Now in their fifth year, 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, or car loan.
For the 2018 personal loan awards, Mozo’s money experts compared personal loans from 74 financial institutions based on data contained in Mozo’s product database.
When you're selecting a personal loan, whether it’s for a car, holiday or home reno it is still important for you to compare loans based on your loan amount and repayment plans. For details on how we crunched the numbers and determined the award winners see our methodology report.
The Personal Loan Provider of the Year for 2018 is Police Bank, having ranked highly across a range of categories including personal loans, car loans and green loans. Not just for police, anyone can apply to join Police Bank and take advantage of their great range of personal loans.
Got excellent credit? Some lenders vary the interest rate on a loan depending on the applicant’s credit score and application. This category identified the lowest cost unsecured personal loans for consumers with an 'excellent' credit score based on a $10,000 loan over 3 years.
Personal Loan
An unsecured personal loan will be your borrowing choice if you don’t have security to put up against a loan. Here are this year’s winners for unsecured fixed and variable rate loans, based on rates that may be available to customers with a range of different credit histories.
This category identified the lowest cost secured personal loans for consumers with an excellent credit score.
Online Personal Loan Package
If you are in the market for a general purpose secured personal loan, the Mozo Experts Choice Award winners below are a great starting point.
Online Personal Loan Package
Thinking of installing a rainwater tank, solar panels or other environmentally friendly home improvements? We identified and compared all loans that can only be used for eco friendly home improvements to find the best green loan.
We identified then compared all personal loans in the Mozo database that operate as lines of credit to find our Mozo Experts Choice Award Winner. We calculated the cost of interest only payments and fees for a $10,000 outstanding balance over 3 years.
Ready Credit - 3 Year Introductory Rate
To find the cheapest car loan for buying a new car, Mozo’s money experts combed through 196 different personal loans and calculated the cost of a $30,000 new car loan including principal, interest, fees and charges repaid over 5 years.
Online Personal Loan Package
Secured Fixed Personal Loan (New Car)
Here’s the list of Mozo Experts Choice Award winners in our used car category for 2018. We compared all loans in our database to find the best value loans for used car borrowers. Calculations were based on a $15,000 loan including principal, interest, fees and charges repaid over 5 years.
Car Loan
If you’re in the market for a low emission car and want a low rate car loan to match, check out the Mozo Experts Choice Award pick for best green car loan. Our experts assumed a $30,000 loan over 5 years when comparing costs.
From all of the personal loan products launched in the past 12 months, the Mozo experts assessed the benefit to potential customers and any novel features or facilities in order to find the best new product. They chose the Clean Green Car Loan from loans.com.au, based on its interest rate discount - off an already low rate - for low CO2 emissions vehicles, funded in partnership with the Clean Energy Finance Corporation. Interest rates may vary depending on credit score, which is why this loan wasn’t able to be assessed for the Green Car Loan category as well.
The Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to Australian consumers. Our Judges base their decision on hard-nosed calculations of value to the consumer, using Mozo’s extensive product database and research capacity. Personal loan providers don’t pay to be in the running and we don’t play favourites.
Our award methodology report is available for you to read which includes criteria for each award category and lists all providers considered for awards.
Cost calculations were based on a loan of $10,000 over 3 years for Unsecured and Secured personal loans including the Excellent Credit and Green awards, and for Personal Line of Credit. For New Car and Green Car loans the calculations were based on a $30,000 loan over 5 years, and for Used Car loans $15,000 over 5 years.
For the 2018 personal loan awards, Mozo compared 196 personal loans from 74 financial institutions.
The personal loan market is diverse so to better help consumers narrow down their choice of loan that will best meet their needs, there are several Experts Choice Awards Categories. Our full methodology report lists out the criteria for each awards category and provides a list of all providers compared for awards consideration.
Some personal loan providers have loans that are specially designed for the purchase of green products such as low emission cars or environmentally friendly home improvements like rainwater tanks or solar panels.
We have not taken into account the green credentials of the bank or financial institution in determining our award winners. We simply reviewed the loans in our database that could only be used for the purchase of green products.
Not always. Some personal loan lenders have different interest rate tiers depending on a customer’s credit history. Usually, the better your history, the lower your interest rate. The interest rate you receive could also depend on how much you intend to borrow and whether you get a secured or an unsecured loan.
Mozo has been researching and comparing financial products since 2008, and thousands of Australians use our comparison services each month. Our research team is headed by our Data Services Director and our Product Data Manager who have over 50 years of financial services experience and 22 years in online financial comparison.
Please get in touch with us to discuss by emailing or phoning our advertising sales team on 02 9037 4368.
