Low rates starting from 9.19% p.a. (comparison rate from
10.58% p.a.)
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60 minutes.
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Find out how much your repayments and interest rate could be with our calculator.
Estimated monthly repayments
Example interest rate
Comparison rate
Total charges
$1,857.28
Total repayments
$21,857.28
It won’t affect your credit score!
Interest rate (p.a.)
up to
Comparison rates (p.a.)*
up to
Refinancing a loan is when you take out a new loan to pay off an existing loan. It can save you money if your new loan is with a lender that has better conditions than your existing loan. You’ll still have the same level of debt if you refinance your personal loan, but you can save in other ways such as paying lower interest rates or lower fees or having longer payment terms which will reduce the amount of each monthly repayment.
Are you looking to refinance your personal loan? Sometimes by shopping around you can get a better deal on a new loan than you are currently getting on your existing loan. Or refinancing your personal loan could be a good way to consolidate your other debts and get back on top of your finances.
There may be many reasons why it is a good time to refinance your personal loan. You may be refinancing your personal loan to save money, simplify or reduce your monthly repayments or you may want to take out a larger loan. If your goal is to save money, you may be able to find a personal loan with a much lower interest rate, especially if your credit score has improved since you first took out your loan. Or you may want to have more certainty around your repayments and switch to a variable interest rate. And if you are struggling to meet your repayments each month, you may want to take out a new loan with a longer repayment term so you can lower your regular payments.
You may be wondering whether you can refinance your personal loan with your current bank or lender. In some cases, a lender won’t refinance your existing loan and there may be exit fees if you pay off your loan early. However if your current lender is offering better conditions to new customers, or you find better rates with competitors you could try negotiating a lower interest rate with your current lender. Thankfully some lenders, such as MoneyMe, don’t charge early termination fees so you have more flexibility. Through the user-friendly Member’s Area, you can have a personal dashboard to manage your loans, make extra repayments, or even payout your loan ahead of time in full if you’d like to.
How refinancing a personal loan will affect your credit score will depend on your specific circumstances. For example, if you’re taking out a new personal loan for debt consolidation it could actually help your credit score in the long term. This is because you’ll have fewer accounts that have outstanding balances. Your credit score has a lot to do with whether you make your repayments on time. Obviously, if you refinance your personal loan and then default on this new loan it will hurt your credit score. If you make multiple applications for new loans this can also harm your credit score. Even if your credit score does take a slight hit, it is likely to recover if you make the repayments on your new loan on time. The initial slight drop in your credit score may be worth it if refinancing your personal loan saves you money or if it means making the repayments will be easier and it will prevent you from defaulting on your loan.
Should you refinance your personal loan every time you find a better deal? Even though it may be possible to refinance your personal loan many times, it doesn’t mean it is always a good idea as your credit score may go down slightly every time you take out a new loan. Although your credit score will recover relatively quickly if you make your repayments on time, if you refinance too many times over a short period you may find it will harm your ability to refinance in the future. This is why it’s essential to weigh up your different options. Also, refinancing does come with a cost. You’ll need to factor in any fees such as application fees, establishment fees, or any ongoing fees, and some lenders also charge an early repayment fee. Before refinancing, you will need to compare the costs and decide the best alternative for you.
If you are thinking about refinancing your loan, MoneyMe offers low rate personal loans with simple repayments, and depending on your financial situation you can borrow anywhere from $5,000 to $50,000. So whether you need a $5,000 personal loan or a $30,000 personal loan, with our simple application process you can apply for personal loans online.
MoneyMe provides quick loans without all the complicated paperwork. Our interest rates will be tailored to your credit profile and history but you’ll find we have some of the most competitive personal loan rates in Australia. MoneyMe provides 100% online loans but our support team is still available to help you refinance your personal loan. You can contact us 7 days a week on 1300 072 042, send us an email at hello@moneyme.com.au or get in touch via LiveChat. Apply for one of our easy loans today and you may be surprised how much money you can save!
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Earn more than $30,000 p.a. from employment
Must at least be 18 years old
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And the experience was nothing short of outstanding.
The team at MONEYME have been amazing to deal with. Super fast and helpful service & I love how easy the app is to use. 10/10 from me.
Professional and friendly people to deal with. Absolutely great dealing with MONEYME!
Terrific service and almost too easy, great communication, the timing was prompt and the App very handy.. thank you.
The app is fantastic, I like being able to see exactly where I’m at
Great customer service and quick and easy response. There were no extra cost and very happy with the rate I received.
I have had no problems at all everything was done to my satisfaction at a fast and prompt manner.
Loan was sorted quickly and with little fuss. Will use again in the future.
Efficient and Great. Fast approval with a reasonable repayment plan. Can’t ask for much more than that.
Easy to deal with very comparative I will recommend this company and I will definitely use them again and again and again .
Was a stress free application and approval received within hours. Experience was awesome, kept me in the loop when required.
Was a stress free application and approval received within hours. Experience was awesome, kept me in the loop when required. 💚
It's all about the service that is provided for the customer. Would recommend to others
MONEME were a dream to deal with, super tech, super fast and super easy! I wished I had found them sooner.
I’d gladly recommend
MONEYME has been a great help and they assisted me with all my queries.
No Fuss and easy to apply. No problems at all. Straight forward. They took all the worries and before I knew it had my loan sorted. Just great.
Easy to do business with. It was a really easy process and I would highly recommend them.
Done an amazing job, very quick and very reliable. I would recommend MONEYME to everyone. Thank you
It's all about the service that is provided for the customer. Would recommend to others
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