Personal Loan Awards 2019

MOVE Bank is our 2019 winner of the Personal Loan Provider of the Year.

Its Personal Loan Special was a winner in the Unsecured Personal Loan category and its New Car Loan took out an award in our New Car Loan category. As the only lender offering award-winning loans in both of these key categories in 2019, MOVE Bank is the obvious choice for our major award.

Most unsecured personal loans allow complete freedom of purpose and are fairly similar. Rates and fees can vary enormously, so for this category the judges identified those general purpose loans offering the best rate and fee combination.

In 2019, for the first time, this category also includes several loans where rates or fees vary depending on your credit score and other determining factors.

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To find the cheapest car loan for buying a new car, Mozo’s money experts combed through 89 different personal loans and calculated the cost of a $30,000 new car loan including principal, interest, fees and charges repaid over 5 years.

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Here’s the list of Mozo Experts Choice Award winners in our used car category for 2019. 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.

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If you’re in the market for a general purpose secured personal loan, the Mozo Experts Choice Award winners below are a great starting point.

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Thinking of borrowing for an environmentally friendly purpose, like solar panels or energy efficiency improvements for your home? We compared all loans in our database fitting this criteria, based on a $10,000 loan over 3 years.

If you’re searching 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.

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.

The Unsecured Green Loan from Australian Military Bank was launched in September, and offers a great deal for people looking to purchase energy efficient hot water, battery storage, insulation, cooling/heating, water capture or recycling. It didn’t launch in time to win in our Green Personal Loan category, but it takes out our best new personal loan product award.

What’s the Judging Criteria for the awards?

Running since 2014, the Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers.

See our methodology report for more detailed information on how we performed product comparisons and determined the final winners for the personal loan awards.
 

Did you compare all personal loans in the market for these awards?

In​ ​carrying​ ​out​ ​the​ ​Mozo​ ​Experts​ ​Choice​ ​Awards​ ​in​ ​Personal​ ​Loans,​ ​we analysed​ 286 ​personal​ ​loan​ ​products​ ​issued​ ​by 78 ​Australian​ ​financial institutions​ ​based​ ​on​ ​data​ ​contained​ ​in​ ​Mozo’s​ ​product​ ​database​ ​as​ ​at​ 30 September, 2019.

We​ ​aim​ ​to​ ​include​ ​most​ ​personal​ ​loan​ ​providers​ ​in​ ​the​ ​market​ ​in​ ​the​ ​Mozo Experts​ ​Choice​ ​Awards.​ ​However,​ ​not​ ​every​ ​personal​ ​loan​ ​product​ ​in​ ​the market​ ​will​ ​be​ ​included​ ​in​ ​our​ ​review.

Any​ ​personal​ ​loan​ ​product​ ​we​ ​review​ ​must​ ​be​ ​available​ ​in​ ​the​ ​market​ ​at the​ ​time​ ​of​ ​our​ ​analysis​ ​and​ ​any​ ​offers​ ​included​ ​must​ ​be​ ​available​ ​to​ ​the general​ ​public​ ​on​ ​the​ ​provider’s​ ​website.
 

Will I get the lowest interest rate advertised?

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.
 

Who are the Mozo experts?

The Mozo Experts Choice Awards analysis is overseen by AJ Duncanson, Mozo’s Data Services Director. AJ is a data scientist and actuary, and has worked in financial services and product comparison for almost three decades. Together with our Product Data Manager, Peter Marshall, the team has over 50 years of financial services experience.
 

I work for a personal loan provider, how do we promote our win?

Please get in touch with us to discuss by emailing or phoning our account management team on 02 9037 4368.