Australia’s Best Personal Loans for July 2024

happy family using best loans in australia to fund home renovations or holidays

As we head into 2024, it’s a good time to check in with the personal loan options available and make sure you’ve got the best option for your major expenses like home renovations, travel, and purchasing a car.

With over 70 lenders to choose from, there isn’t going to be a single best personal loan for every borrower, but there are definitely some key features that all great personal loans have in common. These are low interest rates, minimal fees and the flexibility to make extra repayments.

Many personal loan lenders use risk-based pricing, and this means that the interest rate of your loan is based on your credit profile. The average interest rate on an unsecured personal loan in the Mozo database is 10.10% (and 8.86% for a secured multi-purpose loan), and to get the best rate one of the key things you’ll need is to get your credit score into top shape.

Mozo’s money experts track personal loans from Australia’s lenders from big banks like ANZ, NAB, Westpac and Commonwealth Bank, through to online specialist lenders, all of which are regulated by the Australian Securities & Investments Commission (ASIC).

There are many ways to define which personal loans are the best and ultimately the answer will depend on what’s most important to you and your financial circumstances. We have pulled together information about a range of loan options, some of which have won Mozo awards, and others the Mozo team has chosen to highlight great deals available right now.

Best personal loans for July 2024

Mozo Editor's Pick for Personal Loans

Editor’s pick of the month: best personal loan deals on Mozo in July

Here’s a selection of some of the top deals available right now from our partners as selected by our editors. These are options that we think are worth highlighting for people wanting a great personal loan. You can also visit our personal loan hub where you can do a full database search, read guides or more detailed product reviews.

Fast funding

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 247 personal loans.
Last updated 21 July 2024 Important disclosures and comparison rate warning*
Harmoney Unsecured Personal Loan
  • Rates from 5.86% p.a. (6.85% p.a. comparison rate*)
  • Funds in as little as 24 hours after loan acceptance
  • Borrow between $2,000 - $70,000 with no early repayment fees

Key details: Online lender Harmoney has made a name for itself with its fast, low cost, 100% online personal loans. The Harmoney Unsecured Personal Loan offers low fixed rates for borrowers with great credit and makes borrowing easy with an efficient online application and 24 hour cash turnaround. You can make weekly, fortnightly or monthly repayments and choose from 3,5 or 7 year terms. Note that you'll need to earn above $30,000 a year to qualify, and there is a $275 - $575 establishment fee. 

Low rates for borrowers with excellent credit

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 247 personal loans.
Last updated 21 July 2024 Important disclosures and comparison rate warning*
Our Money Market Low Rate Personal Loan
  • Rates from 6.57% p.a. (7.19% p.a. comparison rate*) for excellent credit
  • Free redraw facility and extra repayments
  • No service fee

Key details: OurMoneyMarket offers competitive rates, which start at 6.57% p.a. (7.19% p.a. comparison rate*) for borrowers with excellent credit (800 credit score or above). Available for loan amounts from $2,001 to $75,000 and loan terms of between 1 - 7 years, it has a lot of flexibility and no monthly fees. Keep in mind that there is a $250 establishment fee. You can pay out the loan early without penalty, have access to a free redraw and choose between weekly, monthly or fortnightly repayments. Min. income of 25k after tax, to apply.

Plenti Fixed Personal Loan
  • Unsecured rates from just 6.57% fixed (6.57% comparison rate*)
  • Free extra repayments
  • Easy 100% online application
Find out more

Turn your dreams into reality today with a low rate fixed personal loan from Plenti. There are $0 monthly and early repayment fees to pay. Borrow from $5K up to $50K on a 1-7 year term, all while enjoying a fast, paperless borrowing experience. For borrowers with exceptional credit.

No additional fees

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 247 personal loans.
Last updated 21 July 2024 Important disclosures and comparison rate warning*
Now Finance Secured Personal Loan
  • Fixed interest rates starting at 6.75% p.a. (6.75% p.a. comparison rate*)
  • Borrow up to $50,000 unsecured
  • No establishment or service fees

Key details: With fixed interest rates starting at 6.75% p.a. (6.75% p.a. comparison*), online lender Now Finance is a top choice for borrowers with excellent credit looking to borrow between $5,000 and $50,000. You won’t be up for any upfront application or ongoing fees either. There is a maximum loan term of 7 years, but if you’re borrowing less than $8,000, the maximum term is 3 years. You can also pay out the loan early without incurring a fee. This loan also has a choice between weekly and fortnightly payments. This loan won an Excellent Credit Unsecured Loan Award for the 2023 Mozo Experts Choice Awards.

Fast online application

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 247 personal loans.
Last updated 21 July 2024 Important disclosures and comparison rate warning*
EBP Money - Personal Loan
  • Fixed rates from 8.99% p.a. – 15.99% p.a. (8.99% p.a. – 17.85% p.a. comparison rate*)
  • Next day funding available on approval (conditions apply)
  • Borrow between $5,000 – $25,000
Find out more

From home renovations to debt consolidation, EBP Money offers borrowers unsecured loans from $5,000 to $25,000 with flexible loan terms between 3 – 5 years. You’ll receive a personalised interest rate, fixed for the life of the loan, based on your credit score and borrowing history. EBP Money also offers fast 100% online application and next day funding, subject to approval and bank processing times (excludes bank and public holidays). There is a one off establishment fee and a $15 monthly service fee.

