Personal Loan Repayment Calculator

Use Zaving's personal loan calculator to get an estimate of the repayments you'll likely need to budget for each month, fortnight or week.

Apply in less than 10 minutes.

Last updated by Zaving Editorial Team, on January 19th, 2024

Calculate your personal loan repayments

Before you start the personal loan application process, it's important to be able to have an idea of what your ideal personal loan might cost. You can use Zaving's personal loan repayment calculator today to find out how different loan terms and interest rates affect what you might spend overall.

Your estimated repayments

$98.62

Total interest paid: $1233.43
Total amount to pay: $5,143.99

Compare personal loans

It's crucial to consider your personal loan options before diving into the application process. Fortunately, Zaving is partnered with a range of reputable lenders across Australia who can help you get approved for finance quickly and efficiently, so you can compare offers right here with us today.

[savvy_personal_loan_calculator security_type='unsecured']

The product features of a personal loan through Zaving

Affordable rates starting at 5.35% p.a.

From comparison rates of 6.14% p.a., you can set the interest on your personal loan at an affordable rate thanks to a highly competitive field of lenders.

Repayment terms up to seven years

By selecting a loan as short as one year or as long as seven, you can have a say in the cost of your repayments and your loan as a whole.

Borrow up to $75,000

You can borrow smaller sums as low as $2,000 or apply to receive a greater amount of money all the way up to $75,000 with your lender.

Use your loan how you wish

Personal loans are versatile. Whether you need one to complete home improvements, consolidate outstanding debts or even fund your wedding, you have the power to do so.

Unsecured finance

There is no requirement for you to supply an asset to serve as collateral for your personal loan, freeing you up to spend however and wherever you see fit.

Choose variable or fixed interest

Thanks to our range of lending partners, you can choose to fix the interest on your personal loan or leave it variable and open to market movement.

Free early repayments

You don’t have to stick to the schedule if you don’t want to. You can find and compare lenders who charge no fees for settling your loan early.

Available to self-employed workers

Even if you don’t receive your income via conventional payslips, you can still be approved for a personal loan through your tax returns.

Why you should compare and choose your personal loan with Zaving

Top tips for reducing the cost of repaying your personal loan

Choose a shorter loan term

One of the first steps you can take to save money is to choose a shorter loan term. By reducing your time spent paying interest and fees, you can reduce the cost of both and save yourself a meaningful amount of money. A $30,000, five-year personal loan at 7.5% p.a. interest will end up costing you almost $2,500 more in interest alone, for instance.

Make additional repayments

Similarly, contributing more than the minimum can help you save and reduce your loan term. The five-year loan from the previous example comes with monthly repayments of $601, but simply paying an extra $100 each month would shorten your loan by ten months and save you over $1,000 over the life of the loan. Also, if your interest is variable, you can save money by paying more while rates are lower.

Improve your credit rating

The better your rating, the lower your interest is likely to be. The rock-bottom minimum rates like those displayed above are generally available to borrowers with excellent credit scores, which is only a small portion of the population. However, by doing simple things such as paying off your debts and lowering the limit on your credit cards, you can improve your score and, as a result, lower your potential interest rate.

Refinance down the track

A more long-term view of personal loans is that, in order to consistently keep your rates as low as possible, you should refinance to other loans with different lenders. For instance, if you’re midway through your $20,000, four-year loan at 9% p.a. and find another offer for 7%, you could save over $200 by switching to the other loan for the final two years. It’s always important to ensure that any fees associated with refinancing don’t negate the benefit of doing so altogether.

Pay your loan fortnightly

A simple switch you can make to save you some extra money on your loan is to make your repayments on a fortnightly basis, rather than monthly. This is because lenders count months as being four weeks, meaning that monthly repayments are only equal to 24 payments compared to a fortnightly schedule including 26. While it may only be worth a few hundred dollars, every little bit counts in the scheme of things.

Compare as many options as possible

Finally, above all else, the best way to save money is by comparing options in the market as comprehensively as you can. You’re unlikely to come across the cheapest and best personal loan for you with the first offer that you find, but you’re more likely to form an educated view of which is best when you understand the loan market.

