Doubling down on finance: top personal loans for August 2023

After successfully securing a home loan and purchasing a property, it’s not uncommon for mortgage holders to be strapped for cash. You might consider taking out a personal loan to help pay for renovations costs, buy new furniture, or simply to cover necessary everyday expenses.

As long as you can show sufficient income to repay both loans on time, you should be able to get a personal loan approved. A personal loan can also help to improve your credit score showing financial discipline and responsibility, which may benefit you with more favourable terms for your home loan.

You’ll need to meet the general eligibility criteria for both a new personal loan and your existing home loan. You may also want to consider a range of criteria when applying for a personal loan.

If you're seeking a personal loan with repayments that fit your budget, credit score and desired loan term, RateCity's personal loans calculator can provide you with an estimate to help find one that's right for you.

RateCity has ranked the top-rated personal loans on our Personal Loans Leaderboard using our comprehensive, game-changing Real Time Ratings™ system. This system gives loan products a score out of five, based on cost and flexibility. Unlike other ratings systems that rank their products once or twice a year, our Real Time Ratings™ system ranks products live as you use the site, helping you narrow down your shortlist of personal loan options.

Here are some of the most competitive personal loans on the RateCity database:

• OurMoneyMarket Low Rate Personal Loan Unsecured (Excellent Credit) at 6.57% (comparison rate 7.19%)
• Now Finance No Fee Personal Loan at 6.75% (comparison rate 6.75%)
• ING Fixed Rate Personal Loan at 6.89% (comparison rate 7.10%)
• Driva Personal Loan at 7.49% (comparison rate 8.33%)
• Moneyplace Secured Personal Loan (Excellent Credit) at 7.64% (comparison rate 8.06%)