A personal loan is one of the most flexible borrowing tools available to Australians. Whether you're consolidating debt, funding a renovation, covering medical costs, or buying a car, a personal loan gives you access to a lump sum that you repay over a fixed term. At Deals Mortgage, personal loans start at 8.00% per annum, and our brokers work across a panel of 40+ lenders to match you with the right product for your situation. Documents submitted today can be processed within 24 hours.
What is a personal loan?
A personal loan is a credit product where a lender provides you with a fixed amount of money, which you repay in regular instalments over an agreed period. Unlike a mortgage, a personal loan is typically unsecured, meaning it doesn't require property as collateral. Secured personal loans do exist and usually carry a lower interest rate because the lender holds an asset (such as a car) against the debt.
Personal loans sit between credit cards and home loans on the borrowing spectrum. They tend to have lower rates than credit cards but come with a defined repayment schedule rather than a revolving credit line. That structure suits borrowers who want predictable monthly repayments and a clear end date on their debt.
Why choose Deals Mortgage for your personal loan?
Deals Mortgage is run by qualified Chartered Accountants, so financial rigour is built into everything the business does. The brokers are registered with the Finance Brokers Association of Australia (FBAA), Australia's premier finance broking association. That registration means every broker operates under a professional code of conduct and ongoing education requirements.
Here's what sets the service apart:
- 40+ lenders on the panel. More lenders means more competition for your business, which typically translates to a better rate or more favourable terms for you.
- We work for you, not the banks. Deals Mortgage brokers are paid to find the right loan for your needs, not to push a single lender's products.
- 24-hour turnaround. Once documents are submitted, the team moves fast. Most clients receive a decision within one business day.
- State-of-the-art technology. Deals Mortgage uses modern broker software so that much of the paperwork is handled automatically, reducing errors and delays.
- 95% client satisfaction rate. The track record speaks clearly: nine in ten clients report a positive experience.
Secured vs. unsecured personal loans
Choosing between secured and unsecured comes down to two questions: what assets do you have, and how much does the interest rate difference matter?
A secured personal loan is backed by an asset you own, most often a vehicle. Because the lender can recover the asset if you default, the rate is lower. An unsecured loan carries no such collateral requirement, which means a faster application process but typically a higher rate. For borrowers with strong credit histories, the rate gap between secured and unsecured products narrows considerably.
Deals Mortgage brokers assess your full financial picture before recommending one structure over the other. The goal is the lowest total cost of borrowing, not the simplest application to process.
How much can you borrow?
Personal loan amounts in Australia range from around $2,000 to $100,000, depending on the lender and the borrower's income, credit history, and existing liabilities. Repayment terms run from 1 year to 7 years for most products. A longer term reduces your monthly repayment but increases the total interest paid over the life of the loan. A shorter term costs more each month but less overall.
If you're unsure where you sit, Deals Mortgage provides calculators to help you test different loan amounts, interest rates, and terms before speaking to a broker. Understanding your numbers before a conversation makes that conversation far more productive.
It's also worth comparing a personal loan against other borrowing structures. If you own property, for example, a home equity loan may offer a lower rate because the loan is secured against real estate. The right answer depends on how much you need, how quickly you need it, and whether you're comfortable using your home as security.
What documents do you need?
Personal loan applications are lighter on paperwork than home loans, but lenders still need to verify your identity and assess your ability to repay. Typical requirements include:
- Government-issued photo ID (passport or driver's licence)
- Proof of income: recent payslips, tax returns, or bank statements
- Details of existing debts and regular expenses
- Employment details, including employer name and length of service
Self-employed applicants may need to provide two years of tax returns and business financial statements. Deals Mortgage's Chartered Accountant background is a genuine advantage here: the team understands how to present self-employed income in the format lenders find most credible.
Personal loans vs. other borrowing options
A personal loan isn't always the right tool. Sometimes a different product fits better. If you're purchasing a property and need to move between settlements, a relocation loan or bridging finance product handles the timing gap more cleanly than a personal loan would. If you're funding a home renovation, a construction loan or equity release may offer better terms than an unsecured personal product.
The value of working with a broker is that the comparison happens for you. Deals Mortgage looks across the full panel before making a recommendation, rather than steering you toward a single product because it's easy to process.
How to get started
Getting a personal loan through Deals Mortgage takes three steps. First, speak to a broker or use the online calculators to establish how much you want to borrow and what repayment you can comfortably afford. Second, submit your documents. Third, receive your options, choose a lender, and let the Deals Mortgage team handle the application. The 24-hour turnaround begins when documents land.
There's no cost to you for the service. Broker fees are paid by the lender on settlement, not by the borrower. Book a call, start a web chat, or request an instant quote directly through the Deals Mortgage platform.