Now in their sixth year, the Mozo Experts Choice Awards provide a platform to highlight products in the marketplace we believe offer great value to Australians.
For the 2019 Personal Loan Awards, we analysed 286 personal lending products issued by 78 Australian financial institutions.
“Personal loans can be a great option if you need cash for a specific reason. But there are many factors to consider when determining the type of loan that’s right for you,” said Peter Marshall, Mozo Experts Choice Awards judge.
“The winners of our Personal Loan Awards for 2019 are a great starting point in finding the ideal loan to complement your needs.“
For details on how we crunched the numbers and determined our winners see our 2019 Mozo Experts Choice Awards Personal Loans methodology report.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Please get in touch with us to discuss by emailing or phoning our account management team on 02 9037 4368.