Personal loan brokers

A personal loan broker can save you time and help you find the right loan.

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Bria Horne's headshot

By

Elizabeth Barry

&

Bria Horne

Updated

Fact checked

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Personal loan brokers aim to help you find a loan that meets your needs and personal financial situation. Instead of applying directly with a lender, you apply for a loan via the broker instead. The broker will then contact the lenders that they are affiliated with, as well as search the market, to find you potential options.

While it can be helpful to have a professional ensure you find a good deal, you should keep in mind that your own personal loan comparison can be quick, easy, and free.

Here's what you need to know about personal loan brokers, the potential benefits and drawbacks of using one, and how to find a reputable broker.

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Updated regularly
Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket Unsecured Low-Rate Personal Loan ($5,000-$75,000)
OurMoneyMarket logo
Finder award winner
Fixed1 - 7 Years $5,000 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$627.42
Go to siteMore Info
NAB Personal Loan Unsecured Fixed
NAB logo
Fixed1 - 7 Years $5,000 - $55,000
Interest Rate (p.a.)
8.49%
to 20.49%
Comp. Rate (p.a.)
9.88%
to 21.78%
Application Fee
$250
Monthly Fee
$15
Monthly Repayment
$654.15
Go to siteMore Info
OurMoneyMarket Home Improvement Loan
OurMoneyMarket logo
Fixed1 - 7 Years $5,000 - $100,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$627.42
Go to siteMore Info
OurMoneyMarket Secured Personal Loan ($5,000-$75,000)
OurMoneyMarket logo
Fixed1 - 7 Years $5,000 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$627.42
Go to siteMore Info
NAB Personal Loan Unsecured Variable Rate
NAB logo
Variable1 - 7 Years $5,000 - $55,000
Interest Rate (p.a.)
8.49%
to 20.49%
Comp. Rate (p.a.)
9.88%
to 21.78%
Application Fee
$250
Monthly Fee
$15
Monthly Repayment
$654.15
Go to siteMore Info
Jacaranda Finance Secured Personal Loan
Jacaranda Finance logo
Fixed25 Months - 3 Years $3,000 - $25,000
Interest Rate (p.a.)
16.95%
to 29.95%
Comp. Rate (p.a.)
32.99%
to 45.50%
Application Fee
$125 - $1,190
Monthly Fee
$26
Monthly Repayment
$780.95
Go to siteMore Info
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How do personal loan brokers work?

Personal loan brokers work in a similar way to mortgage brokers: they try to help you find a good deal on your loan.

Personal loan brokers can help you with the full range of personal loan products offered by lenders. Whether you are planning a holiday or buying a new car, a broker can assist you with finding a suitable product.

Personal loan brokers search for a loan within their lending panel, which is simply the group of lenders that they deal with. Once you sign up for their services, they will find a product from one of these lenders. Most personal loan brokers offer online applications and loan management, so there is no need to book an appointment or sign and post documents, which can save you time.

Are personal loan brokers worth considering?

Pros
  • Convenience. Rather than only comparing the market yourself, a personal loan broker can do some of the legwork, (though you should still try to do at least some of your own research). You'll also have the benefit of a single contact for the total term of your loan.
  • They are experts in their field. A broker is usually required to have either a Certificate IV in Finance and Mortgage Broking (FNS40815), a Diploma of Finance and Mortgage Broking Management (FNS50315) or a Bachelor of Business (Financial Planning) making them experts in their field.
  • They are obliged by ASIC to protect your interests. Brokers have to have an Australian credit licence under the National Consumer Credit Protection Act 2009 in order to provide credit assistance. This means that they have an obligation to find you the best terms possible for your circumstances.
  • They tailor their options. A broker can help to find you the best loan option for your unique circumstances.
  • Can help bad credit applicants. Brokers may be particularly useful if you have a poor credit score or trouble meeting the standard lending requirements at larger financial institutions.
  • Can help you maintain your score. Using a broker can help you maintain a good credit score by preventing unnecessary applications and potential rejections from multiple lenders. Brokers have a good understanding of different lending requirements of various lenders, so they won’t recommend products that you are likely to be rejected for.
Cons
  • A broker's interests may not align with yours. Despite ASIC's measures to protect consumers from being given bad financial advice, brokers still generally work on a commission basis. This means that some brokers may be inclined to direct you towards the lender paying the highest commission, rather than the one that would give you the best deal.
  • You may have to pay a broker fee. While most brokers work on commission from lenders, some may charge you for their services. On the plus side, while this will incur a cost to you, it could put your mind at rest that you are not being steered towards a higher charging lender.
  • Some lenders don't work with personal loan brokers. Not all lenders choose to work with brokers. This could mean that there are better deals on the market than those that your broker has access to. This is why it's important to also do your own market research.
  • Brokers cannot guarantee your rate. Brokers can accurately estimate your rate, fees, etc. for a certain loan, but they cannot guarantee them for you. Lenders still have the right to charge you more based on their view of your financial viability.
Don't use a broker if you only need a small loan amount to avoid using a credit card, then a broker isn't suitable for you. Loan brokers often have different minimum loan amount requirements to the lenders themselves. Some credit unions and smaller banks will lend as little as $2,000 unsecured, whereas brokers typically won't deal with less than $5,000.