Factors which can impact your borrowing personal loan borrowing power

Common personal loan queries

How much will my personal loan cost me?

The cost of your personal loan will, as mentioned, be dependant on the length of your loan and the interest rate you receive. It’ll also depend on the fees that you’re charged, which will be as follows:

  • Ongoing fees: $0 to $10
  • Establishment fee: $0 to $595
  • Late payment fees: $15 to $35

 

You may also be charged a fee for repaying early in some instances, with the cost depending on the time left to run on the loan, but most of our lending partners won’t do so.

Can I use the calculator to include fees in the cost of my loan?

The calculator itself doesn’t have a function where you can input your fees, but you can do this yourself using the following method:

  • Add your establishment fee to your loan amount
  • Add your ongoing fee onto your repayment cost afterwards (multiply by the number of months on your loan to find the total cost)

 

If you don’t yet have these figures, you can use average charges in their place. The average establishment fee will sit at around $350, while average ongoing fees are only $3 to $4.

Additionally, if you don’t have your interest rate yet, simply add 2% to the advertised rate above in your calculations for an average representation.

Why should I use comparison rates to compare personal loans?

Comparison rates are important when it comes to choosing your personal loan, as they give an indication of what your loan will cost inclusive of both interest and fees. As such, using your comparison rate in personal loan calculations instead of your interest rate is another way to incorporate the cost of fees into your repayments. This rate still doesn’t include more conditional fees such as early or late repayments, though.

Which is better: fixed or variable interest?

Both fixed and variable rates have their advantages. Fixed rates bring stability and certainty to your repayments, making budgeting more accurate and protecting you against rises in interest rates. Variable rates, on the other hand, leave the door open for you to take advantage of interest decreases, albeit at a higher base rate than fixed. The ultimate decision on which to go with rests with you, so it’s important to compare and find which one is best for you.

Can I still apply if I have a bad credit score?

Yes – personal loans are available to borrowers who have struggled with credit in the past. These may take longer to process, given that applicants aren’t likely to meet the automatic approval criteria that those with good credit do, and are subject to higher rates and lower borrowing caps of around $10,000. You can still use the loan in the same way as any other borrower, though, ensuring it’s still a useful solution for borrowers who find themselves in this position.

Will my type of work and income affect the cost of my personal loan?

Yes – because lenders assess applications based on risk, those whose income is stable and comfortable are more likely to receive a lower interest rate and less costly fees than someone without the same job stability or income. For instance, a full-time worker in the same job for several years prior will have substantial job security in the eyes of a lender, while a part-time worker with less than six months in their existing position won’t have nearly as much. As such, the full-time worker will almost certainly receive a lower rate than the part-time employee.

More about personal loan repayments explained

How do I use the personal loan repayment calculator?

Zaving’s personal loan repayment calculator is simple and easy to use no matter where you are. All you need to do is fill out a few different boxes and the calculator will crunch all the numbers for you. By inputting your desired loan amount, term and an interest rate, you can calculate how much your weekly, fortnightly or monthly repayments would cost, as well as the total overall cost of the loan.

You can take the interest rates from different lenders and input them into the calculator to give you a rough comparison of what your loan might cost with a range of financiers. This can help you gain a greater understanding of the true difference between loans, rather than simply seeing a difference in interest rate. For example, a $30,000 loan repaid monthly over five years at 7.5% p.a. interest would cost you $6,068 overall but opting for a loan with a 6.5% p.a. rate instead would save you over $800.

When using the personal loan repayment calculator, though, it’s beneficial to input your lender’s comparison rate, rather than just their interest rate. This will give you a clearer, more accurate representation of the cost of different loans, as this rate also includes any fees which are charged. A loan might have a lower interest rate than another offer, but this counts for little if the fees charged on the agreement mean that you end up paying more overall, so comparison rates are always crucial to consider.

What are personal loans and how do they work?

A personal loan is a type of finance designed to be used for flexible purposes in your personal life. For example, you might want to take out a loan to cover the cost of medical expenses, help you pay for other bills over the next month or two or even aid you in planning your dream wedding. Unlike other finance such as home and car loans which are required to be used for the purchase of a particular asset, personal loans can essentially be used however you like.

