Australia's Best Personal Loans

At Mozo, we're passionate about getting Australians a better deal on their finances and the Experts Choice Awards provide us with a platform to highlight car and personal loans products in the marketplace that we believe offer great value to Australian consumers

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Experts choice awards hero 2015
Best New Car Loan

We compared 182 personal loans in our database to find the cheapest car loan for buying a new car. We calculated the cost of a $30,000 new car loan (including principal, interest, fees and charges) repaid over 5 years. To compare all car loans in our database, head on over to our car loan hub.

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Best Used Car Loan

We compared car loans in our database to find the cheapest car loan for buying a used car. Here's the list of Experts Choice winners. Calculations were based on a $30,000 loan (including principal, interest, fees and charges) repaid over 5 years.

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Best Secured Personal Loan

If you are in the market for a secured personal loan whether it's to buy a new car, take a holiday or rebuild the kitchen check out the Experts Choice winners below. Out of all personal loans in our database (181 of them) these loans were the cheapest options based on a $30,000 loan repaid over 5 years. To compare the latest secured loan deals, head to our secured loans hub.

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Best Unsecured Personal Loan

If you're after a fixed or a variable rate personal loan and not in the position to put up security against the loan, an unsecured loan will be your borrowing choice. See below Mozo's Experts Choice winners. Also head on over to our unsecured loan section to compare the latest deals.

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Best Personal Line of Credit

We identified then compared all personal loans in the Mozo database that operate as lines of credit to find our Experts Choice Winner. To be considered for this award the loan must allows the funds to be redrawn up to the approved credit limit at any time.

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About the Mozo Experts Choice Awards

Mozo assessed 181 personal loan products from 55 Australian lenders for the Mozo Experts Choice Personal Loan Awards.

For the Mozo Experts Choice Awards Gold medals were awarded to the top 10% of products that meet the selection criteria in each awards category. A maximum of 10 individual products were awarded gold in each category.

Mozo has been researching and comparing financial products since 2008, and hundreds of thousands of Australians use our comparison services each month. Our research team is headed by our Research & Insights Director and our Product Data Manager who have over 50 years of financial services experience and 21 years in online financial comparison.

More information on the methodology and personal loan awards criteria can be found here.

Tips on choosing the best personal loan

The Mozo Experts Choice Awards are here to help you make a more informed decision when you are in the market for a new personal loan. Our winners have earned our Experts seal of approval and you should feel confident that these loans are among the cheapest in the market. But when you're selecting a personal loan, whether its for a car, holiday or home reno it is still important for you to compare loans based on your loan amount and repayment plans.

Here are some FAQs for selecting a personal loan:

#1 How much can I borrow?
How much you will be able to borrow will depend on a number of factors including your income and your credit history. Before you lodge a loan application based on a number you've pulled out of your head, it is really important you still down and do a full budget with all your monthly income and expenses. This will give you a clear indication of your financial situation and how much money you'll have to play with to repay any loan.

Once you’ve got a idea of how much money you are comfortable putting towards a loan repayment, you can use Mozo's personal loan repayments calculator to run through a number of different scenarios to work out the ideal loan term for you.

#2 What's better a fixed or variable interest personal loan?
Traditionally, variable rate loan interest rates are lower than fixed rate loans. The reason being is that with a variable rate loan your repayment amounts could change over the life of the loan. When you are on a fixed interest rate, your repayments will stay the same for the whole loan period.

The best option for you will depend on your circumstances. If you like knowing what your monthly repayments are going to be then a fixed rate loan is a good choice.

#3 Should I take note of the loan's comparison rate?
Yes, the comparison rate is the best indicator of the real cost of the loan as it includes the interest rate, fees and charges of the loan. It can be easy to get distracted by a low headline rate, only to find out that once all the fees and charges are added that great deal doesn't look so good afterall.

It's important to understand that the advertised comparison rate could be different to your loan's comparison rate as it will be worked out on your loan amount and the loan term. Your lender will advise you of this rate.

#4 Are there any special features that I should get included with my personal loan?
The features you should look for in a personal loan are the ones that are going to save you money over the life of the loan. Look for a personal loan that allows you to make free extra repayments. Even if you're only putting an extra $50 a month away, over the life of a loan it can save you big money.

Most personal loans will enable you to set the frequency of your repayments including monthly, fortnightly or even weekly. More frequent payments means less interest you'll have to pay.

#5 Are there any personal loan traps I should avoid?
If you do opt for a fixed rate personal loan just be aware that if you want to pay out the loan early you could be required to pay a break cost fee. Depending on the loan amount, and the time left to pay off the loan this amount could be high.

Pay attention to the fees charged on your personal loan. Some loans will have a monthly fee and if you accidentally skip or are late with a payment you'll be hit with a fee.

It really is important to keep on top of your loan repayments and the best way to do this is to set up an automatic deposit from your bank account. Your repayment history goes on your credit file so you want to ensure that you keep it clean as possible for later on when you might want to borrow a larger amount such as for a home or family car.