Can I refinance a personal loan?
Everything in moderation
Are you eligible to refinance?
- You are aged 21 or over
- You are an Australian citizen or permanent resident
- You have a regular source of income that you can demonstrate
- You have a good credit history
Before you refinance
- Check your credit rating. You can do this online for free through government financial guidance site Moneysmart, or financial comparison sites like Canstar.
- Check the comparison rates of various loans to find the most competitive option.
- Calculate the cost of an early repayment fee (if there is one) on your existing loan and establishment/upfront fees on your new loan.
- To see if you qualify for a Plenti personal loan, you can get a RateEstimate. It only takes 1 minute and won’t affect your credit score. We will simply ask you a few questions so we can calculate an initial estimate of your borrowing potential, along with the rates, fees and charges that may apply to your loan.
What will it cost?
- Establishment/upfront fee: You could be charged a fee when you apply for a personal loan to cover the cost of assessing your application and preparing loan documents.
- Service fee: Monthly account keeping fees add up over time. It’s worth calculating the total cost for the life of the loan so you’re not caught by surprise.
- Late payment fee: Your lender may charge a fee if you default on your loan or miss a payment.
- Early repayment fee: Do you hope to pay your loan off sooner? Seek out a lender who doesn’t charge an early repayment fee so you’re not penalised for your stellar efforts.
- Other fees: Check out the terms and conditions of your loan for a full list of fees and charges.
Refinancing is as easy as 1, 2, 3
- Get your rate: Discover your personalised interest rate in just 1 minute. It’s fast, simple and won’t have any impact on your credit score.
- Apply in 10 minutes: Make sure you have your driver’s license or passport, an address verification document (like an electricity bill), bank details and existing loan documents handy. You will be asked to verify your income and expenses and may be asked for bank statements or payslips.
- Enjoy your funds: Once your loan is approved your funds will be with you the next business day.
What do I need to apply?
- Australian state or Territory-issued driver’s license
- Australian or foreign passport
- A document proving your address, such as an electricity bill
- Employment stability
- Repayment history
- Credit rating
- Current loan statement showing the last 12 months of transactions
- Loan payout letter from your existing lender