Personal loans

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Variable Rate Personal Loan

Trusted by thousands of Australians

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Find out how much your repayments and
interest rate could be with our calculator


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.

Variable Rate Personal Loan

Are you deciding whether you should get a variable rate personal loan or a variable rate personal loan? There are advantages and disadvantages of both alternatives, so it’s worth comparing the different options available on the market to find the personal loan that is best suited to your financial situation. Whether you need extra money because you are planning a wedding, wanting to buy a new car, doing home renovations or you need to pay for some unexpected bills, it is important to take out a personal loan that you’ll be able to comfortably repay.

What is a variable rate personal loan?

As the name suggests, a variable rate personal loan is a loan where the interest rate you will be charged on your loan balance is not set but can vary over the life of the loan. When the Reserve Bank of Australia (RBA) makes changes to the official interest rate, this can impact the variable interest rate you will pay on your personal loan. On the other hand, with a variable rate personal loan you will be paying the same interest rate on your loan balance for the duration of your loan as your interest rate will not be impacted by outside economic conditions such as when the RBA changes the official rate.

What are the advantages of a variable rate personal loan?

There are both pros and cons of getting a variable rate personal loan over a variable rate personal loan so you’ll need to assess the benefits of each type of loan so you can choose the best option for you. One of the advantages of getting a variable rate personal loan is that the starting interest rate on a variable rate personal loan will usually be lower than on a variable rate personal loan for the same amount over some loan term. Another advantage is that there is a possibility your interest rate will come down during the life of your loan. This will mean you’ll have extra money that you didn’t budget for. This money could be used for many things, but with the flexibility of many variable rate personal loans in many cases, you will be able to use this money to make additional repayments off your loan without being penalised. You’ll need to check the terms of your specific loan to make sure this is possible. By doing this you may be able to pay off your variable rate personal loan earlier than expected, which can bring the total cost of the loan down. On the flip side though, just as your variable rate can fall, it can also increase if the RBA raises the official interest rate. If this happens, your variable interest rate is likely to go up which means your repayments will increase. If you are on a very tight budget, this can be very stressful. 

Is a variable rate personal loan risky?

One risk of taking out a variable rate personal loan is that you can’t calculate the variable interest payments over the life of the loan. Although you can calculate what the interest will be based on the rate at the time you take out your loan, this may change over the life of the loan. On the other hand, with a variable rate personal loan because the interest rate is locked in, you can plan your repayments over the life of the loan so you can avoid the stress of any unexpected rate rises. From this perspective, variable rate personal loans provide more certainty

Before taking out either a variable rate personal loan or a variable rate personal loan it is worth doing a personal loan comparison Australia. This will help you compare interest rates, fees, and repayments between the different lenders so you can find the personal loan that best suits your circumstances. Make sure you look at the comparison rates too, not just the interest rates. The comparison rate factors in fees, so it can give you a better idea of the real cost of the loan. The comparison rate can be calculated slightly differently across different banks and lenders, so you’ll need to take this into account, too.

Loans with competitive rates

If you are looking for an affordable low rate variable loan, MoneyMe offers some of the most competitive rates in Australia. Whether you require a $5,000 personal loan, a $20,000 personal loan, or a $30,000 personal loan, at MoneyMe, we can provide quick loans of up to $50,000. We have a free online personal loan calculator to help you work out what your repayments are likely to be and therefore how much money you can comfortably afford to borrow. Unlike some personal loans, at MoneyMe we have no early exit fees and you can make extra repayments along the way.  The online application process is simple and, without needing to supply a lot of paperwork, should only take a few minutes. With our express loan, you’ll receive your decision quickly. And once we have approved your loan, depending on who you bank with, you could have access to your money within 60 minutes. 

MoneyMe has provided loans online to many customers across Australia, so if you are looking for low rate personal loans without any early exit fees or hidden costs then you’ve come to the right place. If you have any questions about our personal loans, you can contact our support team via phone, email, or online. Apply online today!

Our customers

Variable Rate Personal Loan

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!


Review Stars Out of 2,701 reviews

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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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