To estimate the cost of your personal loan, you’ll need to enter some details into the calculator. You can then adjust your results to various repayment frequencies by selecting either weekly, fortnightly, or monthly repayments.
Enter the following details into the calculator:
This personal loan repayment calculator uses amortisation when calculating interest and repayment amounts.
Amortisation is a more accurate calculation of repayments across the lifetime of a loan as it accounts for interest charges relative to the remaining loan balance, instead of using a fixed interest amount for each repayment.
Amortisation is also a quick way of seeing how making additional, early repayments on your loan can help you save significantly on interest charges.
Personal loans will often have an advertised rate (the loan and interest) and a comparison rate (the loan and interest, plus any fees). A comparison rate is a more realistic assessment of the loan cost and will allow you to estimate your total repayments with greater accuracy.
The average interest rate depends largely on what type of loan you're applying for. Unsecured personal loans will generally be around 12 - 14%. However, rates can be as high as 48% on some personal loans. Always compare your options thoroughly before applying.
Generally, you can borrow up to $50,000 with an unsecured personal loan, and up to $100,000 with a secured personal loan. Most banks will not approve an unsecured loan of less than $3,000, and minimum and maximum loan amounts will vary between lenders.
Enter your existing debts, interest rates, and repayment amounts to see how much you could save by consolidating your debts into a single loan repayment.
Estimate the cost of a home renovation loan by entering the planned costs of your renovations and comparing various repayment amounts over adjustable terms.