What is a comparison rate?

The comparison rate includes both the interest rate and most fees associated with the loan, expressed as a single percentage. It gives you a more accurate picture of the true cost. In Australia, lenders must display comparison rates alongside advertised rates.

Which fees should I consider when comparing loans?

Look at establishment/application fees (upfront), monthly account-keeping fees (ongoing), and early repayment fees. Some lenders offer 'no fee' loans but charge higher interest rates to compensate.

§ Tool · tier 1 · independent

Loan Comparison Calculator.

Compare multiple personal loan offers side-by-side to find the best deal

CalculatorFree, no signupOn-deviceupd May 2026

Inputs

Your numbers

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Move the sliders or type in the form on the left — the math updates live as you go. Click Get AI verdict when you want a written analysis.

Don't be fooled by headline rates! A loan with a lower interest rate might actually cost you more if it has high fees. Our comparison calculator shows you the true cost of each loan, helping you make the right choice.

§ Worked examples

Real-world scenarios

Rate vs Fees Trade-off

Comparing $20,000 over 5 years: Loan A at 8.5% with $400 fees vs Loan B at 9.5% with $0 fees.

Inputs

loanAmount:20,000loanTerm:5rate1:8.5fees1:400rate2:9.5fees2:0

Loan A total cost: $24,946. Loan B total cost: $25,012. Loan A is marginally cheaper ($66 saved), but only because it's a 5-year term. Over 3 years, the higher fees would make it more expensive.

Small Loan Comparison

Comparing $5,000 over 2 years: Loan A at 7.0% with $300 fees vs Loan B at 9.0% with $0 fees.

Inputs

loanAmount:5,000loanTerm:2rate1:7fees1:300rate2:9fees2:0

Loan A total cost: $5,668. Loan B total cost: $5,472. Despite the lower rate, Loan A costs $196 more because the $300 fee is significant on a small loan.

§ FAQ

Questions Australians ask

§ Glossary

Plain-English definitions

Establishment Fee

A one-time upfront fee charged when you take out a loan. Also called application fee or setup fee. Can range from $0 to $500+.

Ongoing Fees

Monthly or annual fees charged throughout the loan term. Even small monthly fees add up - $10/month = $600 over 5 years.

True Cost

The total amount you pay over the life of the loan including principal, interest, and all fees.

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How to use

01Enter the loan amount you need
02Select your preferred loan term
03Input the interest rate and fees for Loan 1
04Input the interest rate and fees for Loan 2
05See which loan is truly cheaper overall

Key info

Always compare the comparison rate, not just the advertised rate
Upfront fees can make a huge difference on shorter loans
Ongoing monthly fees add up significantly over the loan term
Lower rate with high fees may cost more than higher rate with no fees

Pro tips

On smaller loans, fees matter more - $500 fee on $5,000 loan is 10%, on $50,000 loan it's only 1%
Ask lenders to waive fees - many will for good credit or large loans
Compare 'total cost of loan' not just monthly repayments
Check if the lower rate requires direct debit - if you miss it, rates go up

Avoid these

Only comparing advertised rates without considering fees
Ignoring monthly account fees - $10/month = $600 over 5 years
Not checking the comparison rate (it includes most fees)
Forgetting early exit fees if you plan to pay off early

Disclaimer: Estimates only. Interest rates, fees and policies change frequently. Always verify with lenders directly. General information, not personal financial advice.

Last updated · May 2026