Compare repayments on $60,000 personal loans

Can you get a $60,000 personal loan?

It's possible to get a $60,000 unsecured personal loan in Australia, as many lenders offer loans of $2,000 to $100,000. However, $60,000 is nearing the upper limit of what many banks and lenders will offer without security. For example, ANZ is the only one of the nation’s big four banks that advertises unsecured personal loans for more than $60,000 (at the time of writing, their limit is $75,000). It’s also worth remembering that no loan application is automatically approved, and you’ll need to go through the standard eligibility checks.

When you apply, lenders look at your overall financial situation, including your income, expenses, and credit score, to determine if you can manage the debt without falling into hardship. Since $60,000 is a significant amount, some providers may also ask you to secure the loan against an asset, such as a car or property, to help reduce their risk.

How does a $60,000 personal loan work?

Here’s how taking out a personal loan of any size typically works:

Repayments: You pay back the amount you borrowed, plus interest and any fees, through regular monthly instalments. Some lenders also allow weekly or fortnightly payments.

Term: This is the duration of the loan, generally one to seven years.

Interest rate: The lender charges interest on the money you borrow. You may be able to choose between a fixed or variable interest rate.

Fees: Some lenders may charge different types of fees, such as application fees or ongoing service fees.

How can I use a $60,000 personal loan? 

You can use a $60,000 personal loan for various purposes, including:

• Buying a car
• Paying for a wedding or holiday
• Consolidating smaller debts
• Paying an unexpected bill or medical expenses
• Carrying out home renovations

When you apply for a personal loan, your lender will most likely ask you to specify the purpose. It can help to check the loan’s eligibility criteria before applying to make sure it can actually be used for the purpose you want.

How much will a $60,000 personal loan cost?

When it comes to how much a loan costs in total, there's no one-size-fits-all answer. The exact cost of a $60,000 loan will depend on your interest rate, how long you take to repay the loan, and how often you choose to make repayments. 

You can use Canstar’s personal loan calculator to get a better idea of how much a $60,000 loan may cost you. Simply enter the amount you want to borrow, as well as the term and interest rate, and you can see how your repayments might look. You can also change the term or interest rate to see how your repayments look in different scenarios.

Am I eligible for a $60,000 personal loan?

While every lender is different, to be eligible for a $60,000 personal loan, you’ll typically need to:

• Be 18 or older and an Australian citizen or permanent resident.
• Have a stable income–some lenders may have minimum income requirements in place, especially when you apply to borrow large amounts.
• Maintain a good credit score, which shows you are more likely to repay what you borrow than someone with a low credit score.
• Use the loan for an approved purpose, such as buying a car or funding a home renovation.

How do I compare $60,000 personal loans?

You can compare a wide range of personal loans from our Online Partners by using the comparison tool at the top of this page. Alternatively, you can answer a few quick questions, enter your credit score, and we’ll help you find loan options you may be eligible for.

When comparing personal loans, some key factors to look at include:

• The interest rate. Choosing a fixed or variable rate can affect your costs. A fixed rate means repayments stay the same across the term. A variable rate can go up and down and your repayments can fluctuate accordingly.
• The fees and charges. Read the fine print and check the comparison rate that includes most fees and charges to get a better estimate of the total cost of the loan.
• Whether the loan is secured or unsecured. A secured loan often comes with a lower interest rate.
• Any additional features. Some lenders offer features such as extra repayments at no cost, or for a fee. It’s worth checking whether paying for such features is important to you.

How do you apply for a $60,000 loan? 

Once you’ve shortlisted a lender, you can apply online through its website or mobile app. You’ll need to provide personal details such as your name, age, employment status, income, and expenses.

To verify this information, lenders will typically ask for supporting documents and additional financial details, such as:

• Proof of identity: A current Australian driver’s licence or passport.
• Proof of income: Recent payslips or bank statements showing regular income.
• Assets and liabilities: Details of any assets you own and existing debts.
• Family expenditure: Details of your dependants to help assess your expenses.

Is a $60,000 personal loan worth it?

Whether a $60,000 loan is the right decision depends on why you need the money and whether you can manage the repayments. Since any money you borrow must be repaid with interest, it’s important to understand the total cost before you commit.

Say, for example, that you were to borrow $60,000 at an interest rate of 4.59% per annum, and you were to pay it back monthly over two, three, or five years:

• Two years: Your monthly repayment would be $2,645 and you would pay a total of $63,491, including interest.
• Three years: Your monthly repayment would be $1,812 and you would pay a total of $65,213, including interest.
• Five years: Your monthly repayment would be $1,146 and you would pay a total of $68,748, including interest.

As you can see from this example, a longer loan term means that your monthly repayments are smaller, but you end up paying more in interest overall.

Would the monthly repayments on a shorter term fit your budget, or would they stretch you out financially? Are you happy to accept the extra interest charges that come with a longer loan term? Also, does the total cost of borrowing justify the cause? 

For instance, if you’re using the money to  consolidate multiple debts into one loan, you may be able to reduce your overall interest rate and pay less over time. However, taking out a personal loan to meet your living expenses may only push you further into debt. If you are feeling overwhelmed by day-to-day costs, you can speak to a free, independent financial counsellor through the National Debt Helpline (NDH) on 1800 007 007.