Personal loans

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Monthly repayment from


Example interest rate

6.25 %

Comparison rate3

7.64 %

Total charges


Total repayments


Disclaimer: This calculator provides an estimate only and a comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. Any calculations made by you using this calculator is intended as a guide only.

Refinance Personal Loan

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.

When can you refinance a personal loan?

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.

Can I refinance a personal loan with the same lender?

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.

Does refinancing a personal loan hurt your credit score?

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.

How often can you refinance a personal 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 $2,100 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 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!

Our customers


Unbelievably easy finance when I needed it the most. A huge thank you from me and as a returning customer I know that I am getting a fair deal.

After 5 to 10 minutes of filling up my application, my loan has been approved and the money was in my bank account. I had a great experience that is why I'm giving them a 5-star rating. Excellent service. Thank you very much, MoneyMe.

Amazing through and through. MoneyMe helped me out when no one else would and they have been a delight to deal with. I 100% recommend their service. They're an absolute joy to deal with!


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Transparent and
simple pricing

Interest rate

6.25 %
to 19.95 %

Comparison rate*

7.64 %
to 21.32 %

Establishment fee

$295 for loans between $2,100 and $5,000

$395 for loans between $5,001 and $15,000

$495 for loans between $15,001 and $50,000

Monthly fee


Loan terms

Minimum 1 year

Maximum 5 years

Early exit fees


*This comparison rate is based on an unsecured personal loan of $30,000 for a term of 5 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. A $495 establishment fee and $10 monthly fee applies.

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