Finty

Compare furniture loans

Set your amount and term to see the repayment and total cost of 155 furniture loans side by side, so you know what you'd pay before you apply.

Personal loans for furniture, whitegoods and furnishing a new home. Compare general-purpose loans you can use instead of a store finance deal.

Written byDavid Boyd

What will it cost you?

Enter how much you want to borrow and for how long, and we'll show your monthly repayment and total cost on every loan below, at each one's lowest published rate.

60 loans

Showing 20 of 60

Repayments use each loan's lowest published rate and include any monthly fee. The total adds the establishment fee. The rate you are offered depends on your circumstances. Comparison rates are for the lender's own example loan, usually $30,000 over 5 years.

WARNING: A comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Furniture loans at a glance

Worked out from the 155 loans from 87 lenders we compare on this page.

Typical comparison rate

10.71%

Half the loans start between 8.41% and 12.63%.

Typical setup fee

$195

6 of 122 loans charge no setup fee.

No monthly fee

11 of 55

loans that state a monthly fee set it at $0.

Fixed or variable

58 fixed84 variable
How starting comparison rates are spreadNumber of loans in each band. The most common is 7–9%.

The short version

  • A personal loan for furniture sets a rate and an end date up front.
  • Store finance can look cheaper, but interest free deals can switch to high rates when they end.
  • Keep the term short, as furniture loses value fast.

Personal loans and store finance

Many furniture and appliance stores offer interest-free deals or buy now pay later. They can be cheap if you clear the balance in time, but some charge account fees, and any balance left when the interest-free period ends can attract a high rate.

A personal loan has a set rate and term, so you know the total cost up front, and you can buy from any store. Compare the loan's total cost with the store deal's, including fees.

Keep the term short

Furniture and appliances lose value quickly, so try not to be repaying them for longer than you'll use them. A shorter term costs less in total.

Look at the comparison rate as well as the interest rate. The comparison rate adds the lender's standard fees to the interest rate for an example loan, so it shows the cost of two loans on the same footing.

Pros

  • Buy anywhere. A personal loan isn't tied to one store's range.
  • Known costs. Unlike interest free store deals, there's no rate jump at the end.
  • Pay cash, which can get you a better price.

Cons

  • Interest from day one, unlike a true interest free deal you clear in time.
  • Setup fees weigh more on a small loan.
  • Furniture is worth little to sell, so a long loan can outlast it.

Alternatives

  • Interest free store finance, if you're sure you'll clear it before the free period ends.
  • Buy now pay later for smaller pieces, paid off in a few weeks.
  • Saving first. If the cost can wait a few months, saving for it costs nothing in interest, and a high interest savings account pays you instead.
  • A No Interest Loan (NILS). If you're on a lower income, community lenders offer loans of up to $2,000 for essentials, with no interest or fees.

What you'll need to apply

Most lenders ask for the same things, and having them ready speeds up approval.

  • Proof of identity, such as a driver's licence, passport or Medicare card.
  • Proof of income, usually your last two payslips, or tax returns and financial statements if you're self-employed.
  • Details of what you spend each month and what you already owe, including credit card limits.
  • Your address history and, for a secured loan, details of the asset you're offering as security.

Questions people ask

Should I apply to several lenders at once?

No. Each application is recorded on your credit report, and several in a short time can make lenders more cautious. Compare first, check your credit score, then apply for the one loan that suits you best.

What rate will I get?

Most lenders set your rate from your credit history, income and the loan itself, so the advertised rate is the lowest you could get, not the rate everyone gets. A rate quote with a soft check shows your own rate before you apply.

Can I pay it off early?

Usually, yes. Variable rate loans rarely charge for it. Fixed rate loans may charge an early repayment or break fee, so check the contract if you might pay it off sooner.