A $10,000 personal loan can be a helpful solution for managing larger expenses, whether it’s consolidating debt, upgrading your car, covering medical bills or funding home improvements. According to the Australian Bureau of Statistics, the value of new personal fixed-term loan commitments reached $8.4 billion in the March 2025 quarter — a 12.9% increase compared to the same time last year. This upward trend suggests more Australians are exploring personal loans as a way to manage unexpected expenses, tick off major financial goals or improve cash flow.
Before signing on the dotted line, it’s important to understand how to apply for a personal loan properly. Knowing the process and requirements can help you avoid hidden costs, improve your chances of approval and borrow responsibly. This guide outlines how to get a $10,000 personal loan in Australia, the types of loans available, eligibility factors and the application process for personal loans.
Types of personal loans: Which one do you need?
When you apply for a personal loan, lenders typically offer two types:
- Unsecured personal loans — These loans don’t require collateral, though they come with higher interest rates due to the added risk for the lender. Approval is based on your credit history, income and ability to repay. They are commonly used for medical expenses, debt consolidation, travel or general purchases.
- Secured personal loans — When you apply for a secured personal loan, you offer an asset, such as a car, as security. This reduces the lender’s risk and can lead to a lower interest rate, but it also means the lender can repossess the asset if multiple repayments are missed.
Eligibility criteria: Who can get a personal loan?
When you apply for a personal loan, you have to meet the basic eligibility requirements. These typically include:
- Being at least 18 years old
- Holding Australian citizenship or permanent residency
- Having a regular income and stable employment
- A reasonable credit history
- Not currently in financial hardship or bankruptcy
Remember, meeting these criteria does not guarantee approval. Each lender applies its own assessment policies, and outcomes depend on your individual financial circumstances.
Applying for a personal loan: What are the important steps to follow?
Here’s how to borrow $10k in Australia through a structured personal loan application:
1. Check your credit score
Request a free copy of your credit report from a reporting agency, like illion, Equifax or Experian. Lenders use this to assess your reliability as a borrower. A strong credit score increases your chances of approval and may help you qualify for lower or customised interest rates.
2. Find a loan that meets your needs
Look for a personal loan with features that suit your financial situation. This might include a competitive fixed interest rate, flexible repayment terms and no upfront or ongoing fees. A loan that matches your goals and budget from the outset can make repayment easier and more predictable.
3. Calculate your repayments
Use online tools to estimate your monthly repayments and total loan cost based on the loan amount, term and interest rate. Check the comparison rate too, as it reflects both the interest and most fees, giving you a clearer sense of what the loan may actually cost over time.
4. Submit your application
Thanks to the rise of online lenders, you can now apply for a personal loan online. To streamline the process and avoid delays, prepare the following:
- Identification — Driver’s licence or passport
- Proof of income — Recent payslips or tax returns
- Bank statements — Typically from the last three months
- Details of existing debts — Credit cards, personal loans or other liabilities
5. Review the offer
If approved, carefully review the loan contract. Check for hidden fees, prepayment conditions and the total repayment amount over the life of the loan. It’s important to ask questions or seek independent financial advice if you’re unsure about any part of the contract to ensure you understand how your loan works.
6. Accept and receive funds
Once you accept the loan terms, the funds are typically transferred within 24 to 48 hours. From here, your regular repayment schedule begins.
Fees and charges of personal loans: What else do I pay?
Even with a low advertised interest rate on a $10,000 personal loan, fees can significantly increase the overall cost. Be on the lookout for:
- Establishment fees
- Ongoing monthly fees
- Late payment charges
- Early repayment penalties
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