes in your personal life. For example, you might want to take out a loan to cover the cost of medical expenses, help you pay for other bills over the next month or two or even aid you in planning your dream wedding. Unlike other finance such as home and car loans which are required to be used for the purchase of a particular asset, personal loans can essentially be used however you like.
In most cases, these loans are unsecured, meaning you won’t be required to put any collateral up as security for the agreement. However, there are secured personal loans available, which you might look to if you wanted to expand your borrowing power. Aside from this, though, they’re largely structured in the same way as any other similar finance agreement: you apply and (if approved) receive a lump sum from a lender, which you then repay with interest and fees over a set term either weekly, fortnightly or monthly.
Once you’ve paid off the entirety of your loan, you’ll be released from the agreement. If you took out a secured personal loan, the asset you used as collateral (such as your car) will also be lifted once you complete your repayments. Paying off a personal loan successfully can also help you get approved for better finance deals in the future, as lenders look for applicants who have demonstrated the ability to pay off similar debts in the past. Doing so in a timely fashion can also boost your credit score.
How do I compare personal loans?
When it comes to finding the best personal loan, there’s a range of different factors which you should take into consideration. By comparing each of the following variables, you can maximise your chances of securing the best personal loan for your needs. The factors to account for when deciding on your personal loan include:
Interest rates
Perhaps the most important area to consider when comparing different loan offers is their interest rates. This will form the most substantial cost over the course of your agreement in most cases, typically costing thousands of dollars overall. It’s for this reason that it’s crucial to compare: even small differences in rates can result in substantial savings throughout your agreement. For instance, while a $30,000 loan over five years at 8.5% p.a. would cost $6,930 in interest, choosing a loan with 7.5% p.a. interest instead would save you almost $900 overall.
Fees
It isn’t just interest which you’ll need to keep an eye on when comparing offers, though, but fees as well. The two main costs to consider here are establishment and ongoing fees. Your one-off establishment fee can cost up to $595 and ongoing costs can set you back up to $10 each month. However, many lenders choose not to charge one or both costs, so you could potentially save hundreds by choosing the right loan. You can compare based on comparison rates, which is a figure that incorporates both the interest and fees on your loan.
Loan amounts
You’ll also need to make sure the amount you’re applying to borrow is offered by your lender. This is especially true of those looking to take out particularly small or large loans, as lenders will enforce different minimums and maximums. While you can take out a loan as small as $2,000, some lenders will require you to apply for a minimum of $5,000. Similarly, not all lenders can accommodate applications of $75,000, with many setting their maximum at $50,000. Make sure your lender can approve an application for the loan funds you need before you commence the process.
Loan terms
The same applies to personal loan repayment terms. As mentioned, you should always prioritise your comfort in repaying your personal loan, so it’s important to look for lenders who enable you to borrow over your preferred term length. If you want to have your repayments completed in just one to two years, keep your eye out for lenders who set their minimum terms lower, as some require you to take a minimum of three years regardless of your loan size. Many lenders will cap their maximum terms at five years also, meaning you may not be able to repay over the full seven.
Eligibility criteria
There’s little point in preparing an application with a lender whose criteria you don’t quite meet. Before you consider gathering all your documents and filling out your form, it’s crucial to double-check each qualification point to ensure you’re able to be approved. Although criteria will vary slightly depending on who you decide to apply with, you’ll need to meet the following basic points:
- You must be at least 18 years old
- You must be a citizen, permanent resident or eligible visa holder
- You must be employed and earning a stable income of at least $20,000 per year
- You must have a good credit record with no history of defaults or bankruptcy
Repayment flexibility
One of the biggest advantages of a personal loan is the ability it provides you to make repayments above the minimum required amount. By making additional payments towards your outstanding loan debt, you can save money on interest and fees across your term and shorten your repayment period overall. For example, by paying an extra $100 per month on a $50,000 loan over five years at 8% p.a., you can save over $1,200 and six months. Not all lenders will offer this on their loans, though, so it’s important to compare offers so you can find one which can offer you the freedom to make faster repayments.
Additional features
Finally, you might also look to secure a loan which comes with other added features, such as a redraw facility or the option to choose your payment schedule. A redraw facility provides access to any additional payments made during your loan term, giving you a cheaper and hassle-free alternative to applying for another loan down the line. Of course, accessing funds in this manner could result in your loan costing more or taking longer to be repaid. You should also ensure you can choose between weekly, fortnightly or monthly repayments in line with your preference.
Helpful personal loan guides
Still looking for the right personal loan?
Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.
