Things you might be wondering
How can a personal loan calculator help you plan your finances?
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Whether you are planning a renovation, looking at a new car, or thinking about consolidating your debts, understanding what a loan will actually cost you month to month is the right place to start. By using a personal loan calculator, you can see how different loan amounts and terms affect your regular repayments before you commit to anything.
Taking on debt is a significant decision. Seeing the numbers clearly upfront helps you make a confident, informed choice rather than finding out later that the repayments are tighter than expected.
How does the ING personal loan calculator work?
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The ING Loan Repayments Calculator is straightforward to use.
Enter the amount you want to borrow, select how long you want to take to repay it, and choose your preferred repayment frequency: fortnightly, or monthly. The calculator will also ask you to indicate your estimated credit rating, as your personalised interest rate is based partly on your credit score. Once you have entered these details, the calculator generates an estimated repayment figure. Tip: Your actual interest rate will be determined by ING following a full credit assessment.
These figures are estimates only and are not an offer of credit. They do not include all fees, such as establishment fee and monthly service fees, and your actual repayments may differ based on the interest rate and the loan term approved. Using the calculator does not affect your credit file. You can model different amounts and terms as many times as you like to find the combination that works best for your budget.
What can you use a personal loan for?
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A personal loan can be used for a range of expenses, including buying a car, renovating your home, consolidating debt, funding travel, paying for a wedding, or covering unexpected expenses. It can provide a simple way to spread the cost with fixed repayments.
Debt consolidation may not be suitable for everyone and could result in paying more over time if the loan term is extended. Consider your individual circumstances before applying.
How much can you borrow and what loan terms are available?
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The ING Personal Loan is available for amounts from $5,000 up to $60,000. For amounts up to $30,000, you can choose a repayment term between 2 and 5 years. For amounts over $30,000, terms of up to 7 years are available.
A longer term lowers your regular repayment amount, which can make it easier to manage within your day-to-day budget. However, a longer term also means you pay more total interest over the life of the loan. The ING repayments calculator lets you compare different combinations quickly, so you can find the right balance between a manageable repayment and a reasonable total cost.
What documents do you need to apply?
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You can apply for the ING Personal Loan online in around 20 minutes. Before you begin, have the following ready:
Valid photo ID such as a driver's licence or passport
Recent PAYG payslips
Recent bank statements
When you use the ING personal loan borrowing power calculator to check your estimated rate, this does not affect your credit file. A formal credit enquiry is only recorded when you submit a full loan application. If you decide to proceed, ING will conduct a credit check as part of the assessment process.
What is a comparison rate on a personal loan?
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Any loan advertisement you see will typically show two percentages: the standard interest rate and the comparison rate. By law, lenders must display the comparison rate alongside the advertised rate.
The comparison rate for the ING Personal Loan is calculated using a standardised formula based on an unsecured loan of $30,000 repaid over 5 years. This gives you a more complete view of the cost of the loan by incorporating the standard interest rate and most ongoing fees into a single figure.
There is an important caveat: the comparison rate is only accurate for that specific loan amount and term used for the standardised forumula. If you borrow a different amount or choose a different repayment period, your actual comparison rate will differ. It also does not include every possible fee, such as late payment fees. Always read the full fee schedule before applying.
