Rate cut review time! Personal loan rates fall during lockdown

By Ava Crawford · · 1 min read
Fact Checked
woman sitting outside at a wooden table with a black coffee on her laptop looking at personal loan rate cuts during covid

Did someone say personal loan interest rate cuts? That’s right! While COVID restrictions might have Aussies locked down at home, personal loan rates have been moving.

Since June 2021, we’ve seen a number of different lenders slash personal loan variable interest rates by as much as 4.1%.

St George, Bank SA, Bank of Melbourne and Community First Credit Union were among some of the lenders that made changes to personal loan products in the June - August 2021 period.

St George took 4.1% off its Unsecured Personal Loan, while Bank SA and Bank of Melbourne also took 4.1% from their Bank SA Personal Loan and Bank of Melbourne Unsecured Personal Loan respectively.

Community First Credit Union dropped the rates on both its Home Improvement Loan by 4% and its Green Loan  by 4%, bringing both rates to 3.99% p.a. (4.99% p.a. comparison rate) - one of the most competitive in the Mozo database.

Also in the green personal loan space, Illawarra Credit Union reduced its Green Loan rate 2%, matching Community First Credit Union’s competitive 3.99% p.a. rate (5.15% p.a. comparison rate).

If you’re looking to jump on some recent low rates, check out look at some of the top personal loans: