Mortgage Repayment Calculator - Nifty Personal Loans
Apply for a Nifty Personal Loan

Up to $10,000 and get your cash within 60 seconds** of approval.

What factors should I consider when looking for a personal loan?

A personal loan calculator can help you calculate your weekly, fortnightly or monthly repayments. However, the overall cost of your loan depends on a number of different factors like interest rates and fees.

Interest rates

The interest rate you receive on your personal loan varies depending on a number of factors. If you have a good credit score you will most likely have access to lower interest rates. This is largely due to the fact you’re considered less risky to the lender. Interest rates are also largely based on the amount you apply for. Small, medium and large personal loans all have different terms and rates of interest.

Fees and charges

Personal loans will often have fees attached to them. Some lenders will charge the following fees on their personal loans:

  1. Establishment/application fee: A fee charged to your account when you take out a personal loan. It is taken out at the beginning of your loan.
  2. Ongoing fees: Your lender may charge ongoing fees such as a monthly service fee
  3. Late/missed repayment fees: These are fees charged to your loan if you’re on a regular repayment or you miss a repayment altogether.
  4. Early repayment/exit fees: This is a fee charged for paying off your loan before the loan term ends.
Personal loan repayments

Before committing to a personal loan, you should check if you can comfortably fit the regular loan repayments in your budget. Making higher repayments means you’ll pay off your loan quicker and you’ll likely be charged less interest. Most lenders will give you the option of choosing between weekly, fortnightly and monthly repayments.

Secured or unsecured

A secured loan requires you to attach an asset to your loan as collateral (such as a car, boat or house). This is to reduce the level of risk that lenders take on when providing you with a loan. Secured loans also often come with lower interest rates due to this reduced risk. Unsecured loans on the other hand don’t require you to provide any collateral. These loans are usually for smaller amounts of money to to the increase in risk that the lenders take on.

Documentation you’ll need:
  • Contact information
  • The reason for your loan
  • Internet banking details
  • MyGov account details (if you receive Centrelink benefits)
Eligibility criteria:
  • Be at least 18-years of age;
  • Be an Australian citizen or permanent resident;
  • Have internet banking set up;
  • Have an active mobile number and email address;
  • Have been receiving regular income for the past 90-days.

Personal Loan Details

Loan Amounts $5,000 – $10,000
Loan Terms 9 – 24 months
Starting Interest Rate (APR) 11.42% (Excellent Credit)
Starting Comparison Rate 14.49% (Excellent Credit)
Ceiling Interest Rate (APR) 21.24% (Average Credit)
Ceiling Comparison Rate 45.56% (Average Credit)
Type of rate Fixed Rate
Repayment options Weekly, Fortnightly, Monthly
Monthly Fee $0
Early repayment fee $0
Average turnaround 60 minutes*
Loan Options Unsecured & secured options

Credit criteria and terms and conditions apply. Representative example: based on a loan of $10,000 over 36 months a borrower with an excellent credit history can expect to pay a total of $12,389.76. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Interest rates vary subject to a full credit assessment. This represents a comparison rate of 14.49% p.a. and includes all interest and fees included in your loan repayments over the life of your loan. For our personal loan product the APR starts from a minimum of 11.42% (14.49% comparison rate) with a maximum of 21.24% (45.56% comparison rate). The minimum loan term is 9 months and the maximum loan term is 24 months. For more details and examples visit our rates and fees page.