It’s important to have an idea of what different loans might cost you overall before you apply. Fortunately, Savvy’s personal loan repayment calculator is simple to use and tells you everything you need to know about how much different offers might add up to overall based on a variety of different factors.
Your estimated repayments
$98.62
| Total interest paid: | Total amount to pay: |
| $1233.43 | $5,143.99 |
Why apply for a personal loan with Savvy?
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.
Top tips for reducing the cost of your personal loan
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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.
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Make additional repayments
Similarly, paying above the minimum will allow you to clear your debt sooner and reduce the interest and fees you'll have to pay.
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Improve your credit rating
The better your rating, the lower your interest is likely to be. Doing simple things such as paying off your debts and lowering the limit on your credit cards can improve your score.
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Refinance down the track
Refinancing can help you consistently keep your rates as low as possible. If you come across a great deal, make the switch (provided you won't be hit with costly fees).
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Pay your loan fortnightly
While it may only be worth a small amount overall, paying off your loan on a fortnightly schedule can help you save on your personal loan.
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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. That's what Savvy does for you.
Factors that impact your personal loan borrowing power
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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.
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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.
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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.
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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.
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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.
Types of personal loans
Apply for your personal loan online
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Complete our simple online application form
First and foremost, you’ll need to fill out our quick and easy online form. Tell us about yourself, your finances, the loan you’re after and why you need it in just a few minutes.
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Compare your options with Savvy
Once you’ve done this, you’ll be able to assess the products on offer from our partnered lenders. A member of our team will reach out to help you choose the best available offer.
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Send your documents and formally apply
If you’re happy with one of the options available, you can go ahead and formally apply. We’ll handle this for you; simply send the required documents through our online portal and we’ll do the rest.
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Get approved and sign your contract
We’ll let you know when you’re formally approved, which can happen in a matter of hours, and all you’ll need to do is sign your loan contract electronically to receive your funds as soon as the same day.
Personal loan eligibility and documentation
Eligibility
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Age
You must be at least 18 years of age
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Residency
You must be an Australian citizen or permanent resident (or, in some cases, an eligible visa holder)
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Income
You must be earning a stable income that meets your lender’s minimum threshold (this can start from as little as $20,000 per year)
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Employment
You must be employed on a permanent, casual or self-employed basis
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Credit score
You must meet your lender’s minimum requirements related to your credit score and not be bankrupt or under a Part IX debt agreement
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Contact
You must have an active phone number, email address and online bank account in your name
Documents
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Personal information
Your full name, date of birth, address and contact details
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Photo ID
Such as a driver's licence or passport
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Payslips
Your last two consecutive payslips (or your last tax return if you're self-employed)
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Assets and liabilities
Information about any assets you own (such as a car or house) and liabilities in your name (such as other loans)
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Bank statements
90 days of bank statements may be requested, but not always
