Easy personal
loans up to $50,000

Personal Loans

Low rates starting at 7.95% p.a.
(9.33% p.a. comparison rate*).
Money in your account same-day.


*This comparison rate is based on our personal loan for an amount of $30,000 over 5 years, a $495 establishment fee and a $10 monthly fee. WARNING: This comparison rate is true 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.

Easy loans with
Ozzie Loans

1

Customise your loan

You decide how much you’ll borrow and how long you’ll repay

2

3

Same-day cash

We'll transfer it straight to your account once approved

Personal Loan Broker

Finding the right personal loan product can be key to dealing with issues such as paying bills for your wedding vacation or that new car you have always desired. However, as soon as you start your search for a lender, you will immediately realise that there are quite a number of banks and credit providers. Settling on the most ideal to work with can sometimes become quite confusing.

That is where a personal loan broker comes in. Such a professional can compare various lending institutions to find the most suitable one for your personal deals. Some of the issues that the broker may look out for include interest rates, cost of personal loans Australia, flexibility of payment and personal loan eligibility requirements.

How does a personal loan broker work?

A personal loan broker often works with a group of lending institutions which may be referred to as a panel. Once you approach the personal loan broker, they will ask you about your needs, including the amount of money you need in the form of a loan, the rates you are looking for and the period of time you wish to take before completely settling your payments. 

The personal loan broker will then carry out a thorough assessment of each of the financial institutions they work with to determine the one that is most likely to suit your needs. The personal loan broker will then provide you with a list of financial institutions that will likely give you the best deal. The broker will detail the strengths of each of the institutions to ensure that you can make a good decision.

What are the benefits of a personal loan broker?

Here are just some of the benefits of working with a personal loan broker.

They offer convenience 

One of the most important benefits of working with a personal loan broker is that they take care of almost all the research work. Remember that there are quite a lot of financial institutions that may be willing to advance loans to you, but only a few can offer the most suitable terms for you. 

A loan broker assesses as many financial institutions as possible before coming up with a list of the most suitable for your needs. This means you do not have to spend hours carrying out research on the various institutions. Instead, you let the personal loan broker do all the work on your behalf. 

They are bound by law

Another important benefit of working with a personal loan broker is that they are bound by Australia’s responsible lending laws. These laws ensure that the personal loan broker must always work in your own best interest. They cannot recommend any financial institution that is likely to be unsuitable to your needs. They are bound by law to always take care of your best interest. 

May help maintain credit score

One of the things that may end up affecting your credit score is a frequent refusal to get approved. In other words, you may have submitted several applications for loans, but each one of them is declined. That ends up affecting your credit score. 

When you work with a personal loan broker, the chances are that you will be better equipped to make a winning application. A personal loan broker picks institutions that are most suited to your financial needs and behaviour. The broker may also advise you on how to submit the application in such a way that it will be approved. The more loan approvals you get, the better your credit score will be.

In the event that you already have a poor credit score, your personal loan broker is likely to suggest several institutions that may still be willing to give you a loan. 

What are the drawbacks of a personal loan broker?

As much as a personal loan broker may be of great help, they may also present various problems that you may have to deal with. Below are just some of the most common drawbacks of working with a personal loan broker.

They may prioritise their commission

In most cases, a personal loan broker is paid a commission for recommending clients to particular financial institutions. It is the institution that often covers this cost. If therefore, the loan broker has to recommend between two companies, he may choose to recommend the one that is more likely to pay him the highest commission. This is despite the fact that the second option may be the most suitable for you to work with. Of course, the law is in place to mitigate such issues, but you can never be too sure when it comes to each individual’s personal interest.

Limited range of lenders 

Some personal loan brokers are new and have therefore not established a vast list of lenders to work with. This means they can only recommend from a limited list which may not be ideal for your needs. There are also certain loan lenders that do not work with brokers at all, yet they provide some of the best packages when it comes to advanced loans. 

It is absolutely important for you to carry out some form of research before deciding to work with a personal loan broker. This will help you get information regarding lenders who do not need to work with brokers and may be suitable for you.

They may charge a fee

While some personal loan brokers work on a commission basis, others demand upfront payment for the work they undertake. This may seem like a fair deal, except you have to consider the amount of money you are likely to get in the form of a loan. If the loan broker is charging a lot of money, it may impact the amount of money you receive because you have to take out the broker’s fee. Working with a reputable lender such as Ozzie Loans is by far a better option for personal loans online because you do not need any broker to help you seal the deal.

Cannot guarantee rates

A loan broker can only go as far as telling you the estimates of the rates you will be paying on any given loan. They are, in essence, intermediaries and will therefore have no say in what the lender chooses to charge in terms of personal loan interest rates.

Get your personal loan from Ozzie Loans

Instead of having to deal with all the drawbacks related to working with a personal loan broker, why not get cash loans online directly from Ozzie Loans? The application process is quite simple and straightforward, plus you can get money into your bank account on the same day. If you are 18 years old and work in Australia, you may be eligible for cash loans from Ozzie Loans. The best part is that the application can be done online, making the process quite fast and convenient.

Check our rates

We’re all about providing
low rate loans with simple, fair and transparent fees.

Loan amount

$5,000 to $15,000

$15,001 to $50,000

Establishment fee

$395

$495

Interest rate

Comparison rate

Monthly fee

Exit fee

From 7.95% p.a. to 23.95% p.a.

From 9.33% p.a. to 25.33% p.a.*

$10

No early repayment or exit fees


*This comparison rate is based on $30,000 over 5 years with $495 establishment fee and a $10 monthly fee.

WARNING: This comparison rate is true 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.


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