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Understanding Secured and Unsecured Finance

Common finance categories include home loans, car and bike loans, personal loans, business and commercial loans, boat loans, travel loans and truck finance. The purpose of the borrowing, the repayment period and any asset used as security can influence the costs and conditions.

Secured or Unsecured?

A secured loan uses an asset, such as a vehicle or property, as security. That asset may be at risk if repayments are not maintained. An unsecured loan does not require a specific asset as security, but you remain responsible for repaying the debt. Compare the actual rates, fees and conditions rather than assuming one structure will always cost less.

What to Compare Before Borrowing

• Interest rates, whether they are fixed or variable, and any establishment, ongoing or early repayment fees.
• The loan term and total amount repayable: a longer term may reduce regular repayments while increasing total interest.
• Features such as extra repayments, redraw and any balloon payment due at the end of the term.
• Repayment affordability after everyday expenses, existing debts and an allowance for unexpected costs.

When refinancing, weigh any potential reduction in interest against switching costs and the effect of extending the loan term. For business finance, consider how repayments fit with cash flow and the useful life of the asset being financed.

Planning Your Repayments

Loan calculators can help you explore how different loan amounts, interest rates and terms affect repayments. Their results are mathematical estimates based on inputs and assumptions, not loan offers, approval outcomes or personalised recommendations. Check which fees and payment structures are included before using an estimate in your budget.

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Please note that some of our calculators may use assumptions that are not necessarily applicable to your current specific circumstances and we therefore cannot always guarantee their accuracy.

We recommend that you seek professional financial advice from a licensed professional before proceeding with a loan.

Loan Repayment and Finance Modeling Calculators