A Complete Guide to Large Personal Loans in Australia ($5,001–$15,000)
Key Takeaways
Large personal loans ($5,001–$15,000) can cover major costs like debt consolidation, medical bills, or renovations.
Your credit score, loan type (secured vs. unsecured), and lender fees significantly affect rates and approval.
Always compare interest rates, fees, and repayment terms to ensure affordability before borrowing.
When you’re looking for a significant sum of extra funds—whether it’s to consolidate debt, cover a major medical bill, or finally book that long-postponed trip—a personal loan between $5,001 and $15,000 can provide the financial buffer you need to move forward.
But not all loans are created equal, and with lenders throwing around jargon like “comparison rates” and “unsecured terms,” it’s easy to feel like you need a finance degree just to make a decision.
This guide breaks everything down—no fluff, no filler, just what you need to know when considering a Large Amount Credit Contract (LACC). It’s written for real people, not finance bots, using up-to-date info from actual lenders and regulatory bodies in the country.
What Is a Large Personal Loan (LACC)?
In Australia, a personal loan for an amount of $5,001 or more is officially classified as a Large Amount Credit Contract, or LACC. This is a specific category of loan distinct from smaller loans like SACCs (up to $2,000) and MACCs ($2,001 to $5,000).
These larger loans are often used for significant one-off expenses, such as:
Debt consolidation (credit cards, other personal loans)
Unexpected medical or dental costs
Vet bills or emergency pet care
Home appliance replacement or small renovations
Weddings or major family events
Relocation costs
Lenders typically offer LACCs as either secured or unsecured, with terms ranging from 1 to 7 years.
Secured vs. Unsecured: What's the Difference?
A secured loan uses something valuable—like your car—as collateral. It generally comes with lower interest rates because the lender has something to fall back on if you default. On the other hand, an unsecured loan doesn’t require any asset backing, which makes it more flexible but often more expensive in terms of interest.
Here’s how that looks in practice with typical interest rate ranges as of mid-2025:
Loan Type | Typical Rate (p.a.) | Collateral Needed | Risk to Borrower |
Secured | 6.04% – 13.14% | Yes (e.g., vehicle) | May lose asset if unpaid |
Unsecured | 5.76% – 24.03% | No | Higher cost, no asset risk |
Lenders Offering LACC Loans
As of mid-2025, lenders like NAB, Harmoney, Plenti, Wisr, OurMoneyMarket, and Now Finance are actively offering personal loans in the $5,001 to $15,000 range. Rates are highly personalised and depend significantly on your credit profile.
Here’s a quick snapshot of some lender terms pulled from their product disclosure statements and comparison tools:
Plenti: Offers unsecured loans with fixed rates from 6.28% p.a. (comparison rate 6.28% p.a.) and flexible repayment options.
Wisr: Known for working with borrowers with good credit scores, with rates starting from 6.74% p.a. (comparison rate 7.57% p.a.).
Harmoney: A peer-to-peer lending platform that bases rates on risk tiering, with unsecured loan rates starting from 5.76% p.a. (comparison rate 6.55% p.a.).
NAB: Offers unsecured loans with rates ranging from 7.49% p.a. to 20.49% p.a. (comparison rate 8.89% p.a. to 21.78% p.a.).
OurMoneyMarket: Provides unsecured personal loans with rates from 6.28% p.a. to 18.99% p.a. (comparison rate 6.28% p.a. to 21.78% p.a.).
Now Finance: Offers both secured and unsecured personal loans with rates starting from 6.45% p.a. (comparison rate 6.45% p.a.) and no establishment or monthly fees.
Credit Score and Loan Size: How They Interact
One thing that makes a big difference with LACC loans is your credit profile. You won’t need a perfect score, but your rate and approval odds hinge on your overall financial habits. Australia's main credit reporting agencies—Equifax, Experian, and Illion—use different scoring bands.
Credit Score Tier | Equifax (0-1200) | Experian (0-1000) | Illion (0-1000) |
Excellent | 853 – 1200 | 800 – 1000 | 800 – 1000 |
Very Good / Great | 735 – 852 | 700 – 799 | 700 – 799 |
Good | 661 – 734 | 625 – 699 | 500 – 699 |
Average / Fair | 460 – 660 | 550 – 624 | 300 – 499 |
Below Average / Low | 0 – 459 | 0 – 549 | 0 – 299 |
Source: Equifax, Experian, Illion
You can check your score for free through Equifax, Experian, or Illion without affecting it.