Mozo Experts Choice Awards Badge 2023

Expert picks: Mozo Experts Choice Award-winning best personal loans

Each year, our team of data analysts run a comprehensive assessment of every personal loan in our database to determine which ones offer Australians the best value for their money as part of our Mozo Experts Choice Awards^. Our experts compared 250 personal loan products from 86 lenders, with only the best few in each category making the final cut.

Below is a selection of some winners from the awards for 2023, which present great value for the year ahead. If you want to learn more about how we selected the best of the best personal loans, check out the Mozo Experts Choice Awards for Personal Loans page.

Best Green Personal Loan

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 247 personal loans.
Last updated 21 July 2024 Important disclosures and comparison rate warning*
Queensland Country Bank Green Reno Loan
  • Variable interest rates from 5.99% p.a. (5.99% p.a. comparison rate*)
  • Borrow from $3,000 to $50,000 for green home renovations
  • No establishment or service fees
Find out more

Why it won: One of two standout green personal awards, the experts were impressed with Queensland Country Bank’s Green Reno Loan. The low variable rate starts at 5.99% p.a. (5.99% p.a. comparison rate*) makes this a competitive choice for people looking to make sustainable changes to their homes. There is no establishment fee and no monthly service fees, and this loan allows you to borrow between $3,000 to $50,000 unsecured. Terms are between 1 and 10 years, with a flexible repayment schedule and no limits on additional repayments. The Green Reno Loan can be used on solar panels, solar or heat pump hot water systems, electric vehicle charging, double glazing, insulation and more, as well as for the installation of these features. You do not have to hold your mortgage with Queensland Country Bank to apply.

Best Secured Personal Loan

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 247 personal loans.
Last updated 21 July 2024 Important disclosures and comparison rate warning*
Illawarra Credit Union Online Personal Loan Package
  • Variable rate from 5.75% p.a. (6.39% p.a. comparison rate*)
  • 100% offset account included
  • Unlimited additional repayments with free redraw facility
Find out more

Why it won: The Online Personal Loan Package from Illawarra Credit Union was one of 5 loans highlighted in the Mozo Experts Choice Awards for Secured Personal Loan. Secured by a car, boat, bike, caravan or other vehicle under 3 years old, this loan offers a competitive variable rate starting at 5.75% p.a. (6.39% p.a. comparison rate*) This is packaged with a 100% offset account, where repayments are drawn from and where the balance is offset against the amount owing on your loan. With this loan, you can pay monthly, weekly or fortnightly, and you are able to make unlimited extra repayments. You can also access these repayments with the redraw facility available. You will however need to remember that this loan does have a one-off $200 establishment fee, and a $5 monthly service fee (no fee for the offset account).

Customer favourites: Best personal loans from Mozo People’s Choice Award winners

Mozo People's Choice Awards Badge

And of course, what better way to start your search for loans than by seeing which options are loved by everyday Aussies.

The Mozo People’s Choice Awards for Banking are a national survey of what real Australians think of their banks and lenders. Providers are rated on a range of important factors, including customer satisfaction, customer service, friendliness, trust and whether they’d recommend them to others. 

Here’s a look at a personal loan option offered by a people’s choice award-winning lender:

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 247 personal loans.
Last updated 21 July 2024 Important disclosures and comparison rate warning*
Heritage Bank Standard Personal Loan (Unsecured)
  • Choice between variable or fixed rate
  • Borrow from $5,000 to $25,000
  • Redraw facility available
Find out more

What you need to know: Heritage Bank won awards for Excellent Customer Service, Highly Trusted, Most Recommended and Outstanding Customer Satisfaction in the 2023 Mozo People’s Choice Awards for Banking, so you may want to check out their loan options. This loan offers you a fixed interest rate from 8.99% p.a. (9.62% p.a. comparison rate*), based on your credit rating and financial situation. You can borrow between $5,000 and $50,000 with terms up to seven years. Plus, you can choose to make your repayments weekly, fortnightly or monthly. While this loan allows you to make extra payments, keep in mind that you might incur an additional penalty fee for doing so. It does have a redraw facility though. The Heritage Bank Standard Personal Loan (Unsecured) charges a range of fees, including a $200 application fee and a $5 monthly service fee.

Compare these and more personal loans below:

See personal loan options - last updated 21 July 2024

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.75% p.a.to 26.95% p.a.
    6.75% p.a.to 26.95% p.a.based on $30,000
    over 5 years

    Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023 & 2024^'

    Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,430.23 including fees.

