Low rate personal loans for everyday
Apply for a hassle-free personal loan with competitive rates and flexible repayment options.
Why choose MyOzMoney?
We are all about making things easier for you.
Applying online takes less than 5 minutes. No paperwork required.
We'll give you a fast outcome on your application.
Competitive, personalised interest rates.
Apply online for personal loans of up to $50,000. We do everything online, making it faster and easier for you while keeping our costs low, so we can pass those savings back to you.
Competitive interest rates tailored to your financial situation.
Pay off your loan ahead of schedule without any extra charges.
Get quick access to your funds. Once approved, we’ll transfer the money instantly.
Choose a loan period and payment schedule that suits you.
Applying is easy
Follow these simple steps to apply for your personal loan.
Customise your loan
You have the power to choose the loan amount you want to borrow and the repayment schedule that best suits your needs.
Get your rate in minutes
It takes less than 5 minutes to get your rate, and it won't affect your credit score. Once you have your rate, it's your choice if you want to submit the application.
Fast access to funds
If your application is approved, we transfer the loan amount to your bank account straight away.
Ready to begin?
Long Term Personal Loans
We offer quick loans, long term personal loans and a revolving line of credit for all customers, from young people to pensioners and everyone in between, completely online. There are no unnecessary phone conversations and there is no paperwork to worry about. Our application process is designed to be completed totally online and in one sitting. It takes just 5 minutes to complete and submit and applicants who apply during our business hours typically receive a response in minutes.
You can now apply for long term personal loans, including car loans and boat loans, right now from the comfort of your own home. We offer fast approvals that often turn into same day cash loans for eligible customers. Apply online today for up to $50,000 and repay your new quick loan from MyOzMoney over 5 years. We service all of Australia, including offering personal loans in Sydney, Melbourne and Brisbane.
What is a long term personal loan?
A long term personal loan is a loan you take over more than 12 months. The loan term refers to the time you agree to repay your loan. Short term loans are typically up to 12 months while long term loans are usually from 12 months up to 60 months (5 years).
Unsecured and secured are types of personal loans on offer by credit providers. An unsecured loan is a loan offered to a credit customer that is not tied to the value of an asset that the customer owns. Long term personal loans are offered to customers without the need for collateral like a house or a vehicle. Secured loans, by contrast, are offered only with collateral like cars and property. A secured loan protects the credit provider against the risks of their customer not repaying the value of the loan and may result in low comparative interest rates due to the lower risk. If the customer defaults on the loan repayments, the credit provider can assume ownership of the security asset that the loan was secured against and then sell that asset to recoup some or all of the remaining money that is owed. MyOzMoney offers unsecured online loans to our customers so your assets are not used as collateral for your approved credit.
Personal loan interest rates are calculated based on a range of factors when an individual applies for long term personal loans. At MyOzMoney, to be eligible to apply for any of our personal loans, you must be at least 18 years old, a resident in Australia and currently employed. When you make your application online for any of our same day loans, you are required to advise us of your current living expenses, any other debt you have and what your income is. We then calculate the best fit loans for your needs, applying an interest rate and a credit limit that reflects your risk as a credit customer.
If you’re updated with your repayments and your overall history with us is good, you may develop a strong credit file with us. This will help ensure that any future cash loans you apply for with us will be re-evaluated with an updated internal credit file showing us how trustworthy, responsible and reliable you were over the term of your first small loan.
What are the advantages of a long term personal loan?
A large fast cash loan offers you the ability to comfortably afford large loan balances because you are taking longer to repay your loan amount. Borrow money to buy big assets like new vehicles, get started on renovations around the house, pay for education costs or head out on an epic holiday.
Personal loan repayment calculators will show you what your likely repayment amount will be over the term of your chosen long term personal loans. If you’re looking for some short term rent assistance then you can quickly see how repayments on a bond loan or other small personal loan will likely affect your current financial circumstances.
Calculators like these will also show the breakdown between principal loan repayment amounts versus the interest payable over your loan term. Shorter loan terms mean you pay interest for a shorter period and will translate to lower overall interest charged on personal loans in Australia. However, when you take our same day cash loans for shorter loan terms, the monthly repayments are higher than if your loan was taken over a longer period. Make some quick calculations before you submit your application to ensure you’re choosing the right credit product that works for you.
For example, you may find a more flexible line of credit to be the better credit option than lump sum long term personal loans paid out in full to you upon successful acceptance of your loan contract. Our revolving line of credit option works a bit like a credit card, offering you the ability to transfer quick cash loans to yourself when you need them. This type of credit allows you to draw down on your pre-approved credit limit of up to $15,000 whenever you need additional funds like a quick cash advance between pay cycles, same day cash loans to pay for things like flights, urgent car repairs or other little emergencies. You have peace of mind knowing that funds are available to you whenever you need them, and you can repay them in full or at the minimum monthly payable rate.
The most important difference between a line of credit and long term personal loans is that when you begin to repay your credit balance, the funds you have repaid become available again for you to draw on. This means you can take out instant loans from your line of credit regularly up to your pre-approved amount, repaying them at your own pace.
MyOzMoney offers customers long term personal loans and a line of credit option that is easy to apply for. Apply online today in less than 5 minutes to see how much you could be approved for.