⭐ Pro Tip: Skip the stress of evaluating your credit score. If you are in need of a loan now, Friendly Finance can surely help! We only match you to a lender that has a high possibility of approving your loan application. Fill in our application form; it only takes a few seconds to do
Hidden Costs and What to Watch Out For
Even a small loan can become a pain if you don’t check the fine print. Here’s what to look out for:
Establishment Fees: Can be $0 (like with Now Finance ) or up to $595 (like with Wisr and some Plenti loans ). Harmoney charges a $575 establishment fee for loans of $5,000 and over.
Early Repayment Fees: Most digital lenders have scrapped these, but always double-check.
Monthly Account Fees: Some lenders charge a flat monthly admin fee. For example, ANZ charges a $10 monthly administration charge , and CommBank charges a $15 monthly loan service fee. These can add hundreds over time.
Late Payment Penalties: These range from $15 to $35 per missed repayment and can stack quickly. CommBank and ANZ charge a $20 late fee, while Citibank charges $15 (increasing to $30 from August 2025).
⭐ Related Read: Understanding Loan Terms and Conditions
If you’re consolidating debt, make sure the total cost (including fees and interest) is lower than what you're paying now.
Can You Actually Afford the Loan?
It’s one thing to get approved for a $10,000 loan—it’s another to comfortably manage the repayments once they kick in. Before you sign anything, run the numbers using a loan calculator that factors in comparison rates, not just the shiny headline interest rate. This gives you a more realistic picture of the true cost, including any fees.
Let’s say you borrow $10,000 over three years at OurMoneyMarket’s current comparison rate of 8.24% p.a. (based on their advertised rate of 7.57%). Here’s how that plays out:
Loan Amount: $10,000
Monthly Repayment: ~$314.47
Total Repayable Over 3 Years: ~$11,320.99
Total Interest & Fees: ~$1,320.99
That’s over $1,300 in extra costs across three years—so if $314 a month feels tight, you might want to rethink the loan size or explore longer terms. Just remember: stretching out the loan might lower your monthly repayments, but you’ll end up paying more overall in interest. Always weigh the short-term relief against the long-term cost.
Alternatives to Large Personal Loans
Before committing to a large loan, it's worth checking if a smaller, more targeted solution could meet your underlying need without the long-term debt.
Balance Transfer Credit Cards: If the goal is debt consolidation, and you’re confident you can repay within the 0% promo period.
No-Interest Loan Scheme (NILS): For lower-income households, NILS provides interest-free and fee-free loans up to $2,000 for essentials like appliances, car repairs, or medical bills. While this won't cover a $5,001+ expense, it may solve the root problem and prevent you from taking on a much larger loan. Eligibility typically requires a Health Care or Pensioner Card, or earning below an income threshold ($70,000 for singles, $100,000 for couples/families). The funds are paid directly to the supplier, not given as cash.
AdvancePay from Centrelink: If you’re receiving an eligible income support payment (like JobSeeker, Age Pension, or Family Tax Benefit Part A) for at least three months, you may be able to get an advance on your future payments. This is not a new loan but an early payment of your existing benefits, which you then repay through smaller deductions from your future Centrelink payments.
📢 Check out these Centrelink-specific guides:
Application Process: What You’ll Need
Most lenders have fully digital applications and can give conditional approval within minutes. Here’s what you’ll likely need to provide :
ID (driver’s licence or passport)
Income details (payslips or Centrelink statements)
Existing debt breakdown
Bank transaction history (some lenders use bank feeds via Illion or Basiq)
Approval usually takes between a few hours and 1–2 business days.
A loan of $5,001 to $15,000 can be a helpful financial tool—but only if used strategically. Avoid impulse borrowing, always calculate the real cost, and don’t let the lure of fast cash blur your long-term goals.
If you're borrowing to patch over deeper money issues, it's worth speaking to a financial counsellor. Services like the National Debt Helpline (1800 007 007) offer free, confidential advice—no strings attached.