How to find a good broker

  • Loans offered. Make sure the broker you are considering offers the type of loan that you require.
  • Type of interest. Most brokers offer fixed interest loans only.
  • Loan conditions. Can you pay the loan out sooner, make additional repayments or redraw on overpaid amounts? Make sure you can access these services without having to pay a fee.
  • Lending panel. This is the group of lenders from which your broker will choose a loan. The bigger the panel, the greater the chance of you getting the best deal available.
  • How they work. Some brokers operate almost entirely online, whereas others use the more traditional phone, fax and mail. Make sure you’re comfortable with whichever system your broker uses.
  • Funding time. Brokers have different speeds at which they are able to approve and fund your loan. If you are in a hurry, an online-based broker should be able to approve your loan faster than a paper-based one.
  • Customer service. You will be dealing with the broker for the term of your loan, so make sure you are happy with the level of service they provide. Call them to see how long it takes to get an answer and find out what kind of support they offer.

What to avoid with personal loan brokers

  • A small lending panel. The more lenders your broker has access to, the better your chance of getting the best loan available. Make sure your broker compares a large range of options, otherwise you might as well just do it yourself.
  • Commissions. There isn’t anything wrong with a broker being paid a commission, just be sure of what the commissions are and how they affect the broker’s recommendations. Less honest brokers might push lenders that pay them higher, rather than the ones that offer the best option for you.
  • Fees and charges. Understand the fees and charges that you will have to pay. Ensure that they are all clearly explained to you before you commit to your broker and the loan. It may be worth doing a quick comparison with your current bank, just to get an idea of what you could get without assistance.

Alternatives to personal loan brokers

There are other ways to get a personal loan:

  1. Compare rates yourself

    By visiting a range of lender websites, you can get an idea of what different lenders are charging, what their eligibility criteria are and how much you can borrow.

    However, this is time consuming and could be confusing for prospective loan customers who aren't sure where to look.

  2. Compare the options in the table above

    At Finder, we compare the market so that you don't have to. Compare the rates above from our table of lenders and see some of the best rates currently available in Australia.

    For more information on the eligibility criteria involved in the loans, available loan amounts, features and fees of each loan, simply click "More info" to be taken to our product review page. Or, to be securely routed to the lender's website directly to submit an application, simply click "Go to site".

Why compare personal loans with Finder?

freeAddicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)
expert adviceRates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest.
independentCash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, rennovating your home or heck just ready to let loose with the spending - we got you.

Have more questions about personal loan brokers?

Elizabeth Barry's headshot
Lead Editor

Elizabeth Barry was the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review. See full bio

Elizabeth's expertise
Elizabeth has written 211 Finder guides across topics including:
  • Banking
  • Personal finance
  • Investing
Bria Horne's headshot
Co-written by

Writer

Bria Horne is a writer for Finder, with a specialist knowledge of personal loans, car loans and business loans. Originally from the UK, Bria has been a professional personal finance writer in Australia for over 2 years. She has an M.A and B.A in Philosophy and Literature from the University of Sussex, and previously worked on the UK’s leading hospitality publication. See full bio

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26 Responses

    Default Gravatar
    TamekaSeptember 1, 2023

    Hi, I’m looking for a personal loan. Would like someone to give some advice and help please thank you

      AvatarFinder
      SarahSeptember 5, 2023Finder

      Hi Tameka,

      If you click “Go to site” with the lender in the table that best suits your needs, you can visit their website and get some advice.

      At Finder, we provide a range of options for you to consider but we’re not licenced to give personal financial advice. The information in this article may be useful: https://www.finder.com.au/personal-loans

      Best of luck!

    Default Gravatar
    JamesFebruary 13, 2019

    I’m looking for a $15,000 personal loan, can you please show me all the options I have?

      Default Gravatar
      NikkiFebruary 14, 2019

      Hi James,

      Thanks for getting in touch!

      You can check our list of personal loans. Please use our table to help you find the lender that suits you. You can click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Best,
      Nikki

    Default Gravatar
    HughJanuary 19, 2019

    Please send me a list of personal loan brokers

      AvatarFinder
      ValJanuary 24, 2019Finder

      Hi Hugh,

      Thank you for leaving a question. Please check a list of loan brokers featured on our website. On the page provided, you will be able to compare lenders through our comparison table.

      You can select the “Go to site” button for more information. Please check eligibility requirements and the T&C prior to applying.

      Hope this helps.

      Cheers,
      Val

    Default Gravatar
    ParvizDecember 6, 2018

    I am a PhD international student would like to apply for a personal loan up to $10,000 to $20,000, if possible.

      AvatarFinder
      JoshuaDecember 13, 2018Finder

      Hi Parviz,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      The answer to your question would depend on the criteria of the lender. In general, temporary residents are eligible for personal loans in Australia. However, it’s likely you will have to meet additional criteria in order to be eligible. This may include a higher minimum income requirement. You will also need to be on a certain type of visa, according to the lender’s requirements, and the term of your loan cannot exceed the time left on your visa.

      Please refer to our page for personal loans for temporary residents. I recommend that you check the details of the loan, eligibility requirements (Visa, income requirements, etc), and its terms and conditions before you apply. Once you’re ready, you can click on the ‘Go to site’ button and process the application from the main page of the lender.

      I hope this helps. Should you have further questions, please don’t hesitate to reach out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    DougOctober 22, 2018

    Lenders who accept Disability Pension &/or guarantor

      AvatarFinder
      JohnOctober 22, 2018Finder

      Hi Doug,

      Thank you for leaving a question.

      There are lenders that may consider you for a loan. Please refer to our list of lenders offering pensioner loans and Centrelink loan. If you want to know more about the lender, simply click their name to read our product review. Once you have chosen a particular lender, you may then click on the “Go to site” button if available and you will be redirected to the lender’s website where you can proceed with your loan application or get in touch with their representatives for further assistance.

      Cheers,
      Reggie

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