Home / Personal Loans / Average personal loan rate is now 14.55%

Personal Loan Education

04/07/2012

The latest Reserve Bank indicator lending rates, published yesterday, show that unsecured personal loan borrowers have got short shrift from recent interest rate cuts.

Unsecured variable personal loan rates came down an average of 35 basis points to 14.55 per cent and the standard credit card rate came down just five basis points to an average of 19.7 per cent.

Meanwhile the average standard variable mortgage rate for households has fallen 55 basis points during the last two months.

Source: Banking Day

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Institution	Product	Rate (%)	Comparison Rate* (%)	Details
	RACV Finance Car Loan - Approval within 5 working hours	7.95		Go to site
	Car Loan up to 2 years old (loan amt $30,000 +)	7.99		Go to site
	Car Loan up to 2 yrs old (loan amt less than $30,000)	8.49	0	Go to site
	Bankwest Car Loan	8.89		Go to site
	Used Car Loans 2 to 5 years old	9.49		Go to site
Institution	Product	Rate (%)	Comparison Rate* (%)	Details

The comparison rates are calculated on variable and fixed rates (unsecured loans) $10,000 over 3 years & secured car loans $10,000 over 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
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