    Compare
    Details
  • Mozo Expert Choice Badge
    Low Rate Personal Loan

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 8.48% p.a.
    7.19% p.a.to 8.84% p.a.based on $30,000
    over 5 years

    Competitive low rates for borrowers with excellent credit on 1-7 year loans from $2,001 up to $75,000, plus free extra repayments. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.76% p.a.to 24.03% p.a.
    6.55% p.a.to 24.98% p.a.based on $30,000
    over 5 years

    Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you could qualify (other eligibility criteria may apply).

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.76% would cost $35,173.52 including fees.

    Compare
    Details
  • Holiday Loan

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 8.48% p.a.
    7.19% p.a.to 8.84% p.a.based on $30,000
    over 5 years

    Travel the globe with competitive low rates for borrowers with excellent credit on 1-7 year loans from $2,001 up to $75,000, plus free extra repayments. Winner of Mozo's Experts Choice award for 2024 ^. Min. income of 25k after tax, to apply.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Details
  • Express Personal Loan

    Secured

    interest rate
    comparison rate
    Monthly repayment
    14.95% p.a.to 27.95% p.a.
    29.30% p.a.to 42.8% p.a.based on $10,000
    over 3 years

    Access fast finance on loans from $3,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 25-48 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.

    Repayment terms from 2 years to 4 years. Representative example: a 3 year $10,000 loan at 14.95% would cost $14,324.71 including fees.

    Compare
    Details

Most common FAQs about personal loans

What can I use a personal loan for?

There are many reasons why you might want to get a personal loan. Some of the common reasons for getting a loan include buying a car, consolidating debt, renovating your home or getting married. But there really is no limit to what you could use a personal loan for, so long as you’re prepared to pay the borrowed money back (with interest).

Just be aware that some personal loans will come with some conditions where they need to be used for a specific purpose such as a green loan where you’ll have to show proof of the purchase.

What features do the best personal loans have?

Money-saving features are what you should look for when you are doing a personal loan comparison. With personal loans these include:

  • A low interest rate: The lower your interest rate, the smaller your repayments. To get the lowest rate personal loan you’ll generally need to have an excellent credit rating. Learn more about what this means by reading our guide on how to improve your credit score.
  • Low fees: There are many lenders these days that have no fees so it is worth shopping around. There are many avoidable fees as well such as late payment fees so if you do get approved for a loan, be sure to set up an automatic or direct debit to be sure you meet due dates for your bills.
  • Extra repayments: if you’re in a situation where you have extra cash to put towards your loan it’s a good idea to do it so that you can get out of debt sooner. This smart habit will also have a positive impact on your credit history which will help if you need to borrow money again in the future.
Which bank has the best personal loan rates?

If by best, you mean best interest rate, there isn’t a simple answer to this question. The reason is because in Australia many banks and online lenders use risk-based pricing for personal loans so the interest rate that you will get will be personalised based on your credit history. This is why you’ll see an interest rate range for each personal loan listed on our site. To find out the interest rate you are likely to get if you apply for a loan try Mozo’s Rate Matcher tool.

What’s best, a fixed or variable rate personal loan?

The type of interest rate that will be best for you will depend on your financial circumstances. Fixed interest rates are great for people who like to know exactly how much they have to pay each month. Variable interest rates can move over the loan term so they could go down, but they could also go up so it is best to consider this when you are deciding on the loan term.

What’s the best loan term for a personal loan?

The best loan term for you will depend on a number of factors such as how much you want to borrow and your income. If you select a loan term that is too short, you could get into financial stress and miss payments. But take out a loan over a long period of time and the more money you’ll have to pay in interest and fees.

The good news is that most lenders allow you to pay out loans early without penalty so it is best to select a loan term that you can comfortably meet repayments and whenever possible make more than the minimum monthly payment so that you can pay it back as fast as possible.

How can I get the best chance of getting a loan approved?

One of the best ways to ensure getting approved for a personal loan is to make sure you meet the eligibility criteria before applying. Generally, these can include:

  • Be at least 18 years of age
    • Hold Australian citizenship or an eligible visa and reside in Australia.
    • Meet minimum income requirements
    • Pass a credit check

    In order to put yourself in the best position to be approved, you should also prepare for your credit history to be closely analysed by lenders. You’ll want to have your credit score in tip-top shape in order to put your best foot forward.

    Of course, every lender also has their own set of criteria, so to give yourself the best chance of being approved, be sure to double-check that you meet the requirements of the specific loan you are applying for.

    What is a secured loan?

    A secured loan is a personal loan that is secured against an asset so that if you were unable to repay the loan, the lender could claim against that asset. Secured car loans are a common type of loan for new car loans in Australia and generally these loans will have lower interest rates than unsecured ones.

    Are these loans best for me?

    We have provided some of our editor’s picks and information about products which have got Mozo’s seal of approval through the Mozo awards. Ultimately, you will need to consider your priorities and financial needs to identify which options are best for you. Be sure to read the information provided on a product issuer’s website before making a decision.

    * WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

    ^See information about the Mozo Experts Choice Personal Loan Awards

    Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

    While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.