Compare repayments on $70,000 personal loans

Can I get a $70,000 personal loan?

While it’s possible to get a $70,000 unsecured personal loan, you may find your options from traditional lenders are more limited. For example, of the big four banks only ANZ allows customers to borrow more than $70,000 (to a maximum of $75,000) with an unsecured loan. You’re more likely to find unsecured loans for $70,000 being offered by digital-only lenders. You would also need to demonstrate that you could afford to pay back that amount with associated interest.

How do $70,000 personal loans work?

A $70,000 personal loan works in the same way as any other. Step-by-step, you can expect the process to look something like this:

1. After comparing your options, you apply for the loan of your choice and supply the lender with details of your financial situation.
2. If you’re approved, you’ll sign the loan agreement and the lender will send you the $70,000. You may be charged application or establishment fees at this point.
3. You’ll then make regular weekly, fortnightly, or monthly repayments. These repayments go towards both the principal (the original amount borrowed) and interest charged by your lender.
4. You may also be charged ongoing fees, such as an annual fee, over the course of paying off your loan.
5. You’ll continue to make repayments until you completely repaid the amount you initially borrowed, plus interest. You’ll generally have between one and seven years to pay back the loan.

What personal loan options can you choose from?

No two loans are alike. When you’re weighing up your options for a $70,000 personal loan, you’ll need to choose between:

A fixed or variable rate

A fixed-rate loan has the same interest rate throughout the loan term, whereas a variable rate one can go up or down, depending on factors like a lender’s business costs or the changing of the cash rate.

Fixed-rate loans offer certainty, as your regular repayment will be the same over the life of the loan. 

Repayments on variable-rate loans can change, so they may be harder to budget for. These loans make up for this by offering useful features, like redraw facilities or options to help you pay down the loan faster.

A secured or unsecured loan

You’ll also usually be given the option to secure your personal loan.

When taking out a secured personal loan, you’ll need to provide an asset as security. For example, new boat loans are often secured by the vessel being bought. If you take out a secured loan but find yourself unable to repay the debt, your lender can repossess the security to recover the remaining loan balance.

Unsecured personal loans don’t require an asset as a security and will generally come with higher interest rates as a result. If you’re unable to pay back your unsecured loan, your credit score will take a hit and your lender may take you to court to recover the money still owed.

You can compare unsecured personal loans for $70,000 from our Online Partners using the comparison table above. You may be able to find more options if you choose to secure your loan, as $70,000 is a significant amount of money and represents a big financial risk to a potential lender.

Who has the best personal loans in Australia?

There’s no one ‘best’ lender or loan product – the best personal loan for you will depend on your financial circumstances, needs, and goals.

To work out what the best loan is for you, ask yourself:

• What do you need the $70,000 loan for?
• When do you need the money?
• How much can you afford in repayments and how often would you be able to make them?
• How long would you be willing to be in debt for?
• Can you meet the eligibility criteria (minimum income, residency status, credit score threshold)?
• Are there any alternative finance options available to you (like accessing equity in your home)?

How do you compare $70,000 personal loans?

When comparing $70,000 personal loans, check the loan product’s Key Facts Sheet and Product Disclosure Statement (PDS) and consider the following:

• Interest rate: This can vary depending on the provider and your personal circumstances (such as your credit score and whether you have a loan guarantor).
• Comparison rate: Included alongside a provider’s advertised rate, this takes into account both the interest rate and most upfront and ongoing fees. It’s designed to give you a better idea of the total cost of the loan.
• Fees and charges: Such as application or establishment, monthly, missed payment, and early payment fees.
  Loan term: The length of time in which you have to pay back the loaned amount. A longer term may see you have lower repayments, but it also means you’ll likely pay more interest over the life of the loan.
  Flexibility around additional repayments: All providers on Canstar’s database allow you to make extra and lump sum repayments, but it’s important to check whether additional fees apply.
• Features: Some loans also come with helpful features, such as a redraw facility, enabling you to withdraw additional repayments previously made.
• Eligibility criteria: Check the eligibility criteria of any loan product to get an idea of how likely you are to be approved. You can check your eligibility for personal loans on Canstar’s database by clicking the ‘GET STARTED NOW’ button.

You can also use Canstar's personal loan calculator to get a better idea of what the repayments could be on your $70,000 loan and how the interest rate and term length could affect them.

Am I eligible for a $70,000 personal loan?

To be eligible for any personal loan, you’ll typically need to be:

• At least 18 years or older
• An Australian citizen or permanent resident
• Employed or have a steady source of income to repay the loan with and have a good credit history

Some lenders may have additional requirements, such as a minimum income or credit score.

How to apply for a $70,000 personal loan

Most personal loan providers have online application forms on their websites. To apply, you’ll need to supply personal information such as:

• Photo ID like a driver’s licence or passport and supporting documents like your Medicare or bank card.
• Proof of income, like pay-as-you-go (PAYG) payslips from your employer or your annual tax return.
• Proof of savings, generally in the form of bank statements.
• Details of your employment for the past three years.
• A list of any assets you own, including vehicles and property.
• A list of debts you already have, such as other loans, credit card debts, and outstanding buy now pay later balances.
• A list of your general living expenses, including groceries, rent, utilities, medical and transport costs, and education fees.

You may not need to provide all of this, but it’s a good idea to have it on hand just in case.