In most cases, these loans are unsecured, meaning you won’t be required to put any collateral up as security for the agreement. However, there are secured personal loans available, which you might look to if you wanted to expand your borrowing power. Aside from this, though, they’re largely structured in the same way as any other similar finance agreement: you apply and (if approved) receive a lump sum from a lender, which you then repay with interest and fees over a set term either weekly, fortnightly or monthly.

Once you’ve paid off the entirety of your loan, you’ll be released from the agreement. If you took out a secured personal loan, the asset you used as collateral (such as your car) will also be lifted once you complete your repayments. Paying off a personal loan successfully can also help you get approved for better finance deals in the future, as lenders look for applicants who have demonstrated the ability to pay off similar debts in the past. Doing so in a timely fashion can also boost your credit score.

How do I compare personal loans?

When it comes to finding the best personal loan, there’s a range of different factors which you should take into consideration. By comparing each of the following variables, you can maximise your chances of securing the best personal loan for your needs. The factors to account for when deciding on your personal loan include:

Interest rates

Perhaps the most important area to consider when comparing different loan offers is their interest rates. This will form the most substantial cost over the course of your agreement in most cases, typically costing thousands of dollars overall. It’s for this reason that it’s crucial to compare: even small differences in rates can result in substantial savings throughout your agreement. For instance, while a $30,000 loan over five years at 8.5% p.a. would cost $6,930 in interest, choosing a loan with 7.5% p.a. interest instead would save you almost $900 overall.

Fees

It isn’t just interest which you’ll need to keep an eye on when comparing offers, though, but fees as well. The two main costs to consider here are establishment and ongoing fees. Your one-off establishment fee can cost up to $595 and ongoing costs can set you back up to $10 each month. However, many lenders choose not to charge one or both costs, so you could potentially save hundreds by choosing the right loan. You can compare based on comparison rates, which is a figure that incorporates both the interest and fees on your loan.

Loan amounts

You’ll also need to make sure the amount you’re applying to borrow is offered by your lender. This is especially true of those looking to take out particularly small or large loans, as lenders will enforce different minimums and maximums. While you can take out a loan as small as $2,000, some lenders will require you to apply for a minimum of $5,000. Similarly, not all lenders can accommodate applications of $75,000, with many setting their maximum at $50,000. Make sure your lender can approve an application for the loan funds you need before you commence the process.

Loan terms

The same applies to personal loan repayment terms. As mentioned, you should always prioritise your comfort in repaying your personal loan, so it’s important to look for lenders who enable you to borrow over your preferred term length. If you want to have your repayments completed in just one to two years, keep your eye out for lenders who set their minimum terms lower, as some require you to take a minimum of three years regardless of your loan size. Many lenders will cap their maximum terms at five years also, meaning you may not be able to repay over the full seven.

Eligibility criteria

There’s little point in preparing an application with a lender whose criteria you don’t quite meet. Before you consider gathering all your documents and filling out your form, it’s crucial to double-check each qualification point to ensure you’re able to be approved. Although criteria will vary slightly depending on who you decide to apply with, you’ll need to meet the following basic points:

  • You must be at least 18 years old
  • You must be a citizen, permanent resident or eligible visa holder
  • You must be employed and earning a stable income of at least $20,000 per year
  • You must have a good credit record with no history of defaults or bankruptcy

Repayment flexibility

One of the biggest advantages of a personal loan is the ability it provides you to make repayments above the minimum required amount. By making additional payments towards your outstanding loan debt, you can save money on interest and fees across your term and shorten your repayment period overall. For example, by paying an extra $100 per month on a $50,000 loan over five years at 8% p.a., you can save over $1,200 and six months. Not all lenders will offer this on their loans, though, so it’s important to compare offers so you can find one which can offer you the freedom to make faster repayments.

Additional features

Finally, you might also look to secure a loan which comes with other added features, such as a redraw facility or the option to choose your payment schedule. A redraw facility provides access to any additional payments made during your loan term, giving you a cheaper and hassle-free alternative to applying for another loan down the line. Of course, accessing funds in this manner could result in your loan costing more or taking longer to be repaid. You should also ensure you can choose between weekly, fortnightly or monthly repayments in line with your preference.