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A brief guide explaining the various types of personal loans available

5 Types of personal loans

A brief guide explaining the various types of personal loans available.


There are many different types of loans, from personal and home loans to vehicle finance and student loans. When the time comes for you to borrow money, it’s important to know what type of loan you’re looking for?

Different Types of Personal Loans

With a little bit of research, you can make an informed decision.

1. Personal Loans

Ideal for helping you afford that ultimate holiday or some much-needed home renovations, a Personal Loan is a great option for borrowing money for your needs. Your bank will help you determine your loan’s conditions – loan amount, interest rate, monthly repayments and your loan’s term – based on your personal information and requirements.

Explore your personal loan choices or calculate monthly repayments with the personal loan calculator.

2. Home Loans

If you’re buying or building your first house or any additional property, a Home Loan can help you secure your dream home’s financing. Your borrowing amount depends on your monthly income (before tax) and your monthly expenses – you can work this out using your bank’s home loan calculator.

3. Pension-Backed Housing Loans

A pension-backed housing loan is an alternative form of housing finance where your loan is secured by your retirement’s saving instead of a bond. Monthly instalments are usually enabled by your employer through your monthly salary, and your maximum loan term is 30 years, or the length of time to your retirement.

4. Vehicle Loans / Car Finance

If you’re in need of some extra cash to buy a new set of wheels, consider Vehicle Finance. Once you’ve found the car you want and have chosen your financing option, you’ll generally have over 12-months to five years, or more, to repay your loan.

5. Student Loans

And finally, don’t let a lack of funds stop you from fulfilling your career goals. A Student Loan will cover any educational costs, giving you the comfort of knowing funds are available for all your studying dreams.

Whichever loan you’re interested in, research as much as you can before making any final decisions. And always try to pay back your loan as soon as possible to avoid excessive interest rates and monthly repayments.

Next step

Go to our borrowing page for more information, or head to the personal loans section of the Community to interact with other customers or bank consultants.

Revolving credit plan product detail
Revolving loan

Get access to your funds again when you’ve repaid 15% of your loan with the option to increase your original amount over time.

PER personal loan product detail
Term loan

Get the loan you’re looking for at the fixed monthly repayment amount and term you feel comfortable with

PER Overdraft facility product detail

As a credit facility on your bank account, your overdraft is always available when you run over budget.

Credit cards

Instant access to money you’re not carrying as cash. Money you can spend safely and easily in-store, online or overseas.

Student loan product detail
Student loan

Studying full- or part-time? Apply online for pre-approval on a student loan to fund your next-level education.