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What Is a Personal Loan?
A personal loan is a lump-sum loan provided by banks and lenders to help borrowers cover large expenses, consolidate debt, or fund personal projects. Repayments are made in fixed installments over an agreed loan term.
How Personal Loans Work
Personal loans can be secured (backed by an asset like a car) or unsecured (requiring no collateral). Borrowers choose between fixed or variable interest rates, with repayment terms typically ranging from 1 to 7 years. The approval process depends on credit history, income, and financial stability.
Types of Personal Loans in Melbourne
Personal loans come in different types to suit various financial needs:
- Unsecured Personal Loans – No collateral is required, and there is higher flexibility.
- Secured Personal Loans – Lower interest rates backed by an asset.
- Fixed-Rate Loans – Predictable repayments with a locked-in rate.
- Variable-Rate Loans – Rates fluctuate based on market conditions.
Choosing the right loan type ensures affordable repayments and financial security.
Expert Loan Brokers & Lender Comparisons
At Freedom Mortgage Solutions, we analyse over 30 lenders to find the best personal loan rates and repayment terms. Whether you need a low-interest loan or fast approval, we secure the most suitable option for your financial situation.
Fast Approvals & Stress-Free Applications
Our mortgage specialists handle all the paperwork and lender negotiations, ensuring a quick and hassle-free loan approval process. We help you compare options, avoid hidden fees, and get the best financing deal.
Who Can Apply for a Personal Loan?
Personal loans are accessible to a variety of applicants, including salaried employees and self-employed individuals. They are particularly suited for people with good credit scores and stable incomes, as well as borrowers seeking to consolidate debt or cover significant expenses. Before approving a personal loan, lenders carefully assess an applicant's income, creditworthiness, and financial history.
Our team of experts is dedicated to helping borrowers find the right lenders that offer the most affordable and flexible loan terms. With their assistance, individuals can navigate the loan process more efficiently, ensuring they secure a loan that fits their financial needs and circumstances.
How to Get Approved for a Personal Loan
To increase the chances of loan approval, borrowers should aim to maintain a good credit score, ideally above 600. It's also important to demonstrate stable income and a consistent employment history. This establishes reliability in the eyes of lenders and enhances the likelihood of securing a loan. Additionally, reducing existing debts can significantly improve loan eligibility and enhance the overall financial profile.
Our mortgage brokers are here to guide you through the loan process. They work diligently to ensure you get approved quickly and receive the best loan terms available. With their expertise, you can navigate the complexities of borrowing confidently and efficiently.
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FAQ
How much can I borrow with a personal loan?
Personal loans typically range from $5,000 to $100,000, depending on income, credit history, and lender policies. Secured loans may allow higher borrowing limits due to collateral backing.
What’s the difference between secured and unsecured personal loans?
A secured personal loan requires collateral, such as a car or home, reducing interest rates. An unsecured loan requires no collateral but may have higher interest rates and stricter eligibility criteria.
How long does it take to get approved for a personal loan?
Approval times vary by lender, but most personal loans can be approved within 24-48 hours for borrowers with strong financial profiles. Some lenders offer same-day approvals for urgent financing needs.
Can I get a personal loan with bad credit?
Yes, some lenders offer bad credit personal loans, but these may come with higher interest rates and stricter repayment terms. Improving your credit score before applying increases the chances of securing a better loan deal.
Can I use a personal loan to consolidate debt?
Yes, many borrowers use personal loans to consolidate credit card debt, medical bills, or multiple loans into one lower-interest repayment plan. This can help reduce monthly payments and simplify finances.
Freedom Mortgage Solutions welcomes your enquiry. To book an appointment or simply ask us a question, fill in your details and we'll be in touch soon!